Controlling your poker bankroll
Lots of talented
poker players go broke for one reason only - they don't know how to handle their money. If you're not able to keep your poker bankroll in order it doesn't matter how skilled you are at the table, you will surely lose in the long run. The most crucial thing is the discipline to treat poker winnings as operating capital and not waste them on shopping sprees and other pleasures. When you've made a healthy profit at a certain limit you have two choices - step up to a higher level or pocket the winnings.
That is advice for professional poker players, who make their living playing cards. If you're a hobby player all you need to keep in mind is not risking more money than you can afford. Never play with borrowed money. You also have to be prepared to lose the money you risk. There are a lot of good poker players out there.
Tips for sound money management:
- You should keep a gambling log book where you note your wins, losses, number of hours played and what games you've played in. This will help you keep track of how your game is going financially. Lots of players think they are doing better than they actually are.
- Poker is a game that demands focus and concentration. You should only play poker when you feel up to it and when you are mentally prepared. Never play poker when you're drunk or tired.
- Keep control over your temper and your emotions. If you can't you should stop playing immediately. Going on "tilt" is usually extremely expensive.
- You should always have balance between your motivation to play and the risk you're taking. You should never play at limits you can't afford. If you catch a bad streak without being properly prepared you might lose your entire bankroll.
- In No-Limit games your bankroll should be at least 300 times the big bet.
- In Limit games your bankroll should be at least 100 times the big bet.
- If you lose too much at a one level you should step down a limit or two until you can afford to play at the higher limit again. Otherwise you risk going bankrupt.
- If the game is good but you're losing anyway, you should stay in the game. That kind of discipline will pay off over time.
- If the game is bad but you're winning anyway, you should leave the game. That kind of discipline will make you a winner in the long run.
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