Money Management in Online Poker
Why are many good poker players broke?Poor money
management. If you are a good player and can manage your money well,
it is virtually impossible to go broke. If you want to make a living
out of playing poker or minimize your risk of going broke, it is
essential that you have a good grasp of money management. A good
player understands that the winnings he collects at the poker table
are operating capital. This capital is not to be used for anything
other than playing poker. The bankroll is the lifeline of a poker
player. Without it, it is impossible to make a profit. If you win
enough money at a certain limit, you either pocket the winnings or
use it to step yourself up to higher limits. If you only play
as a hobby, you must be aware of how much you are comfortable losing
and, equally as important, you must expect to lose it sooner or
later. However, if you get lucky and play well you might gradually
be able to build up a large bankroll from a small investment.
Earn rateA good
Limit Texas Hold'em player in a full-ring game usually makes about
one big bet per hour. This means $40 an hour in a $20-$40 game. To
comfortably play at a certain limit you should have a bankroll
around 300 times the big bet. This means $12,000 for playing $20 -
$40 Limit poker. In order to provide you with an understanding
of the volatility involved, let us look at some statistics: The
range of earnings for a player expected to make $40 an hour playing
Limit Hold'em can vary from -$11,000 to $19,000 only after hundred
hours of play. This same player can only be sure of breaking even
after 1400 hours of play. This shows how much the "luck factor"
affects your earnings in the short run. The
rules - Never play with scared money. Play at a
level where you are motivated to play but do not risk going
broke.
- If you are playing Limit poker you should have a
bankroll approximately 300 times the big bet.
- If you
are playing well and it is a good game, stay in the game even if
you are losing at the moment.
- If you are playing in a
bad game, leave even though you are winning. Go and find a
better game.
- Never go on "tilt". Know the signs of when
you are about to go on "tilt" and leave before it happens.
-
If you lose too much at a certain limit make sure to step down a
limit or two until you can afford to play at the higher limits
again.
- Keep a book of your winnings, losses, number of
hours played and the games you play in.
- Only play when
you feel like playing and when you are mentally prepared.
|
