Managing a poker bankroll is a critical skill for every successful player irrespective of the level you play the card game. A bankroll is the amount of money you reserve entirely to play poker game, for instance, the funds you put online at PokerStars.
Regardless of how big your bankroll is, there is usually a risk that you can lose all your money and this should not impact at all on the rest of your day-to-day financial responsibilities. To keep the possibility of the risk low, you require an excellent poker bankroll management strategy.
Here are some poker bankroll tips that will help you enjoy the game and also make it profitable in the long run.
1. Don’t play for more than you can manage to lose
This rule is among the most significant money management tips in any game. It is possible to lose your money while playing poker, even when you play each hand correctly. So, you should never, at any time risk an amount of cash that might bring you a financial crisis away from the game of poker, mainly if you are going through a downswing.
Likewise, don’t put yourself in a position where you put the entire bankroll on the poker table in a single hand or tournament. Always sit down with just a small portion of your bankroll each time.
2. Know your goals
Poker players can be broadly categorised into three main groups, each having different goals and expectations in the card game. It’s very critical to know what you want from the poker game and then choose the suitable level to achieve your targets.
Professional players: These players solely rely on poker as their source of livelihood. They can’t afford to lose their entire bankroll since this means they will lose their job. So they must implement the most stringent bankroll management techniques.
Serious players: These players are good and profitable, but they don’t rely entirely on poker as the only source of income. If they lose their bankroll, it’s not the end of the world for them, but it’ll hurt.
Recreational players: These players mainly play for fun and have other sources of livelihood besides poker. In the event they lose their poker bankroll, they can easily fund it with cash from their other sources of income.
3. Stay within your comfort zone
Once you get the feeling that you are playing at an incredibly high limit, you should stop even if you can still afford to keep playing. It’s easy to become nervous in such situations, which may lead to making poor decisions and not enjoying the game. A skilled poker player always plays the game within limits he feels comfortable.
4. Treat the Poker Game Seriously
Once you decide to play poker for money, every session, decision and pot matters. Even a small mistake can cost you lots of money. The more cash you lose due to mistakes, the more difficult it will become to generate profit and avoid going broke. Avoid everything that diverts your focus from the game. Once you begin playing poker without concentrating on it, you are almost sure to make lots of mistakes.
However, every individual is different. Some players can play better, if not well when watching a movie. Others need to switch off everything else to focus on the game. Assess yourself honestly to know your multi-tasking capability to play poker profitably.
Avoid playing poker out of boredom, but play because you want to make money, or because you want to play. Playing poker out of boredom will force you to make it your source of entertainment. At times, poker may not be entertaining at all. That means if you are only playing to kill boredom, and you experience a dull session, then chances are you’ll make wrong moves to push the game.
Even with the perfect strategy in poker, there are moments when you will encounter a losing streak. Similarly, other times you will experience moments where you feel nothing can go wrong. However, if you follow the above money management poker rules, you will be well equipped to survive the upswings and downswings of online poker.