Bankroll Management

General Strategy

In poker, a basic strategy is of utmost importance if you do not want to lose your money within a short span. By adhering to some simple poker strategies to manage your bankroll, you will be in a better position to maintain a healthy balance at all times, thus freeing your mind to concentrate more on the fun aspects of the game rather than worrying about losing your hard earned money.

Basically, a bankroll implies the amount that you are willing to put into the game and can also afford to forgo or lose in case you do not win. An important point to be noted is that life's basic necessities such as food, rent, insurance, health, etc should always be given top priority and your poker bankroll should not be siphoned from these vital expenses. If you have a regular job and enjoy poker as a hobby then managing your bankroll is relatively easy, but if you plan on turning professional and have no other source of income, then your bankroll is vital and you need to take the utmost precautions to maintain this lifeline.  

Texas Holdem Info has another good article about the bankroll management.

Feel Comfortable

It is important that whatever level of bankroll you set for yourself makes you feel comfortable while playing. You should not be too stretched, especially if you are playing multiple games at a time. Many experts agree that your bankroll should be around 300 times the amount of the big bets [BB] that you plan to play. So, for example, if you plan to play a $1-2 limit, then your bankroll should be at least $600. This should easily take care of most of the swings that you might experience during play. On a really bad day, or night, you might lose all the 300 BB but that could happen very rarely and usually you will be faced with only average fluctuations. Again, your bankroll will also depend on the variation of poker you are playing. So, if you normally play Draw Poker, then this bankroll size should suffice, but in case you usually play Triple Draw, Badugi, or Stud, then you will have to increase the size of your bankroll. If your game has more betting rounds, you will require more money in your kitty.

Your bankroll will also have to be substantially bigger if you are playing multiple games. However, it is prudent if you understand the finer points of poker before trying to play many games at one time. This move requires immense concentration, not to mention a very healthy bankroll, and if you are a novice then you could end up losing all your money simultaneously. Playing poker on the Internet too will require a larger than normal bankroll since tells will be based more on guesswork and you will never know whether your online opponent is a novice or a hardened professional trying to bluff his way into your bankroll.   

Know When to Scale Down

Another important poker strategy is the willingness to scale down your limits in case your bankroll has taken a beating. Poker gives you a chance to downsize so that you can remain in the game and try to claw back again when the right hand lands in your hand. There are also certain exceptions to the 300 BB rule such as while playing No Limit Hold'em. During such games, the swings tend to be very high and therefore playing with a limited bankroll could leave you with no bankroll in a jiffy. Similarly, you can enter with a smaller bankroll for No-Limit or Omaha. An important thing to remember is to maintain a poker face and attitude even  if your bankroll is not very healthy since if you become too overprotective of your bankroll, then you could become too nervous to take any risks or to bluff your way to victory. This might reduce your bankroll even further. Resist the urge to use your credit card if your bankroll is on the decline. Do not treat bad luck as a problem that needs to be rectified right away but instead bow out gracefully to live and play another day.   

If you feel that there are more experienced players on the table and that you are still not of that level then move to another table instead of trying to match your inexperience against their superior skills. Identifying between sheer bad luck and seasoned professionals at the table is extremely important since your bad luck could be reversed but trying to win against professionals could turn out to be a costly mistake. Losing several games in one stretch can make you believe that your luck could turn, and as your bankroll depletes, you could also turn desperate enough to increase the stakes in a bid to earn back your money in a single stroke. Avoid getting trapped in such situations and think rationally even if the tide is against you.

Discipline

In short, having an adequate supply of money that you can afford to lose and maintaining fiscal discipline before and during the game is very important and this basic strategy can help you to contain your losses and enjoy the wins. Remember that everyone wants to win, but for some to win there should also be some who need to lose. If you are not prepared to lose, then managing your bankroll will be very difficult and you will not be able to enjoy playing poker in the long run.