Bankroll Management

[BigPete33]

A lot of us that play free poker are probably starting to branch out into playing online poker for real money and/or cash games at the casino.

Bankroll Management is probably the most important thing you can learn about *before* you start playing poker for real money.

Let's face it, you owe it to yourself not to go broke.

I'm sure everyone has slightly differing rules that they set themselves, but the important thing is to at least make sure you have some....and STICK TO THEM.

I'll use an example I just read about on Full Tilt's website....

Chris Ferguson (a pro) set himself the challenge of turning $0 into $10,000.

Have a good look at the limits he set himself and how long it took a professional player to achieve his goal.

http://www.fulltiltpoker.com/pro-tips-a ... on&tip=100

http://www.fulltiltpoker.com/chris-ferguson-challenge


There's important lessons here for all of us!

Best of luck folks!

[Des]

I put in $47.. won a lot, cashed out a lot, have $0 until next pay day lol

Usually I put in some ($50), lose it and then wait till next pay day.

I get paid monthly, so its not like im re-loading heaps anyway.

[Garth Kay]

I like the fact you have set up a topic on this Pete.
A lot of players, especially beginners, overlook this one very important topic.
Whenever you sit at a poker table, whether live or online, you should feel comfortable with the stake you are buying in for. Every semi pro or pro player has what is designated as their bankroll.
Basically this is the money they use exclusively for their poker. All other expenses and income are put into a different account.
The most general rule you want to use for bankroll management is whatever stake you buy in for; your bankroll needs to be at least 10x this amount. I.E: $2/3 NL game at SKYCITY casino, you play this regularly, the buy in every time you sit down is $120 max therefore your bankroll should at least be $1200.
Ten times is fairly conservative, I would always recommend 20x the buy in stake. You need this type of bankroll so you feel secure with the amount of money you have in play and that you can take a hit without feeling like "there goes this weeks grocery bill" or "no taking the missus (or mister) out for a steak dinner this week and the kids will have to stick to the two minute noodles".
If you are playing with scared money or you fear losing any of your buy in you will NEVER play at your most effective and you are doing yourself a disservice. I say this from past experience, I know to stop playing for a month or six is quite difficult, but build that bank roll up, take it seriously and be disciplined and the rewards will far outweigh the pangs and withdrawls of not playing poker for several months. Most pro's have gone broke more than once in their life and have had to go back to the 9 to 5 grind to re build their bankrolls,the one pro I know of who has never gone broke is John Juanda. I highly recommend that you should check out his story.
At all times I am here to offer advice and in no way do I promote all, or any, NPL players to take up gambling of any sorts.

[Brett Kay]

I think this needs to be added as well.

Capt Zeebo was one of the young guns of online poker.

Read his blog before.
http://www.captzeebo.supok.net/blog.html

and read some of his newer posts.
http://www.captzeebo.supok.net/

Huge change in perspective on life and everything there.
If you are serious about going into any form of gambling. I would advise to go to http://www.twoplustwo.com and look up some of their psychology to poker. as well as a few of the strategy sections.

and if you are up for a laugh can't go past BBV4lyfe and also OOT.

Cheers,
Brett.

Don't gamble with money you can't afford to lose.

[rcon]

Having had a problem with bankroll management many years ago when I used to play black jack, I can highly recommend the idea of careful bankroll management. Nothing beats the feeling of a big win, but nothing makes up for that feeling when you've blown much more than you can afford.

Given that, I've only just started playing online poker - play money only (haven’t wanted to open the floodgates) - but a couple of days ago I discovered the free rolls on full tilt, and now I've just read the link in Pete's OP. I think I'll stick to the free rolls to try and build a playable bank roll - somehow I think "playable" as opposed to 10K is more in line with my skill – and I think I’m going to stick with the advice from Chris if I happen to make enough to but into the micro limits.

Has anyone else on here had any success with these full tilt free rolls? any thoughts on how to combat very loose players (whilst still playing enough to keep up with ave chip stack)? I took out 10th from a field of 2700 last night with some very mixed up, aggressive play which I was pretty happy with, but $1.25 is already gone from my winnings ($2.00) on a SnG (suck out of course - but aren't they all?).

Actually, I think I'll start another thread on this - it doesn't really fit in this topic. So if you're interested in discussing large field, free roll tactics, look for another thread in Tips & Strategies.

[Brett Kay]

Think the best way to get good practice in any freeroll, is start of at the 360 or 615 man, round 1's.

The main rule of thumb for these is don't be concerned about the chip average or stacks, maintain your M - Add up the small blind and big blind, and divide your chip stack by that number.

e.g blinds 100/200 = 300. Chip stack is 3600 M=12

The M value represents how many rounds around the table before your blinded out. In these turbo freerolls, the main use of it is to keep your head above water. and only play your good hands. let the big stacks do the work and make the mistakes.

So a rough guide for your M is
Less than 5 - red zone - pretty much all in with any decent hand
between 5 and 20 - Yellow zone - your struggling - don't limp with marginal hands suited connectors and others.
M above 20 - Green Zone your healthy Open your hand range up to include your marginals, look at flops, don't overplay too many of your hands. If they are reraising, easier to fold the blind than lose more money to them.

You can't bluff in the early parts of the tournament, standard raises are out the door. Best bet is to be tighter than a nun.
Later parts of the tournament if you have a healthy stack, you can continue bet with good cards, a few preflop raises with decent cards. Beginner stuff, nothing too advanced because people will draw out on you.

Going to the small stakes sit n go's. the 1.10 or 1.25. Like a freeroll with less people. If they are turbo you can't really wait for good hands. Its a bit of a shite fest. But all in all, teaches you to be patient.


Any more help ask me, your bad beat reciever. .

Cheers,
Brett.

[Goose]

Have read the Furguson challenge and was very interested in his bankroll management
Especially the 2% Tourney and 5% Sit & Go rule

Have been putting it into practice for the last month with average success.

Started playing freeroll tourneys on Full Tilt and Ultimate Bet and have $19 in each account from $0

Have been doing similar on Poker Stars and Paradise Poker where i have only played Tourneys and Sit & Goes under $3 + freerolls. Unless i win a ticket into a larger tourney and get up at some ungodly hour (4am) to play

Total $ in all accounts $185us
Total withdrawn $420

Not bad for a bit of fun and without depositing a cent

[BigPete33]

Nice work Goose.

I already had $50 in Full Tilt, then read Fergusons challenge and was quite surprised at how low those %'s seemed. On reflection though, it makes perfect sense if your aim is to make sure you don't lose all your money and to always play within your means.

For those that play on Full Tilt, have a look at the knockout SNG's. Minimum level is $3 (plus 30c) but 50c of that buyin from each player is kept aside as a bounty...knock them out and you get it straight in your account. So obviously if you knock 6 or so players out you've paid for the tourney even if you don't place in the money. I think it's a good way to help ensure you keep your money.

[David]

For those that play on Full Tilt, have a look at the knockout SNG's. Minimum level is $3 (plus 30c) but 50c of that buyin from each player is kept aside as a bounty...knock them out and you get it straight in your account. So obviously if you knock 6 or so players out you've paid for the tourney even if you don't place in the money. I think it's a good way to help ensure you keep your money.

Have I converted you yet Pete ?? =)

[BigPete33]

If I said 'no' would it hold water?

I can tolerate it if I turn off all the poor attempts at graphics and change the table/floor layout to something that doesn't hurt my head, but I must say I like all the kind players who keep losing to me. Very good of them really I do like the knockout SNG's and tourneys though.