Money management can be really difficult for some people. They live for the day and whenever they earn something they tend to spend it immediately and their account stays as it was before – usually empty.
In this way they can’t leave the comfort zone and whenever they have income it is all right but there is not much space for bigger investments. But what if that calculated income is late or even over? In these cases bankruptcy and lower living conditions take place and that is why money management is so important.
These things also apply for poker. Your bankroll resembles your basic budget and adequate bankroll management is a crucial principle in poker, of course if you aim to make profit and be a successful player. The secret of successful bankroll management is to stick to your own proven guidelines and play within your limits. These rules apply for both sit & go and cash games.
Remember that if you go out of balance the game will be over. That is why you need to be cautious and don’t get yourself in a situation where you have to risk everything you have in one hand. So being in control means everything. Keep in mind that a game of poker is not a steady river where you just play and watch your money pile up. There are periods when you lose but there are periods when you win, it is extremely important to keep your bankroll safe for all those ups and downs.
If you follow some general rules like the ones that we will present here, you can be sure that your bankroll management is done in a right way.
What is the first thing that you do when you join a game? Buy-in of course. So take a close look about how much money is needed for a buy-in. You need to be ready to play for a longer period without a profit, you don’t want to sit on the table and hope that after three hands you will start making profit. On the contrary you should be ready to invest at least 25 buy-ins(or a little bit more if you are playing Sit & Go game) before you sit on the table. If you don’t have that amount of money it’s better to look for tables with lower buy-ins. When we talk about Sit & Go there is another good rule called “two percent rule” that can be very helpful. It basically means that you should not invest more than 2% of your overall bankroll on a single Sit and Go game.
As we have said before your bankroll is your basic poker budget so you must be very cautious. Don’t buy something that you can’t afford. It is always a good idea to have some reserves just in case. Thanks to these reserves you can get back in play if you are having a bad period.
Good poker bankroll management is what makes a difference between a losing and a winning player. Without proper money management even the best players on the globe don’t stand a chance.