Managing your poker bankroll
For many new poker players bankroll management is the single most important aspect of their game. Too many newbies are gung-ho about getting in on the poker action. Many players simply don’t know how to wager and cause themselves unnecessary financial harm by shoddy playing practices.
I’m going to show you a few surefire ways to improve the management of your poker bankroll. These tips will save you money, enhance your playing experience and create the impression that you’re an experienced poker player. Let’s get started shall we.
First off you’ll have to decide what game you’re going to play. What limit/no-limit games do you have in mind? What’s your style of play: are you conservative, extravagant or miserly? Be honest because these personality issues are predicators of your playing style. Once you’ve fessed up, you’ll need to answer the next question: why are you playing poker?
For fun, for money or for the love of the game
If you’re looking to have a little fun and you have no money, then free online poker gaming is your best bet. There are many online poker sites catering to poker greenhorns with poker games that perfectly mimic the very best of real-life casino gaming.
If on the other hand you want to make some loot, then listen up. Anywhere between 300 – 400 times the amount of the big bet is a decent-sized bankroll to have in pocket. I’m not talking credit – I’m talking cash in hand. This means that if you’re gaming at $5 tables then you’ll want to have at least $1,500 – $2,000 available. Remember that tight players don’t need as much as loose players.
Poker bankroll depends a great deal on your style of play. If you’re a risk taker then you’ll want to bet more chips. That comes at a cost. If you’re playing Badugi, Stud or Triple Draw you’ll need more loot because these games have more betting rounds and higher stakes. And if you’re taking aim at No Limit Texas Hold’em – throw away all the advice I just gave you because anything can happen when you go all in.
You’ll need a good sized bankroll because that’s what keeps you afloat during your ‘dry spells’ in poker. Poker is comprised of three major components: luck, strategy and skill. Barring the latter two – no amount of good play will be able to account for a poor run of luck. That’s why you’ll need a fatter bankroll to keep you in the hunt.
Growing your bankroll is an accrual process: it takes time. You must learn when to hold and when to fold, when to bluff and when to call. The last thing you want is to be high and dry at your favourite game. And if you’re on your last chips your play naturally tends to be more conservative. So stay liquid, play sensibly and stay focused.