How to manage your bankroll
The most important, though most commonly ignored in the concepts of betting especially poker online is bankroll management. It doesn't matter if you have all the online poker skills in the world - if you can't manage your bankroll, you will not go very far.
If you want to profit in the long term from betting, then it does not matter how good your picks are if you do not use good bankroll management. Here are tips to help you manage your bankroll online successfully.
Constant Percentage Betting
This is the most common way to manage your bankroll. Do not make the fatal mistake that many "gamblers" do which is to bet your entire account or even half of it on one game. These types of punters are always reloading their accounts and losing money, hand over fist for eternity! They are a bookie's dream!
Instead, you should bet only a small percentage. Even 10% is too much because a short run of events going against you can severely impact your balance and further increase your risk.
This is a further step from constant percentage betting. Let's say you start with $100 in your account and you bet $2 per bet. When your account rises to a balance of $150, the $2 bets are no longer representing 2% of your total balance. You are not taking enough risk, and your profits are less than what they could be.
Don't play at a so higher over your bankroll dictates
Your bankroll dictates which level you usually play at, not your skill level. It doesn't matter how skilled of a player you are - you can take a few bad beats in a row and lose a large portion of your bankroll before you know it. Too many players think they are much good for the stake level they are gaming on, but before long, they will spend their whole bankroll and also learn a valuable lesson.
Don't be afraid to move down levels
Just because your bankroll dictates you should be playing at a certain level, that doesn't mean you have to play there. Remember, your bankroll dictates the maximum stake level you can play at, not the minimum. If your bankroll dictates that you can play at $10/$20, but you are not achieving any success at that level, move back down to $5/$10 until you improve your skills. It is better to make more money at a smaller stake level than it is to lose money at a higher level. It's common sense, but very few people follow this.
Avoid tilting at all costs
There is not a thing which kills a bankroll faster than a player that is going on tilt. So,tilting is when you take a bad beat or make a bad decision, and then you start playing recklessly with your money. You play at higher stakes to try and make up for your losses, or you decide to gamble with your cash and take useless risks. Everyone says they won't tilt, but each one does it once or twice. What's the best way to handle this condition? When you take a bad beat or even make a series of bad decisions, sign out of your online poker platform and walk away. You will thank yourself later...
Even if you are just playing poker online for fun, you need to focus on managing your bankroll. If you may play at the correct levels, if you move down when you are no longer profitable, and if you avoid going on tilt, you will always have money in your online poker account.