Discipline in Managing Your Bankroll
I recently read an article by Daniel Negreanu about managing your bankroll that I thought I'd share the details to you.
The most important element you'll deal with when playing poker on-line or in a casino is making good decisions based on your current financial situation. You should determine how much money you're willing to risk and what limits to play.
To do this, you first need to set aside the amount you would like to put in your bankroll. As you look for a limit (or no limit) game, you need to ask yourself two questions.
Am I skilled enough to beat these players?
The general rule of thumb is the higher the limit, the more skilled the player. So, if you're new to poker, you should probably start at the lower limit games available.
How important is this (insert amount here) bankroll to me?
If it's your life savings and you can't afford to lose it, you shouldn't be playing poker with it! No matter how big your bankroll, lady luck can take it all away from you in a heartbeat.
There are some things you can do to protect yourself from losing it all.
In most poker books
, it states that you should have three hundred big (blind) bets as an adequate bankroll. If you're a solid player who wins one big bet per hour, there's only a 3 percent chance of a bad beat if you stick to the appropriate limit.
If you feel like your skill level is good enough to win at the (insert limit here) table, you might want to take a shot at a (next highest limit) game. A shot as in not your entire bankroll.
The article states that "the key to surviving is having the discipline to swallow your pride, take your lumps, and then move down in limits if things don't work out at a higher limit game."
Also, remeber that some of the most talented poker players in the world are currently broke, and they'll habitually go broke due to poor bankroll management. There are also just as many who combine solid play and solid bankroll management skills.
If nothing else, remember this. It's important to take your time, play it safe for the most part, and don't be in a rush to play higher and higher limits.