Nearly every poker player has made the same mistake. They make their first deposit of $50 online and hit the tables, to have lost it all in the first day or week. This shows a complete disregard of good bankroll management skills. How could you play optimally, taking the normal swings involved when playing a sensibly aggressive game when you are playing with your full bankroll at the table? It may force you to make some bad decisions because your full bankroll is on the line.
Winning online poker is all about having patience and putting in the hours. Good players can experience months of just breaking even. All you should be concerned about is playing your best game. Taking hits to your bankroll is all part of playing poker, every poker player has their bad sessions when they get sucked out, but losing your bankroll is a critical mistake. You will be missing out on opportunities when the games are softer.
You can avoid losing your bankroll if you follow some simple bankroll management skills. Never sit at a table with your entire bankroll. I think you should never have more then 10% of your bankroll in play at any time. For example, if you have deposited $1000 onto an online poker room, your bankroll would be $1000. So if you were playing in a cash game, don't play at stakes higher then $0.50/$1 so you can play with $100 or 100 big blinds. Some players are even more conservative then this and play only with 5% of their bankroll at any given time.
If you are losing a few buy-ins it is important to again play at smaller stakes, even $0.25/50 or even $0.05/0.10, until enough time passes and you build your bankroll back up again. Basically, you can't play correctly online until you have accumulated a correct bankroll.
Keep in mind that you should not let your bankroll decide what stakes you should be playing at. If you are a beginner you should always play at the micro stakes until you gain experience and feel comfortable playing at higher stakes, otherwise you will get owned and lose your bankroll very quickly.
The most important bankroll management tip is never to pull money from it!
You need to view your bankroll as an investment in yourself. By not removing money, you are investing for the future, when you can play higher limits and get a greater absolute return.
Work your butt off until you get to a limit where you can consistently make some real money playing poker. Once you’re there, then you can pull money off from time to time. Until that happens, try to leave your roll untouched and think about the future. The reward will be well worth the effort.
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