Good bankroll management is crucial for poker players. It is one of the most important parts of your overall strategy and is something you have control over. The number one reason a player goes broke is due to poor bankroll management.
Here are some poker bankroll management tips:
1. Separate your poker bankroll from your personal money
Think about poker as an investment or a company. Make sure you separate your bankroll from your personal money and avoid spending your poker money. Of course, if your only income is from poker you have to use a good cash out strategy and stick to it. Remember, just like in any business, money makes money.
2. Always play within your bankroll
Not playing within your bankroll is the most common mistake poker players make, which leads to going broke. Set yourself strict bankroll management rules and do not deviate from them no matter what! After losing a couple of pots you might be tempted to move up and win the money back quickly, this often makes things worse. Shift your perspective from money-oriented to process-oriented.
Keep in mind that no matter how soft a higher stake game is or how big a higher buy-in tournament is, if your bankroll doesn’t allow it be smart and don’t play there.
3. Move down in stakes if necessary
A lot of players go broke, because of not moving down in stakes if necessary. It may feel bad, embarrassing or time-wasting, but you should feel good about making this decision. Put your ego aside and play for less money! Playing lower stakes can also help you to regain your confidence.
4. Treat poker like a business or investment
When choosing the right amount of money to play poker with, you have to think in the same way as you would when you invest in the stock market or in a business. If you want to be successful you have to be strict in the amount you choose to invest. The assumption that you can continually reload no matter what is a sure way to failure. Make sure you find the right amount to risk and stick to it, this way you will be disciplined and play your best poker.
5. Keep a poker journal and track your sessions
One of the best decision I made through my poker career was to start a poker journal. This way you will be able to clearly write down your goals and keep track of them. You will identify which games you perform better in, what leaks do you have and which parts of your game need more work. There are also many application and software to help you track your poker journey. For example: PokerTracker 4, Holdem Manager 2 and Hand2Note for online players; Poker Charts, Poker Dominator, My Poker Bankroll and Poker Bankroll Tracker for live players.
6 Use a good cash out strategy
If you want to constantly grow your bankroll make sure you set clear and strict cash out rules. Otherwise you will always spend your poker winnings on things you don’t necessarily need and you will never be able to take a shot at the next limit.
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