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Playing Poker for a Living: Bankroll Management

 

The first step to making poker a living is to understand the importance of money management. When you’re playing poker online, it’s easy to lose track of how much you are winning or losing. More money can be loaded into your account with the click of a button, meaning you could find yourself in a deep hole before you know it. Here are some tips for maintaining good online bankroll discipline in poker.

Set Deposit Limits

Most of the bigger poker sites have an option that allows you to set deposit limits. This specific amount represents the maximum you can deposit in a week. If you try to load more than your deposit limit into your account in a week, the site will decline the transaction. You can set the limit for however much you want, but once it is set, you cannot reload until the time period has expired. You can reset the limit, but the resetting usually takes at least 24 hours to take effect. This feature helps protect compulsive players from themselves, and can also help you slow down and assess your poker bankroll situation. It’s not enough to know how to win at online poker - you have to able to handle your money as well.

Have a Plan

Decide beforehand how much money you will commit each week to tournaments and/or cash games. If you end up winning, that’s great, you’ll have more money to play with the following week. If not, you can assess where you went wrong without suffering too much damage to your bankroll.

Be Patient

With all the options people have playing online poker, it’s tempting to jump into a bigger game as soon as you hit an extended winning (or even losing) streak. Resist this temptation. Move up in limits as part of an overall poker plan that involves tracking your progress and knowing when you are ready to advance. This increases the chances that you will be able to thrive at the new level.


 

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