So far in this blog we've gone over poker hands order, underestimated poker skills, and variance. If you recall in my past entries, I briefly mentioned bankroll management and I emphasized its importance. In reality, bankroll management could possibly be the most significant concept in poker for good players, even more important than poker hand order! Find this hard to believe? Let's discuss it more.
If you like playing just for fun and make a poker deposit of $50 or so every week or two just for fun, then play whatever you want. However, if you're here trying to make more money playing poker and don't want to keep refilling your account, then studying bankroll management is extremely important.
The rest of this entry will list the main poker games and explain how to follow proper bankroll management for each one.
Cash Games
It's important to have about 20 buy-ins for the level you'd like to play at. 100 big blinds is generally the amount accepted as the buy-in. So if you want to play the .02/.05 NL level, you would need a minimum of $100 (20 buy-ins x .05 big blind x 100). If you have $50, the level you should be at is .01/.02 until you get to one hundred dollars, then start playing some level .02/.05. While trying your hand at a higher level, don't be ashamed to drop down a level if it proves too difficult. For example: with your $100 bankroll you've just made it to the .02/.05 level. If you run bad and you just aren't getting the poker hands you need, it's imperative to move back down to .01/.02 if you drop to 15 buy-ins ($75). Then, when you jump back up to $100, start playing higher again. I've never met anyone that has played for an extended length of time that did not have to drop down at least a level at one point or another. Some players find themselves bankrupt because they were too stubborn to drop some levels. Most people will jump between almost every new level they try until they get used to the play the next level brings.
As you go up to levels of about 100nl and up, I would be even more guarded with my bankroll and probably a minimum of 30 buy-ins would be a better idea.
Sit n' Go Tournaments (SNGs)
Tournaments usually are going to have a little more variance than cash games. As a result, you should have a bigger bankroll to counter the higher variance. It's a good rule of thumb to have about 40 buy-ins for SNGs. With a $100 bankroll, you should be playing somewhere around a $2.20 buy-in till you increase your bankroll to about $130. Then try some $3 games and see how well you play. Again, don't be too proud to move back down if you are not running well.
Multi-Table Tournaments (MTTs)
MTT poker is tempting for many people because it can provide some great payouts if you last to the end. It's important to note that the variance is very high with MTTs, and it's not uncommon to play long stretches without making any money. Because of this it is in your best interest to have at least 100 buy-ins to dabble with Multi-Table Tournaments. Remember if playing re-buys that you should plan on at least 1 re-buy and 1 add-on into the cost of the tournament. Generally you'll need even more than that to place, so be cautious. For instance, in order to play a $3 re-buy MTT you should be prepared to spend a minimum of $9 and when you multiply that by the 100 buy-ins rule, you'll see that you'd need a minimum of $900 in your bankroll to play.
Something to note for players playing with a very small bankroll that want to play MTTs: think about playing some satellites. Satellites usually have very small buy-ins and many of the other players tend to be quite poor, so this can be a good path to get some experience and potentially win a ticket worth more than your bankroll will allow you to play. After winning a satellite, it will be tempting to take a shot at a bigger tourney. Recognize this temptation! Instead, take the tournament money and grind out more games within your bankroll.
A Low Risk Way to Pad the Bankroll
The best plan for increasing your bankroll is simply to play a lot of poker hands. An important method of padding the bankroll while you're grinding, though, is by getting bonuses at the sites you play. An extremely popular bonus is the no deposit poker bonus that is offered by some sites. This is a great way to start off the bankroll if you’re new to the game or to help a small bankroll if you’re grinding micro stakes. If you’re a U.S. citizen, you’ll most certainly be interested in knowing of US friendly poker sites. The biggest of these online rooms are PokerStars and Full Tilt Poker. The most generous PokerStars bonus is the first deposit bonus of 100% up to $600 if you use the PokerStars marketing code. They also often offer reload bonuses and freeroll options. If you’d rather make a Full Tilt Poker download, their deposit bonus is identical with a Full Tilt bonus code: 100% bonus up to $600. Full Tilt features $800 in monthly tournaments.
Final Thoughts on Bankroll Management
It's too easy to slip and to play higher levels than your bankroll will allow. Stay centered, never stray from correct bankroll management, and you shouldn't have to worry about depositing money ever again! Don't pay any attention to what levels other players are playing or what others feel about the level you're playing. Just play whatever you're most comfortable with and what's within your bankroll. Staying safe and being cautious is key. It's all about risk management. However, if you're well above these bankroll thresholds and are just afraid to climb levels, you'll need to let go of the fear in order to make progress. So take some shots when the time is right, and don't be too nervous to move up and down. Before you know it you'll be a regular at the mid-stakes games with a heavy bankroll.
