Bankroll Management: Rules?
Posted by kalmoa
Posted by
kalmoa
posted in
Gen. Poker
Bankroll Management: Rules?
Hello All,
I am new to this site, but thought I'd post to gain some advice in regards to bankroll management. I always used the Chris Ferguson buy-in 5% rule, but have really bad runs where I lose everything. For example, I will buy in with $400 online, and play .10c/.25c omaha with a buy-in of $20. After less than an hour, I experience the worst bad beats and coolers, and my bankroll is now down to $60. I then steam off the last $60 in a $1/$2 omaha session within 5 minutes.
How do I refrain from taking the bit hits? Should I play at even lower than 5% of my bankroll? At what point should I stop for the day if I am losing? How do you resolve the tilt factor and pursue a cleaner frame of mind while playing?
That should be all for now. Thanks everyone!
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Mind-trick:
If you're willing to reload indefinitely, you are effectively playing with a huge bankroll (tens of thousands or more, if you're going to keep up that habit until the day you die). You might be playing $25PLO with a $50,000 effective bankroll or something. Smooth. So you might as well relax and play with the piece of mind that comes with a 2000 BI bankroll. Just forget about the deposit and continue to ... play .... every .... single .... hand ... well. That's how winning is done and even bigger bankrolls are built.
See how simple it is? Because the stress you're feeling when $200 of that $400 deposit is gone, that's what's doing you in. It feels like failure and like something gigantic just happened (Woe is me, for I have lost half my roll!) However, nothing big happened, you're fooled by you own mind, and you end the pain by tilting away the rest. Now you get to restart tomorrow and forget all the losing you did today. Fresh starts feel good.
So you deposit again, and the cycle starts over. But you don't have to follow that pattern. You can choose a different pattern. How about depositing $400 and running it up to $10,000 like a boss? Lot's of people have done more with less, and they probably weren't smarter than you. Just choose it.
Starting out at $25PLO with a deposit of a few hundred is fine, as long as you play well. A good player can start with $400 at those stakes and never look back. If that isn't you yet, you might want to play lower until you have learned. And you'll want significantly more (50 BI, say) to play regularly at limits above $25PLO.
If you're not able to play well, no BRM will help. Losing players need budgets. Losing when you know better is stupid. Let that motivate you. Like a buddy of mine said: "One day I realized how stupid it was to tilt away my roll like that, so I quit doing it".Good answer by the fish, as always... However, if you really want to run it up,the general consensus is having a minimum of 40 BIs for NLHE. PLO, being a game where huge swings are more frequent, could require a stricter bankroll management, but for a recreational player, a 40 BI bankroll should be fine.
Professionals usually have a minimum of 100 buy-ins for the stakes they play, as their whole income relies on their poker game, and going down stakes to protect that 100 BI bankroll is not uncommon. High stakes players often have well over that, (500 BIs) as the skill advantage they have over their opponents can be very small, and therefore making swings very big and frequent.
Good luck with running it up!
@ZenFish - Ahhh, that makes a lot of sense. I have a full time job and play poker a few times a week. I usually tried to dedicate Sunday as my "poker day", but sometimes I can't due to other things. I want to become a professional and am willing to grind out and start small.
The stress I feel from losing is true, and what you are saying is accurate. Instead of worrying about my losses, should I just not look at my roll after a "losing day"?
When you say "50 BI", are you referring to 50 buy-ins, as in, 50 buy-ins of $20, which would be $1,000 bank roll? Also, typically, what is the best to buy in with at a table? 50 big blinds? 100 big blinds? I tried to stay around 80-100 big blinds, such as buying in with $25 at a .10c/.25c table. Is this ok?
@NoHubris - Yeah, I also want to get better at NLHE, but I wanted to start off with one game at a time. I've been watching a lot of Phil Galfond's PLO videos, and trying to make notes of everything.
100 buy-ins?!?! So much, haha. I guess that is what makes them pros :)
Thanks for the advice, both of you. I appreciate it.
kalmoa:
50 BI = 50 x 100 bb, the standard buy-in. It's a reasonable PLO BRM for recreational players who don't rely on poker income. Unless you have specific reasons for doing otherwise, I recommend that you always buy in for the table maximum.
usually when people talk about buy ins it's a 100big blinds buy in. If you assume you are a winning player it is best to buy in as big as possible since you can than make the most from the other guy:)
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