In poker, the fight starts before you even sit down at the tables. Players prepare, analyse their game, and debate with others, reads poker books, watching poker videos, taking part in learning programmes, and raising their skill level using methods that suit them. And then the action moves to the "real battlefield", to the poker table for a tournament or a cash game. What role does money management play here? Let's say that the better you manage your money, the more opportunities you have to show your advantage over your opponent. You can be a very good player and get KK on the first hand, push all your money and lose against your opponent's AA, or even the other way around, get AA and lose against a confident opponent's JTs after pushing everything preflop. If you don't know how to manage your money, your career as a "professional" could be over.
I can confidently say that A good understanding of money management is essential and one of the most important skills in poker.
What is bankroll management ?
Poker is high variance gamei.e. you can play well, get good cards, but still lose. You can just be "unlucky". Therefore, in poker, all results are valued in the long periodbecause short-term results are strongly influenced by luck. So in simple words The bankroll is all your money in the game, so that you can survive the short-term ups and downs and be free from random luck.
All Winning Players face recessions, sometimes severe ones, so poor bankroll management can mean that you simply don't have enough money to climb out of a recession. It is important to realise that when it comes to good money management, this is only relevant for winning playersbecause no matter how good the money cleaning is, if you are a losing player you will still lose money, it's just a matter of time.
Bankroll size
The size of the bankroll is a very delicate and even "intimate" thing, what one person may think is enough, another may be afraid to gamble with that much, first of all you have to see if you can beat that level of the game? If the answer is no, then even the most conservative management will not help, you have to raise your skills. You have to know the variation of the game and your emotional reaction to it. Let's say the variation of the game is in the 10-30 buy-in range, so technically 50 buy-ins would be too much, but can you play good poker at -30 buy-ins? And let's say you have 100 buy-ins, in which case a -30 buy-in drawdown doesn't seem so bad to you. You need to know the average and maximum variation of your game.
All the figures and tips are more of a guideline, they are just a framework, and you have to set the exact amounts and the management of the goals yourself, you have to feel when you feel good, when you start to feel scared, when the importance of money affects the game. You have to set your own rules for management, when to go to the next level? How do I take money off? How much to spend on improvement?
However, it is possible to summarise the things that determine the size of your bankroll as: a type of poker, type of poker game, your opponents' playing style, number of opponents, your skills, your ROI/winrate, Objectives in poker, risk acceptance, emotional stability, psychological preparedness, etc.
Recommendations
What do I need to think about when setting up my money management rules? I recommend signing the money management rules in writing to yourself, this way you're more bound by them, you can even sign a contract with yourself ;). You have to think about and pre-determine what games you will play, what levels you will play, when you will go up, when you will go down, what you will do if you start to have bad luck?? What do you do if you start to do very well [this is a very serious question, there are players for whom a strong performance is the beginning of the end of their career], you have to decide when and how you are going to take out money, how much money are you going to spend on development?
Main errors
- Players, especially new players, often find the money management rules too conservative. For new players, it is difficult to understand why a plan to manage 100 or even 200 purchases is needed.
- Players often overestimate their own abilities, one of the classic human weaknesses, overestimating oneself (ego work).
- The glow of higher limits. Many players are tempted to try their hand at higher limits, which can often be a detriment to good money management.
Link to a good money management scheme (in English)
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