One of the most frequently asked questions by beginner players is: "I have X amount of money, what level should I be playing?". The answer to this question varies, depending on what you're trying to get out of poker. If you are a recreational player and put a poker deposit into your account every couple weeks, just for fun, then play whatever you want. However, if you're here trying to make more money playing poker and don't want to deposit money all the time, then studying bankroll management is extremely important.
So here are some bankroll management tips for the serious beginning player:
Cash Games
You should have at least 20 buy-ins for whatever level you'd like to play. A buy-in is considered 100 big blinds. For example, at the .02/.05 NL level you should have at least $100 (20 x $5). With a bankroll of $50 you should be playing .01/.02 till you're able to raise it to $100, then start playing some level .02/.05. While trying your hand at a higher level, don't feel bad if you have to move back down if it proves too difficult. Here is an example: You just made it to .02/.05 with your $100 bankroll. If you're on a stretch of bad luck and you just aren't getting the poker hands you need, it's imperative to move back down to .01/.02 if you slip to 15 buy-ins ($75). Then, when you jump back up to $100, move up a level. I haven't come across anyone who has played the game long enough that did not have to drop in levels. Some players go broke simply because they were too bull headed to drop some levels. Smart players will jump between almost every new level they play until they get accustomed to the difference the next level brings.
When you slide up to levels of about 100nl and up, guard your bankroll more closely and probably a minimum of 30 buy-ins would be more safe.
Sit & Go Tournaments (SNGs)
Tourneys most likely are going to have higher variance than ring games. As such, you should have a more generous bankroll to counter the higher variance. It's a good rule of thumb to have about 40 buy-ins for SNGs. With a $100 bankroll, you should be playing somewhere around a $2.20 buy-in until you get up to about $130. Once you're up to a $130 bankroll you can play $3 games and test the waters. Like with cash games, don't be afraid to move back down if you are not running well.
Multi-Table Tournaments (MTTs)
Multi-Table Tournaments are tempting for many people as they can provide some absolutely amazing payouts if you come out on top. However, the variance is very high with MTTs and going long periods of time without placing in the money is not uncommon. Because of this it is in your best interest to have a minimum of 100 buy-ins to dabble with MTTs. Remember if playing re-buys that you should plan on at least 1 re-buy and 1 add-on into the cost of the tournament. Generally you'll need even more than that to place so be cautious of that. For instance, in order to enter a $3 re-buy MTT you should expect to pay at the very least $9 and when you multiply that by the 100 buy-ins rule you'll see that you'd need a minimum of $900 in your bankroll to play.
Here's some information for those on a very small bankroll wishing to give MTTs a shot: think about playing some satellites. They usually have very small buy-ins and many of the other players tend to be quite poor, so this can be a good option to gain experience and possibly win a ticket worth a good portion of your bankroll. If you happen to win a satellite it will be tempting to try your hand at a bigger tourney. Recognize this temptation! The correct thing to do is grind more games within your bankroll with your tournament money.
A Great Way to Pad the Bankroll
The preferred way to increase your bankroll is definitely to play a lot of poker hands. A key method of padding the bankroll during the process, though, is by earning bonuses at the sites you play. An extremely popular bonus is the no deposit poker bonus that some sites feature. This is a risk free way to start off the bankroll if you’re new to the game or to give the bankroll a boost if you’re grinding micro stakes. If you’re a U.S. citizen, you’ll most certainly need to know of US friendly poker sites. The biggest of these online rooms are PokerStars and Full Tilt Poker. The most generous PokerStars bonus is the first deposit bonus of 100% up to $600 as long as you use the PokerStars marketing code. They also often have reload bonuses and freeroll tournaments. If you’d rather make a Full Tilt Poker download, their deposit bonus is identical with a Full Tilt bonus code : 100% bonus up to $600. Full Tilt advertises $800 in monthly tournaments.
Parting Words on Bankroll Management
The temptation always exists to play higher levels than your bankroll will allow. Follow the plan religiously and you shouldn't have to worry about depositing money ever again! Don't get caught up in what levels other people are playing or what others feel about the game your're playing. Simply stick to whatever you're most comfortable with and what's within your bankroll. Staying safe and being cautious is key. It's all about risk management. However, if you have a very generous bankroll and are just afraid to move up, you need to bite the bullet and start climbing. So take some shots when the time is right, and don't be afraid to slide up and down. In no time you'll be a regular at the mid-stakes games with a fat bankroll.
