Strategies for Building a Poker Bankroll
Anyone who has played blackjack or roulette knows that sometimes you get winning and losing streaks. poker is no different. Even if you have the skill to succeed, you will encounter runs of luck. If you do now save enough back for these runs of luck, you are playing Russian Roulette with your bankroll.
Managing your bankroll is an essential part to becoming a successful poker player. Many talented players have gone bust because they didn't follow the guidelines. their extended losing streaks killed their bankrolls.
Anyone who has played blackjack or roulette knows that sometimes you get winning and losing streaks. poker is no different. Even if you have the skill to succeed, you will encounter runs of luck. If you do now save enough back for these runs of luck, you are playing Russian Roulette with your bankroll.
Make sure you set strict limits, adhere to them when you consider moving up limits. For ring games, most people will tell you to play with a bankroll equaling 200 times the big bet. That should be sufficient, but what I do is use a 400 rule. This is more than sufficient to cover any possible losing streak I may encounter at the tables. It is always better to have too much of a good thing than too little.
For a beginner I would suggest that you set your limits at 400. This will give you ample time to iron out mistake. You are still on a steep learning curve and you will avoid jumping up the levels too quickly, then meet the grim reaper at the tables.
Think of your poker bankroll as an investment. If you are happy staying at a particular stake, never withdraw below your 400 big bets. If you are finding that you are losing at this level and you drop to about 200, then its time to swallow your pride and move down a limit until you start building your bankroll to the same. Under no circumstances should you even move up a limit without having 200-400 times the big bets to cover the streaks you may encounter at the new stakes.
Remember to use your bankroll wisely. this is your poker lifeline. You can be the best player in the world but if you play beyond your means and hit a bad streak, you could find yourself back on the play money tables having to battle through all the first hand allin yahoo's.
It is a great idea to keep a daily diary of your wins and losses. This gives you motivation to keep on track of your goal. Your aim is to play with a self sustaining bankroll. when you can do this, you will never have to deposit again. Your only trip to the cashier will be your occasional withdrawal.
Now, its down to you to decide what level you are ready to jump in at. I would recommend, if you are fairly new to real money poker to enter at minimum stakes. depending on your skill level, you may be there a while or you may be ready to move up the next level in a matter of weeks but as long as your bankroll is dictating your limits, not your limits dictating your bankroll, you are heading in the right direction.
Back in April 2006, top professional poker player Chris "Jesus" Ferguson decided to do a little experiment in bankroll management. As an ex world champion, he know a thing or two about poker. He decided to clear out his substantial online bankroll and start at $0. His target was to achieve $10,000. This meant he had to work through the freeroll to start off. Playing for 10 hours a week, it took him a month to build up his bankroll up to $2. That was enough for him to decide to go to the minimum table stakes and try his luck at the real money tables. he did just that and soon found himself in the position of going all in with pocket 10's, ultimately busting his bankroll, demoting him back to the play money tables. Chris probably learned from that. At minimum stakes he was playing out with his bankroll and paid the price.
Chris set a bankroll management plan from the outset :
1) He would never enter a cash game or SNG with more than 5% of his total bankroll. The exception being games at $2.50 or less where he needed the initial boost to move off the ground floor.
2) He would never buy into a multi tournament with more than 2% of his total bankroll.
3) Any pot or no limit cash game with reach pots more than 10% of his bankroll, he gets up and leaves the table before the blinds get around to him.
Chris admittedly found it though going but he stuck by those rule and advocated that anyone trying to build their bankrolls should adopt similarly tough rules. In August 2007, Chris "Jesus" Ferguson achieved his goal and build his bankroll from $0 - $10,000. This is a great example of bankroll management. If you are serious at becoming a long term winning poker player, it is essential that you adopt your own tailor made bankroll management system. The alternative. You will likely go broke and find yourself back on the play money tables.
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