The Importance of Money Management in Online Poker
In case you are wondering why there are so many online poker players going broke, the answer is because they employ a very poor money management. Most online poker players have little or no money management skills and know how.
In case you are a good online poker player and you also manage your money very well it’s going to be almost impossible to go broke, since you will be minimizing your risk of going broke at any time.
The moment you start winning some money at online poker you can either use the money to move up to some higher limits, or you can cash them out and stick to the same stakes level.
Online Poker Money Management Rules:
– Never play scared poker – the moment you go to higher stakes that you cannot afford to play, you will be scared of losing your whole bankroll and you are not going to concentrate 100% on the game.
– If you are losing take a break – many people run through some more difficult periods, when they don’t get any premium hands, or they just take the wrong decisions, if you feel you are in that situation walk away from the table, in order to prevent a disaster.
– Be flexible – an online poker player is going to be very flexible and he will never have problems moving up and down to higher and lower stakes depending on what it’s his current situation.
– Have a winning attitude – it take a lot of time of practice to become a winning online poker player, however the moment you are going to go there with a winning attitude things will turn out very well for you.
– Follow the following online poker money management rules and never break them: NL Holdem Cash: 20 buy-ins, Limit Holdem Cash: 300 Big Bets and Tournaments: 40 buy-ins.
Two important money management mistakes that you should avoid:
1. Don’t advance to higher limits too fast. So in case you have played poker for a couple of weeks at a certain limit and you’ve managed to break it even or be up just a little bit, it doesn’t necessarily means that you will automatically have to move up to other limits. In case you will make this mistake over and over again, over the long time, you will automatically lose all your online poker bankroll. So in case you are playing a $0.5/$1 game and you do have a bankroll of $200 and with time you manage to build up a bankroll of $400, you can move up to some higher limits. However if your bankroll will decrease by 100 big blinds you should definitely move down and start re-building your bankroll once again.
2. Don’t chase losses by betting more. The second big mistake that is made by many of the players is to chase a los after losing some money. If you have managed to lose money it means that you should go down to some lower stakes and never try to win back that money by going up to some higher limits, hoping that you will get lucky there.