It could be card games like poker you like a flutter on, or roulette, or sports betting. In any form of gambling or betting, it’s very important to implement and maintain bankroll management. By doing this, you can keep track of your profits and losses and keep playing in the long-term. Here are some important things to remember so you can keep your bankroll management up to date. The first thing to remember is only bet what you can lose. Agree on an amount before you start and stick to it, no matter what. It can be easy to get frustrated when you lose when playing, but it should all be fun, after all. If the fun stops, then you should stop. Never start chasing your losses because this will probably end badly, and cause potentially a lot of stress. Of course, you only know how much you’ve lost (or won) if you keep a profit and loss tracker, which is why it is vital to do this as part of bankroll management. There are many websites out there these days which offer downloadable profit and loss trackers, often using Microsoft Excel spread sheets. All you will need to do is enter the amount you’ve won and lost and the rest is all done for you. It can be segmented into months, and breaking it down by months can give you a good picture of how much money you’re gaining and losing. Another thing to take into account is how much of your bankroll you’re betting every time. It is recommended to bet no more than 5% of your bankroll on every bet, so if or when you go through a bad patch, you will be able to see it out until you get winning again.
Everyone likes to play a bit of relaxed poker with friends, but some wish to go above and beyond. If you are a budding poker player, angling for a spot in a tournament and some big wins, then here are some important tips for you whilst you make that journey.
Learning the basics is, of course, a must. You should know all the different possible hands like, well, the back of your hand! Once you have mastered which hands are highest, it is then time to move forward and develop discipline and strategies in your game.
First though, we should break a few of those preconceptions. Contrary to popular belief, it is not a good idea to bluff all the time. Professional players only bluff on occasion and to do otherwise simply flags you as a newcomer. Being flagged as a newcomer is highly detrimental to your game, as the more experienced players will just use that to their advantage. Similarly, it is not advisable to play every hand just to stay in the game. Learn discipline and control; know when a starting hand is a poor one and fold. You will be able to stay in the game longer and this also gives you added time to observe other players and the table itself.
Focus is key, and to do this effectively you should not play in an emotional frame of mind. Do not play when angry, sad or drunk. This is particularly important if you are playing in a tournament as the games can go on for long periods of time. In conjunction with this, players should be mindful of their bankroll, only playing within their means.
Tournaments as a whole can be good learning grounds, simply because there are a lot of players. Observation of others is an excellent way to learn and will help player focus as well.