What Plans Do You Have?
If you just want to play some poker - perhaps play a few cheap tournaments or partake in nickel-and-dime cash games - you don't have to think that much about bankroll management. Say that you want to deposit $30 and just have some fun, please go ahead and put it all on the line. Instead of spending the money on movie tickets, a few drinks or any other entertainment, you spend it on poker.
However, if you have greater plans for your career, and wish to se a sustainable growth in your poker wallet, you must pay serious attention to bankroll management. |
How High Should I Play?
If we just look at this from a blind level point-of-view, there are some standard rules that are good to follow. Naturally you must be a long-term winning player to earn money, but then again, no bankroll management can help you become a winner.
According to Sklansky and his disciples, Limit Hold'em players should have at least 300 times a big bet in their bankrolls (remember that this is big bet and not big blind.) So if you play $1/$2 Limit Holdem you should have $600. Personally I think that this is a bit low, but if you have a decent edge over the ones you are up against, you will probably do fine with 300 x BB.
No Limit Hold'em players, on the other hand, should have 3,000 times the big blind. In other words, to play a game with $1/$2 blinds you need $6,000. This might sound like a lot of money but remember that the swings can be huge in no-limit games so this rule is pretty reasonable.
Sometimes even pros are afraid of the high stakes. In this hand Peter Eastgate, the 2009 WSOP champion, seems to more afraid to lose than he is eager to win. Perhaps Greenstein lays down too easy as well.
When to Raise the Stakes
The bankroll rules described above are aimed at those who want to minimize the risk of going broke, and if that is important to you, you should stick to them. However, if you like taking some risks, you might want to climb a little faster. Just remember that your poker funds become a lot more vulnerable in the process.
A good way to try a new limit is to follow a fish. Many online poker sites have "find friend"-functions, which are primarily used to locate bad players and not buddies. This is something you should use frequently.
Some players who lack discipline often climb in stakes to win back losses. Say that you play against Donkey123 at Full Tilt Poker, and he has managed to lose four buy-ins. He then suddenly leaves the table, and since you always stalk weak players, you find him at a table with higher stakes.
In my opinion, this is the perfect opportunity for a new challenge at higher limits. Follow the fish - chances are that he will continue losing.
When doing this, remember to set up some rules for yourself. Decide before you start playing how much you are willing to lose if the cards are against you - perhaps one buy-in or maybe two. If you fail to win, go back to the level where you feel comfortable and gather strength before the nest attempt.
What is Your Goal?
Not all players can end up at the highest limits. But why would you want to do that? Do you feel like you have an edge against Antonius, Ivey, Durrr and the other people playing $200/$400? There are quite a few players who earn their living at, say, $5/$10 no-limit or $30/$60 fixed- limit Hold'em. They constantly beat the games and don't feel like they have to raise the stakes.
When you find a level where you are comfortable and win, perhaps that is where you should stay.
