Wednesday, 13 February 2008

  • Bankroll Management Post No.2

    I have decided on how I am going to manage my bankroll. Although it will be some time untill I actually have the money to do so, I will need at least $40 - $100 for the 0.02/0.04 Ring Tables before I can start applying bankroll management. When I buy in to a NoLimit or Pot Limit Ring Table I am going to buy in for 50x the size of the Big Blind (which is usually half the size of the Max Buy In). I have seen my brother do this and I think its a good idea it will prevent big losses when I end up going all in against someone in a hand. The following is my bankroll managment rules I have set out:

    1. Buy in to a 9 or 10 seater NoLimit or Pot Limit Ring Tables with at least 20x the big blind amount. With the exception of the lowest NoLimit Ring Tables where the limit is 0.01/0.02, I can play when ever I'm ready to. 

    2. Buy in to 6 seater NoLimit or Pot Limit Ring Tables with at least 25x the big blind amount.

    3. Buy in to a Limit Ring Table with at least 300x the Big Blind amount. With the exception of the lowest limit tables, I can play when ever I'm ready to.

    4. Buy in to Tournaments with at least 40x the big blind amount. With the exception for the lowest buy in for Single Table Tournaments and Multi Table Tournaments, I can play when ever I'm ready to but I am only going to play them as a reward for good Ring Table positive expected value on my bankroll.

    I also have what I call Cold Deck & Bad Beat Protection Methods in place which are as follows:

    1. At any time if I think that being cold decked is effecting my game walk away. This will give me a chance to think about those hands I was folding that would have won and realise if it was a good fold or not, I may learn something from doing this.

    2. At any time if I end up all in with another player and I get felted walk away. This will give me a chance to think about the hand if it was really a bad beat, I was out played or if I did something wrong and can learn from my mistakes and it can avoid me losing more money because I'm on tilt. When a good poker player makes a mistake, he analyses the situation, learns from the mistake, and moves on. I don't think I can instant rebuy for the moment after I get felted and still learn from my mistake. So for now, walking away is a good idea.

    3. Never play poker online when I'm tired, hungry or feeling run down  Basically anything that is stopping me from playing a +EV game, best thing to do is to stop playing.

    4. If I'm not enjoying taking on this challenge then I should quit. However, right now I don't think its going to happen. We shall see.

    The reason for buying in to 6 seater tables for 25x the big blind amount instead of 20x is to allow for varience, I'm going to play more hands and the big blind is going to hit me quicker than on a 9 or 10 seater table. I'm sure this bankroll managment technique will be enough to handle the future cold decks and losses I will suffer in the future and I will not lose all my money in one hit. I realise that by following such bankroll management rules its going to require a good level of patients and dicipline to pull this challenge off. Instead of say aiming for $10 000 I think I will break down my goals and start with aiming for $200. If I reach that goal then I will reconsider if I want to go further and set the next goal if I want to continue.  

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