If you plan to play high stake games, it's important that you learn how to manage your bankroll. Having a good sized bankroll is important so you can withstand losing streaks and not completely zero your account.
For beginners, bankroll refers to the amount of money you set aside and deposit in your online poker site account. As we all know, gambling is very high risk and unpredictable. One day you're on a winning streak, the next day you can't seem to catch a break.
Therefore, to avoid spending all your money in poker, it's important that you use good bankroll management practice.
The type of bankroll you should keep depends on your reasons for playing poker in the first place. A beginner or casual player starts out playing for fun and learn the ins and outs of poker as they progress. At this stage, they play with what they can afford to spend for a hobby.
Professional poker players, on the other hand, take out money from their bankroll to pay for mortgage, healthcare, daily expenses, and vacations so they have a dedicated bankroll that they manage to avoid getting broke.
It's important that you identify what type of poker player you want to be so you can set your bankroll up accordingly.
Chris Ferguson, a well-known online poker player and a member of "The Future Tilt" team gave very helpful tips on how to properly manage your bankroll. Ferguson's claim to fame is when he turned $0 to $10, 000 with his "From 0 to Hero Online Poker Challenge."
Ferguson claims that he awes most of his success to his well-defined bankroll management system, which sets him apart from other players.
He started in the Freeroll Tournaments until he was able to earn some real money, and from here, he exercised extreme bankroll management system to increase his bankroll.
This tried and tested formula of his will surely help you in managing your finances. Make sure that you follow the rules to the dot to see positive results.
Aside from these sensible rules that Chris Ferguson offered, other things that you should practice are:
Chris Ferguson's golden rules are very straightforward and if you practice all of it together with some of the general tips mentioned above, you'll be able to maintain a healthy bankroll or even hit the big pot. It may not be as big as $10,000, but you'll surely get your money's worth if you follow the above guide.
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