Five Top Poker Money Management Tips.

Money management in poker is one of those subjects that either gets completely overlooked by some players while being over enamoured by other. So we would like to share our opinion on this concept, dispel some myths and make suggestions on how to keep and increase your bankroll. Any serious poker player understands that the bankroll is his poker enterprise capital and lifeline therefore correct capital management is essential for long term success.

- “Quit while you are ahead”. One the most popular poker myths which still popular with some players. Advocates of this approach suggest taking your money out of the game once you have reached a certain level of winnings on the basis so you take your profit and not give it back. But think about it this only makes sense if you stop playing poker forever or play very occasionally. If you return to the table tomorrow and lose, are you any better off because you stopped as a winner yesterday and had this money in your pocket or in your account for a few hours? The simple truth is if the game is good and you are winning there is no reason at all to stop. If the game is bad, you are an underdog, you are feeling unwell, tired, upset, stressed – stop. It does not matter if you are winning or loosing, if you are not playing your best it is better to do something else and come back to poker another time.

- “Stop-Loss” myth follows neatly from “Quit while you are ahead”. Are you going to play poker tomorrow? Do you think you can win tomorrow? What is the difference between continuing playing now and returning to the table tomorrow? Once again none, so if you feel good about the game, you are a favourite to win, if you are playing at your skill and stake level there is no need to stop when you lost a predetermined amount of money for that day. Of course you must never play with the money you can’t afford to lose, never put your mortgage, rent, food money on the table and hope for the best. If you play with your set up poker bankroll it is a better option to drop down and play smaller limits to build your money up.

- Play at the right stake limit. The golden rule of good poker money management is to play at the right stakes. To outlast a bad run of cards and not go broke it is a good idea to have a bankroll of 300 bet minimum if you are playing limit poker. The amount is even higher for No Limit tables. Although this may look far too high it is a statistically proven and recommended minimum level. Play at the stakes you are comfortable at and that suit your skill level. If you had a good run on low level tables you don’t have to jump and join the high rollers just because your new bankroll can match theirs. If your skills are not at that level you will lose your money very quickly.

- Carry on building your bankroll. If you are serious about poker and intend to carry on playing and move to higher stakes reinvest the money you have won. Just like in business it is wise to put your profits back into the company to maintain it’s growth.

- Make use of online poker promotions. All online poker rooms offer their players some very exciting promotions to keep their custom. So make sure you capitalise on those. You don’t need any money to enter Freeroll tournaments and you can win real cash to start up your bankroll. You want to treat yourself to a new gadget like an iPad or an iPod? You don’t need to cut down your bankroll to buy them. Play in an online poker room that offers those gifts and get the things you want for just playing poker. Want to test your skills and luck in a big live poker tournament? Do not go and buy yourself straight in. Online poker rooms always offer players a chance qualify online to live poker events either for free or a very small buy-in amount.

By: Unleashed Poker

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Unleashed Poker is an online poker room licensed and regulated in Curacao.