On Bankroll Management
May 23, 2009
If you plan to take poker seriously, you need to learn bankroll management. Don’t make the mistake of thinking that bankroll management is really just about quitting when you’re ahead. You need to learn math, anger management and discipline.
Why do you need math? Simply put, because you need to calculate the percentage of your bankroll that you should put aside for every poker game. A good rule of thumb is 10%. This means that you should not play for over 10% of your bankroll for every game. This is tougher than you think. This means that if you only have $100, you should put a limit of $10 for each game.
You should also be disciplined. You should be aware of your play limits and make a conscious effort to not exceed. You should also be disciplined enough to play at the skill level you are comfortable with. Beware of being arrogant as you might find yourself playing against poker players who are much more skilled than you are. Take things slowly. Once you are more confident with your skill level, feel free to move up to one level. But you should also be humble enough to recognize if you should move down again. Study your bankroll closely. If after you have moved one level up, your bankroll is depleting or remains stagnant, why don’t you return to a previous level where you were making money?
Finally, a good poker player should learn to control his emotions—specifically anger. Every poker player has suffered a terrible beat one time or another. Every poker player has met really irritating opponents who you just can’t wait to beat at the table. Once you allow your emotions to get the best of you, you will not be able to make smart poker decisions. Come to think of it, how many times have you lost a big amount of money trying to recover your losses or by targeting an annoying donkey who just keeps getting lucky?
By learning smart bankroll management, you will be able to manage your money wisely and you need not fear going broke. This will make you a more successful poker player and you can finally turn what was once a hobby into a profitable venture.
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