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The phrase "Don't put all your eggs in one basket" is a piece of advice commonly given by elders or experienced individuals, and it applies to online poker as well. Many online poker players, including myself, didn't believe this advice initially, but it holds true. When the poker boom hit in 2004, I was a 19-year-old multi-tabling 10/20 NL/PLO player, winning or losing around 5k-10k per day. I didn't have a proper bankroll management plan at the time, but over the years, I've observed that many players, both online and offline, face this issue. Regardless of your poker skills, treating poker as a serious endeavor, having a systematic bankroll management plan, and turning it into a habit are essential for success.
In my experience, a good rule of thumb for cash games is to have a bankroll of at least 5% of the maximum buy-in at the tables you plan to play. Yes, 5%. (I understand that this might be surprising to some readers, but this is my experience.) This 5% rule applies whether you're playing one table or ten tables online.
For example, if you want to play cash games with a maximum buy-in of 50 and blinds of 0.25/0.50, you should have a bankroll of at least 1,000.
In my view, this is one of the most critical criteria for becoming a profitable online poker player because it indicates whether you're controlling your bankroll or if poker is controlling you. Over time, you'll find that your self-control improves, and your performance at the tables gets closer to your expectations.
Strictly adhering to the 5% rule allows online players to do the following three things:
1. **Treat Poker Like a Business:**
If you've ever run a business, you know the importance of consistency and careful management. The same principles apply to managing your personal bankroll. Minimize uncertainties and aim to be better than at least half of your opponents consistently. Consistency over time means you must be disciplined, patient, and avoid exceeding your predetermined bankroll limits. Understanding these aspects is key to getting your poker journey on the right track.
2. **Diversify to Mitigate Risk:**
I'm not discussing investment strategies like stocks and funds, but I use this analogy to explain the 5% rule better. If you're playing online poker, consider each table as an investment product. A conservative approach is to ensure you never risk more than 5% of your bankroll on any table. Even if all three tables go south, you've only lost 15% of your bankroll. Compare this to losing 50% or 75% of your bankroll in a single hand.
3. **Handling Tilt:**
Tilt, the emotional reaction when players lose, can happen to anyone at any time at the poker table. I've seen top players lose control of their emotions in major tournaments, often due to a small mistake that resulted in losses beyond their comfort zone. Not all players can afford such losses, so learning how to manage your bankroll is crucial. Scarce funds can affect your decisions, and making poor decisions can lead to tilt. The result is often busting out, which means no progress in your poker journey. When you make a wrong step, stopping and managing your losses is essential.
In summary, whether you're an online or offline player, managing your bankroll is the first crucial step towards success. The 5% rule is a brilliant concept because it determines your next tactical moves on the poker journey.
Conclusion:
Poker is a skill-based activity that requires practice, but it also relies on a bankroll to support it. Many people overlook the importance of bankroll when thinking about poker in their lives. Interested individuals can study the failures of poker players or bankrupt professional players; the core issue usually revolves around running out of money. In dealing with anything, experienced individuals always emphasize that money isn't essential, but I want to say that money is the most important! It's just that when you have money, it seems less important. What's more important is your poker skills and the luck you have at the tables, but money acts as a dividing line for your poker journey, determining how far you can go!
Don't just work blindly; work while observing the road ahead. Also, take the path yourself. Listening to advice can be helpful, but practice is essential. |
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Post time 5-9-2023 14:18:53