Playing online poker can be a very fun activity for a lot of people that enjoy the rush and escape that can come with playing. While most people that play online do so for fun and do not make much money, those that are successful can end up earning a lot of money. When you do make a lot of money playing online poker, one of the biggest factors that you will have to consider is how to manage your online poker bankroll. While there can be difficult decisions that need to be made, there are several tips that should be followed to better manage your online poker bankroll.
Determine Your Goals
When you are looking to determine a bankroll management strategy, the first thing that you will need to do is determine your goals for which games you will want to play in. To ensure you have plenty of dry powder available for gameplay, you will want to have at least 100x the minimum bet in your bankroll. For example, if you want to play Texas Hold ‘Em with $2 big blinds, you will want to have a bankroll of at least $200. This will give you enough money to take advantage of great hands by maximizing your bets.
After you have enough money to meet your ideal bankroll based on the size of the game you want to play, you will need to figure out when you should take money out. Professional poker players may get into the game in the hopes of making a lot of money and getting rich. However, many end up withdrawing money from their accounts way too early in the process. Instead of finding a time to withdraw money and spend it, you should find ways to live modestly and live off of another source of income.
While determining how much money you need to keep in your account is important, you also need to minimize your losses. All poker players will have days where it feel like they have terrible luck and cannot win a hand. On these days, it can be very hard to think clearly and strategically, which can lead to further losses. On a very bad day, you can quickly lose your entire bankroll. In general, you should make it a rule that you will never lose more than a certain percentage of your bankroll in a single day. Ideally, you should set this limit to 20% of your bankroll or less. This will help you to avoid devastating losses.
Most importantly, you need to keep proper track of your records. You should keep track of your winnings and losses on a daily basis to keep a running tally of what your bankroll should be. You should also keep track of which games you are successful at and which you are struggling with. This can help you to better identify which games you should continue to pursue based on your historical success record.
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