With a game like poker, where the luck is not the only thing that you need and where skill plays a big role, it’s a good idea to keep in mind that you need a decent strategy in place on how you should manage your bankroll. Poker can have some big swings, with long periods where it can seem like you’re just losing. At a time like that, bankroll management will save you. It’s something that all professional players need to learn how to approach, something that allows you to make a living from this game.
First of all, it’s a good idea to have limits and to stick with them as often as possible. A good poker player will have patience when things are not going well and they will have the discipline to stick to their bankroll strategy without investing a large amount all of a sudden. It’s a known fact that the status of your finances will influence the way you play the game. If you’re losing regularly you probably tend to play tightly, changing the way you make your wagers. If you’re on a winning streak you might be inclined to bet more and to relax your game, which could be a potential mistake.
Having a basic strategy to rely on will allow you to play without having to make certain decisions. If you don’t make decisions when you’re worried about losing and you rely on the strategy instead, you are consistent and chances are that in the long run you will end up on the winning side. If the low limit table is where you’re at, continue playing and only make the move to tables with high limits when your bankroll allows you to implement the strategy of your choices.
Strategies of Bankroll Management
If you want to learn how to manage your bankroll while playing poker you can do it through one of two major strategies that are quite different. You will find that there are different variations out there, but these two are good enough for beginners. Choose the version that is more appropriate to your temperament. If you don’t enjoy taking risks and gambling too much, go for the conservative option. If you enjoy being aggressive with your game, then there is a strategy for that as well.
If you enjoy gambling at all, the aggressive strategy will probably be more to your liking. You do get large swings in income with it though, so you might not enjoy it as much if you’re actually earning a living from it and you see how much it can drop. It’s based on a multiple of the big blind at the table where you play at. If you have a bigger bankroll, you advance to bigger paying tables to keep the same multiple of 200-300 times what the big blind is worth.
The player that doesn’t enjoy taking big risks and is OK with relatively small swings in the income will prefer going for the conservative option. While an aggressive player might use 200-300x the big blind value for his bankroll size, the conservative player will choose the tables where the big blind is 800-1200x smaller than the bankroll.