Complete Poker Bankroll Strategy - Building a Bankroll From Scratch (Part 4 of 5)
One of the trickiest things for any online poker player, regardless of their ability, to do is build a bankroll from next to nothing, and this is precisely where 95% of online poker players begin their poker careers. Many new online poker players simply deposit an insignificant amount of money, and play way over the head, to the point that a single bad-beat often ends their experiment as a poker player.
When poker players go this route they are completely ignoring variance, even if they are really strong poker players they are leaving their fate in the hands of lady luck, and instead of playing enough hands of online poker to take variance out of the equation, they are instead leaving themselves at variance's mercy.
To actually build a bankroll from scratch you must adhere to the following three-step process:
Phase 1 - Choosing a site. You want to choose a site that offers at least one level below the stakes you intend to start out playing, the more levels below the better. Also you want to make sure you are receiving a deposit bonus or rake-back. Receiving a good deposit bonus and more importantly a good rakeback deal -deposit bonuses are a one-time occurrence, rakeback deals are for life-will allow you to buld your bankroll even faster when you are winning, and offset some of your losses during down-swings. Rakeback is truly the gift that keeps on giving!
Phase 2 - How much to risk. This is where you need to exercise good discipline, and not take random shots at higher stakes games, or try to learn a new game: These are things you can do once you have built a professional bankroll that can more than cover any random losses you might suffer.
Whatever your initial bankroll was -in number of buy-ins-you always want to be near that number. That means if you started with a 20 buy-in bankroll, and your bankroll takes a hit and falls to 12 buy-ins, you should drop down in limits until you recoup some of those losses: Don't keep hammering your head into the wall.Dropping down is crucial, because as long as you can always drop down in limits you will never go broke!
Phase 3 - Moving up in limits. This is where you will be taking a few shots at higher stakes tables -the next stakes up, not 10x higher-when you spot a weak lineup or a really big donkey, by risking a single full buy-in (which should be about double what you would normally risk in an online poker game). If you win during one of these excursions to the higher stake games you'll be able to pad your bankroll with a big win -allowing you to move up faster.
And if you take a hit, it's ok, as long as you don't drop more than that 1 buy-in in the game -you can overcome losing a buy-in (which would be 2 buy-ins at your normal stakes), but overcoming a multiple buy-in downswing will be difficult, financially and mentally. So, if you do lose when you take a shot you'll be able to proceed at your normal stakes, or even to the next level down if you have to.
Bonuses + Rakeback + Rake Races + Freerolls
When you are trying to build a bankroll it's incredibly important that you take advantage of the offers available from online poker affiliates. The fastest way to add to your bankroll is to take advantage of a deposit bonus. A deposit bonus is quick, free money that will help any new online poker player's bankroll. Even more crucial is to play with a good rakeback deal:
Unlike a deposit bonus, a rakeback deal is for life! So instead of a larger one-time addition to your online poker bankroll, with a good rakeback deal you will constantly be receiving extra money.
Also, poker affiliates constantly offer exclusive freeroll tournaments and rake races, which cost you nothing to enter, and have the potential for a huge payday: And therefore a quick boost to your bankroll. By utilizing a poker affiliate exclusive promotions, online poker players can receive a good deposit bonus, a great rakeback deal, gain entry into exclusive freeroll tournaments, and participate in rake races.
You can continue on in this fashion until your bankroll gets to a point where you have built yourself up to a safe bankroll, and if you lose it, you cannot easily replace the money. And it's at this point -when you have built a sizeable online poker bankroll-- you'll want to read part 5 of this series.
One of the trickiest things for any online poker player, regardless of their ability, to do is build a bankroll from next to nothing, and this is precisely where 95% of online poker players begin their poker careers. Many new online poker players simply deposit an insignificant amount of money, and play way over the head, to the point that a single bad-beat often ends their experiment as a poker player.
When poker players go this route they are completely ignoring variance, even if they are really strong poker players they are leaving their fate in the hands of lady luck, and instead of playing enough hands of online poker to take variance out of the equation, they are instead leaving themselves at variance's mercy.
To actually build a bankroll from scratch you must adhere to the following three-step process:
Phase 1 - Choosing a site. You want to choose a site that offers at least one level below the stakes you intend to start out playing, the more levels below the better. Also you want to make sure you are receiving a deposit bonus or rake-back. Receiving a good deposit bonus and more importantly a good rakeback deal -deposit bonuses are a one-time occurrence, rakeback deals are for life-will allow you to buld your bankroll even faster when you are winning, and offset some of your losses during down-swings. Rakeback is truly the gift that keeps on giving!
Phase 2 - How much to risk. This is where you need to exercise good discipline, and not take random shots at higher stakes games, or try to learn a new game: These are things you can do once you have built a professional bankroll that can more than cover any random losses you might suffer.
Whatever your initial bankroll was -in number of buy-ins-you always want to be near that number. That means if you started with a 20 buy-in bankroll, and your bankroll takes a hit and falls to 12 buy-ins, you should drop down in limits until you recoup some of those losses: Don't keep hammering your head into the wall.Dropping down is crucial, because as long as you can always drop down in limits you will never go broke!
Phase 3 - Moving up in limits. This is where you will be taking a few shots at higher stakes tables -the next stakes up, not 10x higher-when you spot a weak lineup or a really big donkey, by risking a single full buy-in (which should be about double what you would normally risk in an online poker game). If you win during one of these excursions to the higher stake games you'll be able to pad your bankroll with a big win -allowing you to move up faster.
And if you take a hit, it's ok, as long as you don't drop more than that 1 buy-in in the game -you can overcome losing a buy-in (which would be 2 buy-ins at your normal stakes), but overcoming a multiple buy-in downswing will be difficult, financially and mentally. So, if you do lose when you take a shot you'll be able to proceed at your normal stakes, or even to the next level down if you have to.
Bonuses + Rakeback + Rake Races + Freerolls
When you are trying to build a bankroll it's incredibly important that you take advantage of the offers available from online poker affiliates. The fastest way to add to your bankroll is to take advantage of a deposit bonus. A deposit bonus is quick, free money that will help any new online poker player's bankroll. Even more crucial is to play with a good rakeback deal:
Unlike a deposit bonus, a rakeback deal is for life! So instead of a larger one-time addition to your online poker bankroll, with a good rakeback deal you will constantly be receiving extra money.
Also, poker affiliates constantly offer exclusive freeroll tournaments and rake races, which cost you nothing to enter, and have the potential for a huge payday: And therefore a quick boost to your bankroll. By utilizing a poker affiliate exclusive promotions, online poker players can receive a good deposit bonus, a great rakeback deal, gain entry into exclusive freeroll tournaments, and participate in rake races.
You can continue on in this fashion until your bankroll gets to a point where you have built yourself up to a safe bankroll, and if you lose it, you cannot easily replace the money. And it's at this point -when you have built a sizeable online poker bankroll-- you'll want to read part 5 of this series.
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