Basic bankroll management for SNG's and MTT's
Posted: 2007-10-30 09:36:26
Managing a poker bankroll is often a tricky and hard thing to do. When I look back at the start of my poker life it wasn't even a thought. I was a losing player for months, and I firmly believe a lot of this had to do with my lack of bankroll knowledge and application.
I get asked a lot of questions when I'm at the tables and by far the hardest ones for me to answer are the ones concerning bankroll management. I am often hesitant to give advice on this subject mostly because, like many things in poker, what works for one person might not work for another.
The following are some rules, strategies, and guidelines I used for myself when I was first starting out that I still follow today. I have always been a SNG and MTT player, so my advice will apply to those formats. For SNGs , I suggest having at least 20-30 buy ins for my bankroll. Thus, if I have $500, I shouldn't be playing anything higher than a $20 sng. As far as MTT's go, I recommend a slightly higher amount of 30-40 buy ins. So with a $500 bankroll, you shouldn't be playing anything higher than a $15 MTT.
The next step is to take it slow. As you slowly build your account, move up gradually in stakes. But most importantly, if you are losing money, you have to drop down in stakes. This building process can take time and can be very frustrating. The trick is staying disciplined and not playing above your guidelines. Remember, the amounts I gave are the HIGHEST amount to play with that given bankroll. There is nothing wrong with playing smaller buy ins.
Some tips ?
--Set a daily loss limit - Stop playing if you reach a loss limit you have set.
--Set a daily win limit ? This might sound silly, but I use this one often. Set a profit target for the day and stop when you have reached it. There is nothing worse than winning for the majority of the day, then losing it all in the last few hours, or worse, minutes.
--Dropping stakes - As boring and frustrating as it may seem, this one is a must. If you are losing money at a certain level, it is time to drop until you build your bankroll back up.
--Start small ? Start out with smaller stakes until you are a consistent winner and feel comfortable moving up.
--Fight the temptation - This is very hard at times. Many times after having a really bad day, I make it worse by jumping to higher stakes to try to get it back. If you are serious about building and guarding your bankroll, this must be avoided.
--Use the satellite system ? This is how I built my bankroll. On days I exceeded my daily win limit I would use my excess winnings for satellites. For example, if my target profit for the day was $100 and I made $145, I would use the extra $45 trying to satellite into a bigger MTT. You can always choose to unregister from the tournament and add the tournament dollars to your bankroll.
The key in this, as in most areas of poker, is finding out what works for you and sticking to it. Developing your formula for success will be a lot easier if you are disciplined with your bankroll. Remember, poker is a game of skill as well as chance and some luck.
I truly believe the more chances you give yourself to succeed, the bigger your bankroll and the better you will do in the long run.
Debo
