Bankroll Management Is Critical

I wish I had started tracking my progress from the first day I started this program. But I didn't. At least I am tracking it now. Thinking back on a key area, I wanted to share my thoughts on bankroll management.

When I first started applying the strategies that I teach on my website I had some immediate success. I opened a new account at Full Tilt Poker and I was off and running. Within about 5 games I had doubled my initial deposit. However, I went on a run of "bad beats" and gave it all back, and then some. I was almost broke (again) when I turned it around. This time I built a larger profit, but once again, gave it all back I did go broke (see the 100 games point on the graph).

When I thought about what had happened, both times I ran into bad cards, bad luck, but mostly bad play (on my part). But I kept playing hoping for things to turn around. The second time I reasoned that I was just playing against inferior players and that is why they kept sucking out on me. So I moved up to higher levels assuming I would run into better players. But by this time I was on tilt and played poorly.

To counter this problem I implemented some bankroll rules that I strictly adhere to today. As you can see by the graph, I am on an upward trend once again, and this time I am not giving it back! My bankroll rules are pretty simple:

• Apply the 5% and 25x rules.
• If you lose 3 times, quite for the day.
• Withdraw 10% per week.

For details on each of these rules, see my Bankroll Management Lesson. It is now the first lesson that I teach on my site. However, I do not think most people will take it seriously. But you can see by my graph that until I implemented my bankroll rules I was doomed for a roller coaster ride of wins followed by loses... big loses! So I would encourage you to read the lesson and adhere to it closely.

I am still only a couple of months into my quest to turn $50 into $5000 by playing sit 'n go poker tournaments online. However, I am close to breaking the $500 mark. I am currently playing $10 sit 'n go's which is the highest stakes allowed by my bankroll rules. Once I break $500 I will move to the $20 tables. $500 may not seem like a lot of money, but remember, I started with $50 and slugged it out at the $2 and $5 tables for the last two months to build it up. I now have 10 times the bankroll I started with and I am almost 10% of the way to my goal. I am confident that I will get there.

Return to Sit N Go Poker Course.