When you play online or live poker you need to make sure that you employ the correct strategies in order to have the best chance at winning. One of the most overlooked, yet most important skills you need to learn is how to manage your bankroll properly. You do not want to go broke. Seasoned pro’s and lots of beginning poker players, will lose their initial starting bankroll quickly and then wonder why? Nine times out of 10, it’s because they were making a bankroll management error while playing. We are going to go through some helpful tips, which will help you keep your winnings and keep you from losing a lot of your profits. In short, we want you to continue playing at GR88 and be a profitable and successful poker player for a long time to come.
*Playing above your bankroll is not sound bankroll management skills for a poker player. Sure taking your shot at a higher level game can be done, but staying within your bankroll is the key. A lot of professional and amateur players like to use simple numbers in relation to bankroll management. Play with 5% of your bankroll in a given session or tournament. If you have a $200 bankroll, 5% of that is $10. Normally this would mean a $40 or $50 tournament buyin is above your bankroll at this point. You may consider limiting your play anywhere from $0-$10 entry. Same holds true for cash games. If you have a $200 bankroll, you shouldn’t be playing at a $.50/$1 table or for that matter a .25/.50 table. If you try to stay within the simple 5% guideline during any session, you can control your downside or variances. Never play with scared money. 5% of your overall bankroll will keep this mantra in check.
*Profit is good. When you are doing good at the cash tables and have a nice profit, don’t be afraid to get up and dump some of your profit in your cashier. Walk around, relax, leave, soak in the nice session you just had, keep your much earned profit. Staying at a table to long, can often times be a recipe for a losing session. I’ll use the word again, variances, do happen in poker and limiting the downside of variance is smart bankroll management. If you must play again, put away the profit.
*Bad emotions are not good. Your mindset is one of the most important aspects of being a successful poker player. Try not to let your emotions get the best of you. This will decrease your bankroll quicker than you can say, adios. Bad beats happen, thats part of the game. If a player has a 2% chance of winning the hand, thats 2%. If a hand comes up where you find yourself upset, then maybe its a good time to walk around, take a mini break to cool down. If a player is making you upset, then maybe its time for a table change. Your mind needs to be functioning calmly and alertly to help play a successful game of poker.
*Bad days are not good. We’ve all been there, when the downside of variance strikes and you want to keep refilling your bankroll at the tables. This is highly unproductive. Keep in mind the 5% rule of bankroll management. If you play poker long enough, there will come a time where the downside of variance is like a weight thats pulling you further down the losing trail. Thus the importance of bankroll management. Player’s who can’t walk away when they are losing, often times, continue to lose even more money. There’s 365 days a year to play poker, if you wish to.
Many bad days will happen, but its what you do next after you’ve lost the days session that matters. Will you put in another 5% and another 5% and keep refilling or walk way to battle another day? Being a successful poker player means staying on top of managing your bankroll. Being able to walk away when things aren’t going your way for the day, will save your bankroll in the long run. After all, you want to be able to play and be successful for the long run.
*Know your skill set. Successful poker players analyze their poker playing skills over and over again. Will you be +EV(Expected Value) against some of the games best players in cash games, against the best in a tournament field? Then why play at a table or tournament with the games best player(s). Bankroll management success isn’t built on winning against the best players. The old saying, ‘if you look around the table and can’t spot the fish’, its probably you. Recognize who your opponents are before getting to the table and/or tournament, if possible. There’s plenty of money to be won in poker, but recognizing your abilities to play the game and your weaknesses will help you play at the right levels to keep your bankroll growing. Check out the bankroll management table in my section of GR88.com’s blog to stay on the right track!
Eric Byrd is our newest featured GR88.com pro. You can catch him at the tables under his username: team2win88.