Bankroll management in poker
Being a winning poker player takes a lot of skill and knowledge, but also requires a good money management. Without knowing how to protect your winnings you can easily end up broke, even if you play well. Since poker it’s a game that involves luck, even the best players can have negative streaks, so you should always have a strict plan to follow regarding your bankroll. Money management techniques are used in all kind of activities that involve winning and losing money. They are very common in Stocks or Forex trading, where professional traders need to protect their money against unfortunate situations. Online poker players need to follow the same systems if they want to be successful on the long run and have constant winnings.
Bankroll management systems usually refer to the amount of money put at stake in a single transaction. In poker, this can be the buy-in fee for a tournament, or the amount of money you take at a ring table. For tournament players, the most common system is playing the same type of tournament with the same buy-in. This means that you should not switch stakes or tournament types. It is strongly recommended that the buy-in should not be higher than 5% of your bankroll. This way, you can resist long losing streaks. If your poker bankroll is $1,000 you should not buy-in to a SNG with more than $50. If you play multi-table tournaments where chances of winning are smaller, you should consider using even smaller buy-ins. Online poker rooms have regular tournaments with the same buy-ins and prize pools, so it will not be hard to play the same game over and over again.
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For ring game players, it is advised to have a fixed target when sitting at a table. A good example would be to double the money. You should not leave the table before you double your initial buy-in or lose more than half of it. The 5% rule applies for ring players too, and it should not be ignored. Many players are tempted to raise stakes after a loss to get even quick, or after a success to win even more. This is a big mistake, and you can end up losing your whole bankroll if you’re playing like this.
It is very important to have a plan and to stick to it. If you ignore these bankroll management rules, you may regret it at a later time. There are many good players who end up losing just because they don’t manage their bankroll well. Being a poker shark requires more than just skill.
Written by: Abscident
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