Five Tips for a Fast
Bankroll
All poker players
should have goals, and most of the time one of
those goals should be to build the bankroll.
When you focus on building the bankroll, you
tend to make fewer cashouts and can move up in
stakes faster. The advantages of moving up in
stakes include being able to earn more money and
improving your poker skills.
1. Set specific goals
Goals
are important in all areas of live and poker is
no exception. The power of goal setting is
extremely underestimated by most poker players.
Specific bankroll goals help you stay focused
and give you something to shoot for. I can
guarantee you that if you set specific goals and
post them on the wall or next to the computer,
you will see improved results.
Set
both long term and short term bankroll goals. If
you have a $1,000 bankroll, make your short term
goal be to double that bankroll to $2,000. In
the longer run, you can set a bigger goal. For
example, you can say that by next year, you want
to have a $15,000 bankroll. Those big figures
sound crazy at first but you would be surprised
at how quickly you can reach your goals if you
put your mind to it.
2. Limit cashouts
As
your bankroll grows, the urge to cash out
becomes greater and greater. You have to resist
those urges because cashouts are a major drain
on both your current and future bankroll. Avoid
cashing out as much as you possibly can. You’ll
be glad you did when you reach your next
bankroll goal.
The
more you limit your cashouts now, the more money
you’ll have to take to the bank in the future.
Cashing out has a cumulative effect on your
bankroll because not only does it make it take
longer to reach the next level up, but it makes
it take that much longer to reach all subsequent
levels. A little sacrifice now will pay major
dividends in the future.
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3. Get poker
bonuses
Almost
every poker site in the world has a sign up
bonus that’s worth $500 or more. Get as many of
these bonuses as you can and you’ll see your
bankroll grow by leaps and bounds. Poker bonuses
are basically free money because the only thing
you have to do to earn them is play poker. If
you’re planning on playing poker anyways, you
might as well get a bonus while you’re at it.
One
word of caution about poker bonuses: don’t let
big bonuses push you up to higher stakes that
you’re not yet ready for. The average opponent
gets slightly more skilled every time you move
up a level in stakes. Make sure you can actually
beat each level you play at before moving up to
the next level.
4. Take shots
Don’t
be afraid to take shots at the next level in
stakes. All you have to do is set aside a little
extra money and dedicate that money to trying
your hand at the next level up. If the shot
fails, you can just stay at your current level
and keep building. If your shot is a success,
you’ll be able to move up to that level and
build your bankroll even faster than before.
Make
sure you mentally separate your shot-taking
money from the rest of your poker bankroll. It’s
important that you leave yourself enough money
for your current level so that if the shot
doesn’t work, you can just continue playing at
your current level. Also, you need to be willing
to move back down if your shot doesn’t work out.
5. Practice bankroll management
In no
limit cash games, the average recommended
bankroll is 20 to 30 buyins for whatever level
you play at. For example, if you play in a game
with $100 buyins, you should have a minimum
bankroll of $2,000 to $3,000. This is an
important concept because it keeps you out of
danger of going broke. Any time your bankroll
falls below 20-30 buyins, you need to step down
a level and rebuild.
The
recommended bankroll for fixed limit players is
300-600 big bets. That means that if you play at
$0.50/$1.00, you should have a bankroll of $300
to $600. For SNG players, the average
recommended bankroll is about 50 buyins.
Multi-table tournament players should keep a
bankroll of about 100 buyins.
Bankroll management is more of a preventive
measure than a way to actively build your
bankroll but it’s still important. Ups and downs
are common in poker so it’s important that you
keep a healthy bankroll. Nothing will halt your
progress more than having to start over from
scratch.
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