{"id":1119,"date":"2017-05-04T15:02:52","date_gmt":"2017-05-04T19:02:52","guid":{"rendered":"https:\/\/www.advancedpokertraining.com\/poker\/blog\/?p=1119"},"modified":"2019-05-08T10:21:09","modified_gmt":"2019-05-08T14:21:09","slug":"6-key-bankroll-management-strategies","status":"publish","type":"post","link":"https:\/\/www.pokertraining.com\/poker\/blog\/6-key-bankroll-management-strategies\/","title":{"rendered":"6 Key Bankroll Management Strategies"},"content":{"rendered":"<p>Profitable poker is a lot of work. One\u00a0of the the most commonly ignored poker skills is in the basic financial management of play. Although most good introductory poker books include a section on bankroll management, \u00a0a quick discussion with other players indicates that very little attention is payed to money management\u00a0by the non-professional player.<\/p>\n<p>Assuming you don&#8217;t have such deep pockets that\u00a0poker losses are of no consequence, you&#8217;ll need to manage your money in order to safely continue this avocation. Further, you can&#8217;t play optimal poker if concerns about your financial viability weigh on you.<\/p>\n<p>There\u00a0are 6 main financial principles\u00a0to follow to get you off on the right foot:<\/p>\n<ul>\n<li><strong>Do you have the money to play?<\/strong>\u00a0You need to determine whether your financial situation allows for regular play. Look at your bills, bank accounts, and needs for the future and determine whether you have the resources to play, how often and at what stakes. It sounds obvious and simple, but there are clearly players deciding\u00a0to play rather than using their money for bills. Make sure that even if you lose a specified amount over the next year, your life won&#8217;t change substantially.<\/li>\n<\/ul>\n<ul>\n<li><strong>Designate a stake<\/strong>. \u00a0Once you know it&#8217;s OK to swim into the poker pool, set\u00a0your stake apart from other checking accounts, savings, and investments. A common rule of thumb is to\u00a0have 25 to 30 buy-ins to protect against the inevitable swings that will occur. \u00a0So if you are playing $1\/$2 cash and you buy-in for $200 each session, you should have $5,000-$6,000 set aside as a stake. \u00a0If you play in a weekly $100 tournament, you should have $2,500 to $3,000 too start.<\/li>\n<\/ul>\n<p>[bctt tweet=&#8221;Everyone is a profitable player at the table.&#8221; username=&#8221;PokerTraining&#8221;]<\/p>\n<ul>\n<li><strong>Don&#8217;t move up until you&#8217;re reliably profitable at your current level<\/strong>. \u00a0Although the <a href=\"https:\/\/www.pokertraining.com\/poker\/blog\/why-should-i-care-about-the-rake\/\" target=\"_blank\" rel=\"noopener\">higher percentage rake often associated with the lower cash and tournament games<\/a>, can make them challenging to turn a profit, don&#8217;t move up to higher games until you have consistently shown good results at your current level. \u00a0Don&#8217;t follow a great three month run of winning poker by saying &#8220;I&#8217;m up $4,000 in the past three months, I&#8217;m going to buy-in to the next $1,000 WSOP circuit game at my casino and give it a shot.&#8221; It is so tempting to do so with what feels like &#8220;found&#8221; money, but see how it goes when you return to baseline before you venture into more expensive games.<\/li>\n<\/ul>\n<ul>\n<li><strong>Track your results<\/strong>. \u00a0Everyone is\u00a0a profitable player at the table. \u00a0Players recount a\u00a0spectacular run and forget\u00a0the 15 consecutive losing sessions that preceded it. \u00a0Open a spreadsheet, put a date in column 1, your buy-in in column 2, and your profit\/loss for that session in column 3 (if a tournament, <a href=\"https:\/\/www.pokertraining.com\/poker\/blog\/the-tipping-point\/\" target=\"_blank\" rel=\"noopener\">make sure to subtract your tip<\/a>). \u00a0Keep a running tally and never omit a session. Better yet, include a column with notes about key hands\/issues from that session. At\u00a0minimum, you need to be able to answer the the question &#8220;How has the year been going?&#8221; not with &#8220;Not too bad,&#8221; but with &#8220;I am down $548&#8221; or &#8220;I am up $345.&#8221; \u00a0Always know exactly where you are.<\/li>\n<\/ul>\n<ul>\n<li><strong>Be aware of ancillary costs<\/strong>. \u00a0If you have to drive a distance (gas $) or tend to buy drinks (alcohol $) at the table, or tend to go out to dinner after a session (food $) make sure you understand what your\u00a0costs are and try to minimize them. My wife and I realized we were spending more on dinners after playing poker than were were on the poker itself. \u00a0When we curbed that and planned cheaper ways to eat, suddenly the cost of poker became much easier to absorb.<\/li>\n<\/ul>\n<ul>\n<li><strong>Never borrow money to play<\/strong>. \u00a0&#8220;I haven&#8217;t seen Teddy in a couple months, do you know what&#8217;s up?&#8221; I once asked another player, referencing a former regular. \u00a0The response was &#8220;He borrowed money from Mike the dealer and never paid it back, so he&#8217;s ducking him and playing at the room across town.&#8221; \u00a0Shakespeare&#8217;s sage advice from <em>Hamlet<\/em> &#8220;Neither a borrower nor a lender be&#8221; is never more true than in the world of recreational poker. If you are borrowing, your stake is gone, and so should you be from the tables until you are viable once again.<\/li>\n<\/ul>\n<p>While the 6 considerations above are not the most enjoyable aspects of poker to think about, they may well be the most vital in keeping the game a\u00a0fun part\u00a0of your life.<\/p>\n<p><strong><em>Like this post? Head on over to the sidebar and subscribe. You will be alerted whenever a new APT blog post goes live!<\/em><\/strong><\/p>\n<p>Follow us on Twitter!\u00a0[twitter-follow username=&#8221;pokertraining&#8221; scheme=&#8221;dark&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Profitable poker is a lot of work. One\u00a0of the the most commonly ignored poker skills is in the basic financial management of play. Although most good introductory poker books include a section on bankroll management, \u00a0a quick discussion with other players indicates that very little attention is payed to money management\u00a0by the non-professional player. Assuming [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":1143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[123,122,125,8,124],"class_list":["post-1119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bankroll","tag-financial-management","tag-leaks","tag-poker","tag-profit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 Key Bankroll Management Strategies - Advanced Poker Training Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pokertraining.com\/poker\/blog\/6-key-bankroll-management-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Key Bankroll Management Strategies - Advanced Poker Training Blog\" \/>\n<meta property=\"og:description\" content=\"Profitable poker is a lot of work. One\u00a0of the the most commonly ignored poker skills is in the basic financial management of play. Although most good introductory poker books include a section on bankroll management, \u00a0a quick discussion with other players indicates that very little attention is payed to money management\u00a0by the non-professional player. 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