Post by Randy C on Sept 19, 2006 14:40:53 GMT -4
Money management or bankroll management is crucial to your success as a poker player.
Years ago, I was in this vicious cycle of spending money that I simply could not afford to watste on poker. It soon became clear that this wasn't working for me and that I needed to find another more strategic solution to this problem.
One of the worst things that you can do as a poker player is play with money that you simply cannot afford to play with. It's easy to do, in fact very easy...and more poker players play beyond their means than enough! So here are a couple of clear options that you may want to try for yourself.
Build a Bankroll - I set aside an amount that I was willing to use as "stake money". In other words, money that I will use to play poker with. Now, I have 2 sets of bankrolls. One is for online play, and the other is for live play. I started out with about $100, and I started playing on a couple of different sites. That money is specifically for poker...and that's it! I then use that stake to build my bankroll, and the operative word here folks is "build". If I start to see my bankroll take a serious dip, I get back to basics and play the tables I have success on.
Never play a single game for more than 10% of your bankroll - If I am holding a bankroll of $100, then I should NEVER play a STT or MTT over $10...It's that simple, because if you play (2) $50 sit and goes, you can lose your entire bankroll just that quick. If you play only 10%, you have approximately 10 chances at adding money rather than subtracting money. As your bankroll grows, so does the amount of buy-ins, and you progressively add to your bankroll.
Keep that bankroll going in the positive direction. If you see a bad spell of luck...take some time away from the game...gather yourself, and go back when your head is clear and focused.
Following these very simple guidelines will drastically improve how you make money.
All In,
Randy C -
Years ago, I was in this vicious cycle of spending money that I simply could not afford to watste on poker. It soon became clear that this wasn't working for me and that I needed to find another more strategic solution to this problem.
One of the worst things that you can do as a poker player is play with money that you simply cannot afford to play with. It's easy to do, in fact very easy...and more poker players play beyond their means than enough! So here are a couple of clear options that you may want to try for yourself.
Build a Bankroll - I set aside an amount that I was willing to use as "stake money". In other words, money that I will use to play poker with. Now, I have 2 sets of bankrolls. One is for online play, and the other is for live play. I started out with about $100, and I started playing on a couple of different sites. That money is specifically for poker...and that's it! I then use that stake to build my bankroll, and the operative word here folks is "build". If I start to see my bankroll take a serious dip, I get back to basics and play the tables I have success on.
Never play a single game for more than 10% of your bankroll - If I am holding a bankroll of $100, then I should NEVER play a STT or MTT over $10...It's that simple, because if you play (2) $50 sit and goes, you can lose your entire bankroll just that quick. If you play only 10%, you have approximately 10 chances at adding money rather than subtracting money. As your bankroll grows, so does the amount of buy-ins, and you progressively add to your bankroll.
Keep that bankroll going in the positive direction. If you see a bad spell of luck...take some time away from the game...gather yourself, and go back when your head is clear and focused.
Following these very simple guidelines will drastically improve how you make money.
All In,
Randy C -
