This is a discussion on Struggling With Bankroll Management within the online poker forums, in the Learning Poker section; I know I can't be the only one that struggles with bankroll management or at least some of you struggled with it in the past.
I know I can't be the only one that struggles with bankroll management or at least some of you struggled with it in the past. Is there anything that you guys do specifically before you get to where you start practicing BRM? I have read several things in the past about strategies for challenges and sitting down at the table's with $1, 2% & 3% of your bankroll etc but is there anything any of you specifically anyone has done that you think has worked well for you that may be a little off the beaten path?
I think it depends on several factors including how willing you are to go broke with that bankroll. Is this the money you use for food? (in which case, then perhaps you shouldn't be gambling with this money at all) Or is this money just a small amount you want to take a chance with? It depends. If the money is more "expendable" then you can afford to gamble a bit more and if the money is a lot more important, then you need to be way more conservative with it.
I like Chris Fergusons general idea of having no more than 1% of you bankroll risked at any given time. It is okay to take one or two calculated "shots" at a bigger buy-in I think if (AND ONLY IF) it is occasional and you have the discipline to replace that "lost amount" with playing smaller stakes for a while.
You'll soon realize that 1% is somewhat limiting, but necessary. Ideally, you don't even want to be risking that much because maybe 1% could bust too! It only takes 100 losses in a row with this etc.
Take my advice with a grain of salt though. I have only played freerolls and small poker homegames thus far. I've been practicing bankroll management "mindset" for a long time though. You know the "play-chips" currency on Pokerstars? I play on there and exercise disciplined bankroll management. It isn't real money on Pokerstars.net (Pokerstars.com is the site equivalent with real money), but you play how you practice, so I use it for "bankroll discipline" as well as just improving my poker ability.
As for my super small-stakes homegames so far, I've still always followed bankroll management skill.
I personally believe that bankroll management is just as important at super-micro stakes all the way up through high stakes. At the lowest of stakes, many use poor bankroll management because they figure their entire bankroll is super small and can be easily replaced (this is maybe okay if you are all right with losing an entire bankroll and not playing poker long-term), but I think this sets bad habits for long-term management. If you get in the habit of saying "I shouldn't play in this event, but I'll go for it anyway..." then the habit will carry over into higher stakes and that money won't be as easy to replace.
Just my opinion though. I have a good sense for managing money (always have), but I've yet to apply this to poker. I only learned poker recently and so most of my play has been cardschat freerolls. I wanted to test my abilities at live games in a casino, but then covid-19 came and canceled everything.
I'm eager to apply disciplined bankroll management and see how I do at poker when it is safer to play again
1st place finish at CardsChat 30 Day Course Freeroll (May 31, 2020). As my first ever CardsChat event, this one will always be special for me.
Well, it may be off the beaten path, but if you agree never to deposit, then you will possibly play a lot better. Knowing that if you do not win money in freerolls, you won't be playing much poker since you do not make any deposits.