How To Manage Your Bankroll Like A Poker Pro

If you’re serious about being a poker pro, it’s essential to know how to manage your bankroll. A large bankroll is no good if you can’t control it and end up losing everything in a short time. On the other hand, a small bankroll can be just as dangerous if you don’t know how to use it properly.

Here are a few tips on how to manage your bankroll like a pro:

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1. Set a budget and stick to it

It is probably the most important tip on this list. You need to clearly know how much money you’re willing to risk before you play poker games. Once you’ve set your budget, stick to it no matter what. Don’t be tempted to chase your losses or exceed your limit because you’re on a winning streak.

One good way to do this is to use a bankroll management app. Think of an alarm clock but on your bankroll instead. Some apps out there can help you keep track of your bankroll and betting. It can be a helpful tool, especially if you struggle to stick to a budget.

2. Know when to quit

If you’re losing money hand over fist, it’s time to walk away and cut your losses. It can be tempting to keep playing in the hopes of making back what you’ve lost, but this is a dangerous mindset. The longer you stay at the table, the more likely you will lose even more money.

3. Know when to play and when to fold

This ties in with knowing when to quit. If you’re not confident about the poker hands you get, it’s usually best to fold and live to fight another day. There’s no shame in folding, even if you’re the one who started the betting.

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4. Put your winnings in your bankroll

Spending your winnings as soon as you get off the poker table can be tempting, but this is a bad idea. When you’re up, that’s the time to increase your bankroll, giving you more cushion to fall back on when you hit a losing streak.

5. Use multiple bankrolls

This is an excellent way to ensure you don’t lose everything if you have bad luck. If you keep all of your winnings in one bankroll, there’s a chance you could lose it all if you hit a losing streak. By withdrawing money regularly, you’ll ensure that you always have some cash on hand, even if you’re going through a rough patch.

This especially applies to online poker. For example, you might have one bankroll for cash games and another for tournaments. This way, you can tailor your betting to each type of game separately and not have to worry about depleting your entire bankroll if you hit a bad streak.

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6. Manage your emotions

Poker can be an emotional roller coaster, but keeping a level head is crucial if you want to keep your bankroll in the green. Don’t let your emotions get the better of you and make rash decisions. If you’re feeling angry or frustrated, it’s best to take a break and come back later when you can think more clearly.

One way to manage your emotions is to manage your expectations. You’re not going to win every hand, and you’re not going to make a fortune overnight. Poker is a long-term game; you need patience if you want to succeed. Don’t put too much pressure on yourself; enjoy the ride.

Another is not to bet more than you can afford to lose, regardless of how confident you feel about the hand. It’s easy to get caught up in the moment and make rash decisions, but this is a recipe for disaster. Whenever you’re going to bet, think twice or thrice.

7. Always think in the long term.

This ties in with having realistic expectations. It’s important to always think about your overall strategy and not get too caught up in the short-term ups and downs. If you make a few bad decisions, don’t beat yourself up. Just learn from your mistakes and keep moving forward.

If you’re looking for a great online poker site to stick with for years, sign up at GGPoker, the world’s largest poker room. With so many online poker players around the globe, you won’t have trouble getting the experience you need.

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8. Don’t rely on poker as a main source of income

This is a good way to ensure you’re never in a desperate financial situation. If poker is your only source of income, you’re putting all your eggs in one basket. This is a risky proposition, and it’s always best to have multiple income streams. You’ll still have money from other sources if you have a downswing.

9. Be prepared to lose

This might seem like defeatist thinking, but it’s actually good advice. No one likes to lose a poker match and money, but it’s important to accept that it’s part of the game. If you can’t handle the thought of either or both, then poker is not the game for you.

10. Check out other pros’ advice

One of the best ways to improve your bankroll management is to learn from the people who are already good at it. There are many resources available online, and you can also find plenty of books and articles written by professional players. Take the time to learn from the best, and you’ll be sure to get better at handling your poker money.

Roll Your Bankroll With The Punches

Following these tips will help you manage your bankroll like a poker pro. Remember, poker is a long game, and there will be ups and downs along the way. The key is to stay disciplined and not let your emotions get the best of you. If you can do that, you’ll be on your way to a financially healthy poker life.