Financial Management in Poker Gambling – When you decide to play an online poker gambling game, of course, you must have the right strategy for your financial management.
Are you in the bankroll building stage of your online poker career? If you don’t even know the answer, then you need a lot of luck if you want to avoid reloading. However, if you know that you are in a building and learning stage where you want your $50 or $100 to last as long as possible while you are learning the game, then you may have to make an important decision. That is, should you play in NL cash games or sit and go and multi-table tournaments?
If you follow Chris Ferguson’s exploits at Full Tilt Poker, while building his bankroll, he mainly sticks to the tournament circuit by keeping his buys in check, and playing solid live idnpoker.com. (Yes, the same Chris Ferguson who won the 2000 WSOP!) In fact, in his quest to go from $0 to $10,000 on Full Tilt in a bankroll management challenge, he made his first big jump in a $1 Multi-table tournament where he finished position 2nd of 683 entries and earned a whopping $104.
Now this is a man you can turn to for advice.
However, we’ll have to look at those action-packed No Limit cash games too, as bankrolls can grow rather quickly with just a few good hands, not the months it took Chris Ferguson to break out of the penny rankings. Even with the .25 and .50 limits you probably shouldn’t be sitting at this table for less than $20, so if you started a bankroll of just $50 or $100, you’ve made your first bankroll mistake.
The attractiveness of this table is really based on the fast and almost exponential growth of your bankroll where a change of cards can send your draw into poker knowledge, while the other 3 players in the pot watch in amazement as you siphon each one of them.
Such hands happen more than you think, but with you the loser facing a reload and/or rebuy to get your full revenge and let your opponents know how tough you are. Hey listen, you might actually come off that table with a profit, even with your limited experience, but it’s definitely based on luck and chance you do. If you make a profit, that’s actually the start of trouble, not a successful bankroll, because you’re doing it in a way that’s impossible to build your skills in gaming or money management.
That’s what building a bankroll is all about: Earning your playing time, learning from other players, adopting and perfecting strategies, and seeing real hand-to-hand combat. The best way to do this is in tournaments where you can limit your losses to entry fees and stretch out your playing dollars for maximum profit for learning. Take it from Chris Ferguson. If you do, and still have to reload, there’s nothing wrong. That’s when you know you can try again and again by doing it right and building skills along the way.