Online Poker Money Management Tips and Tricks
You can know everything there is to know about poker, get every break possible, and still only end up with average results if you do not know how to manage your bankroll. Knowing how to manage your money will get you out of a lot of jams in online poker.
You generally want to enter a table with a bankroll that is at least 200 times the big blind. If you are playing at a 1-$2 limit table it is a good idea to have at least $400 in funds on you. This is just a general rule however, you will need to adapt this to your playing strategies. If you are like me, you play tight, rarely bluff… you likely only need 100 times the big blind. If you play like many do on micro and low stakes table, very loose, regularly going all in and making outlandish bets, you might want 500 times the big blind before entering the table. No limit Hold Em is unrelenting, it is always better to have too large of a bankroll than a bankroll that is not large enough. You will want to have enough power to be able to bully a few of your opponents at your table, that is what no limit is all about.
How you look at poker should also play a role in how much of your bankroll you bring into a table. If you are very serious about poker, possibly playing online as a job, you do not want to bring more than 5-10% of your available funds onto a table at once. This is to limit your losses obviously and for diversification purposes. If you deposit 100 dollars a month online playing poker you can afford to be more aggressive with your bankroll. I want to be able to afford myself a bad day or two. I realize I will go on losing streaks and I will suffer several bad beats in a row, that is the nature of the game, so I am very cautious with my bankroll and I never devote more than 10% of my bankroll to one table.
Once you are at a table, how you manage your money is also very important. You will notice that micro stakes tables are almost laughable online. No one takes these tables seriously, so players go all in left and right. It is safe to say that these tables are played very loosely. The higher stakes table you visit, the higher the competition and tighter play you will experience. These guys know what they are doing and they are playing for money, not for fun. I like to hang around low to mid stakes tables personally.
If you are playing low stakes poker you can play like the other mindless sheep who go all in whenever they have an above average hand, or you can play with brains. Playing tight when everyone else is playing loosely can be frustrating, but picking your spots will benefit you in the long run. If you are playing at a high stakes table, hopefully you know what you are getting yourself into, competition is cutthroat these days at high stakes tables and it is only getting more difficult each day. If you have the bankroll to pull it off do not be afraid to play your game. It is easy to play far too tight when you are playing for high stakes but that is not what Texas Hold Em is about. Do not be afraid to bluff on occasion and make large bets when the odds are in your favor.
Like it or not, variance is a big part of poker. You are going to have your ups and downs while playing, even if your game does not drop off whatsoever. That is why it is important to be conservative before you join a table. If you have 3,000 dollars at a site, do not enter a table with more than 300 dollars and do not enter a table with stakes that are higher than 1/2 dollars. You are not going to hit the cards every time, you have to protect yourself when things are going poorly or you will have no chance at succeeding online. Competition is fierce if you play mid to high stakes online but you can make it by playing your game and limiting your losses.