Bankroll management is something most beginner and amateur poker players tend to overlook, but understanding and utilizing this tool is crucial to playing poker long-term. It goes without saying that in the beginning you will lose more than you will win, which makes bankroll management that much more important. On the other hand, when that ratio finally becomes more positive and you actually start making money, it is important for you to have a system in place to protect your profits. A good way to get your bankroll started quickly is by taking advantage of poker bonuses.
Poker rooms sometime offer incentives for you to start playing after initial deposit.
Set Limits
Many people believe that they can cut themselves off but at the end of the night are shocked when they tally their expenditures and realize that they played and lost more money than they could afford to. Setting limits is very important throughout your playing career.
When you first start playing poker, you should set a time or money limit and regardless of how well or poorly you are doing you must stand and leave when that limit is hit. Playing with the mentality that you just need one good hand to win your money back is a good way to become addicted but is not a good way to play smart poker. On those rare first nights when you do win, setting a limit ensures that you don’t put your winnings and more back on the table. And on those nights that you lose, setting a limit means you’ll never lose more than you can afford to.
Separate Your Bankroll from Your Bank Account
This is yet another way to protect yourself in the early stages of competitive poker playing. You can make endless deposits to your player account online, and virtually all poker rooms have debit machines, which means that only you can cut yourself off. Take the maximum sum you are able to invest in your poker playing and make a new account. This is your first bankroll and if you budget it properly should be the only money you ever take from your personal account.
You will make all withdrawals from this account and should deposit all winnings into it. As your playing improves, you may be able to withdraw money from this account for personal use, but you should never draw from your personal account to build your bankroll again.
Know when to Stand
While this ties in with limits, it’s a slightly different concept. As you get more involved in poker, you will hear the term “tilt” thrown around a lot. This is a mindset that some players slip into, whether from exhaustion or from the frustration of a bad beat. It is nearly impossible to play well on tilt. Being able to stand when you realize you are on tilt—whether or not you have hit your limit—is the only way to protect your bankroll from this condition. Tilt is one of the main reasons players will lose most of there bankroll. They do so by playing beyond their limits, hoping to win back the money quickly, but lose money in the end.
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