Bankroll Management

Things you will learn:

• How bankroll management can protect you from losses
• How to decide on a safe amount of money to bring to the poker table

Careful and sensible bankroll management is key to a successful poker career.

Playing on tables beyond your means is one of the fastest ways to lose all your cash, destroy your confidence and ruin the game you once loved.

While many players at the highest echelons of poker have taken shots that have worked out for them in their career the unfortunate reality is that most players don’t inexorably build their bankroll until they reach the biggest games, even if they do adhere to a strict bankroll management system. Many players reach a pain threshold where the money involved becomes too real and they’re out of their comfort zone.

Suddenly, losing $5,000 in a game doesn’t feel like losing five buy-ins - it feels like losing a few months’ worth of mortgage payments.

Slow and steady progression from each stake level is essential if you're committed to becoming a better player and want to make serious money down the line. And as much as it may sound dull and tedious, good account work and keeping records of your wins and losses are skills you simply have to spend time working.

From this day forward write down (or create a spreadsheet that documents every type of tournament or cash game you enter with buy-in cost and returns.

This way you'll realise where your strengths and weaknesses lie so you can maximise your winnings or stop the leaks. It's also a great way of seeing exactly what you're getting from the game.

Your records can be as simple as writing down how much you've won or lost on a given day or as complex as also including factors like hours played, time of day, games and opponents, statistics garnered from the site and what kind of mood you were in. This way, over time, you'll have a little black book that can be used to figure out your optimal playing routine, as well as tell you how much you're making (or losing) at the game on an hourly rate.

Let's have a reality check. It's understandable that you should want to ‘take shots’ at a higher level of play before you have an adequate bankroll. If you really want to do this, set aside a portion of your bankroll, be sensible and you’ll keep yourself safe.

For instance, let’s say you’re comfortably beating $1/$2 games and have $6,000 (30x $200 buy-ins). You could take a shot at the $2/$4 level with $2,000 of this roll. If you run well you could soon have enough to play regularly at this level.

Should things go, ahem, not so well, you will still be adequately bankrolled for a game you know you can beat.

What are you playing poker for? Are you a casual player happy in small-stakes Sit & Gos or someone looking to make a real living from the game? Whatever your goals you must be clear on them and look after your bankroll accordingly

As the casual player, your bankroll may not be huge and is simply some money on the side that wouldn't spell disaster if you lost a huge chunk following some bad sessions, or some rash decision making. Conversely, if your bankroll pays bills and buys food you will have to be a lot more careful about the risks you take and 100 percent confident you are ready to move up to higher-stakes tables.

And the rewards? Cashing out. Withdrawing funds from your bankroll has the upside of giving you real money to spend on things. It does, though, affect the growth of your bankroll. If you’re playing poker for a living, to move up limits you would have to make enough money to live on and build your bankroll at the same time. This can be a tough task.

If you’re a recreational player you may decide you want to take some winnings and use the money for something fun. There is nothing wrong with that but if you want to jump straight back into the same stakes again there’s a chance you will lose the money that you’ve just splurged on other things.

In the final analysis, the vast majority of people don’t have the discipline or desire to rigorously put in place good bankroll management measures. Most poker players don’t like to grind and keep accounts - they like to take shots and splash winnings around.

You must decide what approach is right for your goals in poker and remember that if you don’t play within your bankroll, you’re gambling and you must be prepared to go broke.

Remember, good bankroll management is just as important as mastering how to play K-J from mid position.