In spite of the fact that you are unable to play poker without a sufficiently large bankroll, the issue of how to handle the money you make while playing poker is often overlooked. Unfortunately, the main reason why many experts and professional players prefer not to discuss this topic stems from the idea that this is something the player needs to learn by himself. In short, what may work for one player will not necessarily be as efficient for the others. Since it is rather difficult to present various money management methods, this article focuses on providing tips and ideas on how to manage your bankroll better. Let’s go into the details!
1. Choose to play the stakes that are affordable for you
Perhaps the most important thing to remember when managing poker money is that you should never enter a game where the stakes are too high for your bankroll. For instance, if you have been playing online poker for a while and you currently have an $100 bankroll, playing at stakes like $1 or $2 implies taking high risks at losing all that cash and consequentially, altering your play. In addition, when the other players see that you only have $100, chances are you will be perceived as a beginner and they will start focusing exclusively on you.
2. Establish a cash limit for wins/losses
If you set yourself a limit to play a certain sum of money that you can afford to lose and stick to it, then you will be able to maintain your bankroll. Just play the money you determined would be your budget and leave as soon as you lost them all. Even though it may sound ridiculous now, the truth is that applying the same principle for the nights you win is more beneficial than you think. Making money from poker entails time, dedication and winning small sums of cash, so once you reach that limit, call it a day.
3. There’s nothing wrong with cashing out your winnings
It may seem ludicrous, but many players think that if they cash out their wins they will become jinxed and automatically enter a streak of bad hands. While there may be some psychological basis for this superstition, the truth is that there are other methods to cash out without being “robbed” of your luck. For instance, you could withdraw a few hundred dollars every once in a while and put it back if everything goes well.