Learning bankroll management... the hard way
The most difficult thing for me since i started poker 6 years ago has been dedication to a bankroll management plan. I start one every single time i rededicate myself to poker as a hobby and never seem to stay disciplined enough to follow it. Well this time was going to be different.
I have a wife and child now and i had taken about a year hiatus from poker so that money was responsibly going towards my family and other husband/father obligations. However, my wife knowing my love for poker one day decided to hand $100 cash and said i hope this helps you start a bankroll. You can imagine how excited i was. I began making plans to improve that bankroll including a $40 to $10,000 goal in 6 months. Ambitious i know but i believe in the theory of setting goals higher means more accomplishment even in failure.
So i put $40 on bovada
with the intent of keeping $60 free for home games. I lost it in a day. After 6 cash game sessions of 5NL, 4 tournaments that were way too expensive considering the variance for my small roll, and 2 out of 3 $5 double up sit n gos lost, i found myself staring at the screen in an intense tilt and shock over the loss in such a short time.
I am usually a winning poker player. Last year before my hiatus i was hosting home game once every two weeks. $20 buy-ins with 5-7 people other than myself. Usually people would bring 2-3 buyins and although it was never a rule, it was always cash game format and nobody left until one person had it all. And 8 out of 10 times that was me. On the other hand, online poker success for me has always been elusive. I would set goals, throw in $20 bucks and lose that $20 bucks. And that has repeated itself over the years. In person play has always been my strongest game; however, $60 for live poker is not even close to enough. I may generally do well but down swings are a common problem one cannot ignore in the poker world and in no way am i rolled for a downswing of home games or one short stack try at $1/2 live casino game. So it seems almost too logical to throw that $60 on bovada and rethink my plan to grind that up.
I write this post in hopes for ideas on game selection and bankroll percentage in buy-ins for online poker that i may be able to grasp a better understanding of how to not only reach my goal of $10k in 6 months but to not have to redeposit anymore. I am thinking $1-$2 sitngos and tourneys, some of which i have seen success and/or $5 double ups. If you have any comments or advice, i would love to hear it. Thank you.