Poker Bankroll Management
Bankroll Management – Motivation
Saturday, August 16th, 2008 | Poker Articles, Poker Bankroll Management | No Comments
In the series of articles describing necessary skills required for good Bankroll Management at PokerBankrollBlog.com the personal skill – motivation – will be the next skill I will go into depth with. For you to know what I refer to when I say motivation a definition of motivation is necessary:
…..inner state of desire or need. That desire or need creates a movement or activity towards satisfying that desire…
So actually it is based on an internal drive or need that is already there – not just a future mental projection on what would be cool to reach.
Why is motivation important in Bankroll Management?
When starting on serious bankroll management the motivation and energy is often high. With the desire of improving yourself and reaching your goals such as being good at poker or building a big poker bankroll. But how often have each one of us not started a project where we in the beginning are really dedicated to the project, but then after some time it’s like the project just fades away and we kind of forget about the whole desire and motivation for the project.
So the question really is – How is a high level of motivation reached in the beginning and more importantly how is the level maintained?
How to keep the motivation high?
The first step is getting a high level of motivation from the start of the bankroll management. This is achieved by setting a goal which is visionary enough so that you would feel absolute fantastic if you reach that goal. Your goals must result in a drive and inspiration that can maintain motivation throughout the course of the project. Persistent motivation is based in great visions, where you are not intimidated by the size of your goal.
The second important step is the ability to keep the high level of motivation throughout the course of the project. Actually the way to achieve this is very much based on step one. When you set a goal that is too small and timid you will suffer a lack in motivation for bankroll management. At the same time the goal must be based in your true desires and not just a mental attraction to some state in the future – or else pursuing the goal just won’t feel right. If you find the right goal and it is something that you deep down really really desire you will always have that to fall back on and it will instantly increase you level of motivation.
Setting visionary goals actually requires a lot of courage and some fears may have to be confronted. Many people set low goals due to self doubt or the fear of getting disappointed. Actually it is needed to overcome these mental blocks for these people to be able to set a visionary goal that will keep motivation and energy at the highest level. These people have to realise that self doubt or the fear of getting disappointed is really not doing them any good and they have to put these blocks aside and open up for new things instead that really will do them good.
Other articles in this series:
— Join the Poker Bankroll building community on the PokerBRB forum and get support and useful hints from other bankroll building poker players.
— Get a PokerBRB rakeback deal to maximize your revenues.
Poker Bankroll Skills – Willpower
Sunday, August 3rd, 2008 | Poker Articles, Poker Bankroll Management | 1 Comment
In the series of articles describing necessary skills required for good bankroll management and general online poker success the skill – willpower – will be the next skill to go into depth with. Willpower in the context of bankroll management can be defined as:
….inner strength to make decisions and take action regardless of inner discomfort, resistance or difficulty….
Willpower is the power of pushing towards any goal with decisiveness, firmness and determination. In my opinion it is exactly here where successful people are separated from others. Successfull people make the choice of pushing forward towards their goals even through the toughest periods.
Why is willpower important for bankroll management?
In order to avoid falling back into old habits, willpower is necessary when adversity knocks on the door. However the value of willpower must be seen in the right context. If you attempt to do Bankroll Management for too long on willpower alone you will not succeed. Willpower demands an energy level that can only be maintained for a limited period of time and is thus not sustainable in the long run. So when you find yourself struggling with your project, don’t continuously rely on willpower to get you through the hurdles. Sometimes it is just as effective to take a break and do something completely different.
How is willpower developed?
To take advantage of willpower in the context of bankroll management it is important to know what it can do and what it can not do. Willpower is an intense yet temporary boost. Don’t let willpower be the primary fuel to make you reach your goal. If willpower is used for too long you will probably burn out. It needs to be directed intelligently and be used at the right moments only for you to overcome down periods in your bankroll management process and general online poker game.
Willpower is closely linked to discipline as described in the article “Bankroll Building Skills – Discipline”. Willpower however differs through its high energy nature and temporary boost. The high mental energy requirements of willpower can be developed if you have set a goal that is visionary enough to bring you a high level of satisfaction if you reach the goal. The way to develop this energy boost is just to get away from the poker tables for a short time and then dwell on your poker goals – visualize how cool the goals are in order to transform your mental mindset to a state where you can reach the goals.
Remember that the larger your goals and the more successfull you are in visualizing them, the better you will be able to boost your energy in that moment.
Other articles in this series:
— Join the Poker Bankroll building community on the PokerBRB forum and get support and useful hints from other bankroll building poker players.
— Get a PokerBRB rakeback deal to maximize your revenues.
Poker Bankroll Skills – Positive Thinking
Saturday, July 19th, 2008 | Poker Articles, Poker Bankroll Management | No Comments
The next skill to look at in the series of Poker Bankroll Management Skills will be positive thinking. The concept positive thinking can be described in many different ways. My favorite definition of positive thinking is:
….a manner of thinking that puts emphasis on processing thoughts in a more desirable and upbeat way…
Positive thinking could also be explained as constructive thinking resulting in a focus on what you want instead of a focus on what you don’t want. You are not into Bankroll Management to avoid losing streaks. You are into Bankroll Management to increase your bankroll in every way possible. Don’t put your focus and energy into bad beats and things that are not working as you will gain nothing positive from doing so. Instead you need to focus on what works in order to earn money.
Why is Positive Thinking important?
There is more to positive thinking than putting your thoughts in a more desirable and upbeat way. There is a mechanism in the brain called the Reticular Activating System (RAS) which sounds complicated but it’s function is quite easy to understand. It is a function that consciously helps to decide which elements to put attention in to. It is only possible to focus on a number of elements at the time so the brain has to prioritize in order to give attention to the most important ones.
So when you focus on bad beats and things that are not working – nothing that helps you will come in to your mind. Instead, by focusing on the best way build your bankroll or how to play a hand the best way – new options and possibilities will present themselves.
How is it developed?
Actually it is not that easy to change the way you think. Many of the thoughts work like habits where you tend to think the way you thought previously in a similar situation. Furthermore it actually feels good sometimes to let out some steam and complain about the bad luck – despite the fantastic play.
One way to change the way you think is by going on a 10 day poker diet. The next 10 days of playing poker you are not allowed to dwell on thoughts that are not constructive. That is, when you catch yourself with a thought that is comsuming resources instead of generating resources you have to change your mindset. You can do this by asking yourself how your poker game can improve from the situation at hand or what kind of experiences you will have gained.
The rule is if you dwell on a negative thought, you have to start all over on the 10 day poker diet.
Other articles in this series:
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Bankroll Building Skills – Persistence
Saturday, July 5th, 2008 | Poker Articles, Poker Bankroll Building, Poker Bankroll Management | 1 Comment
The skill – persistence – will be the next one to describe in the series of Bankroll Management skills . First a short definition of persistence:
… ability to maintain action towards the goal of a project regardless of your current feelings toward the project. The ability to press on even if you fell like quitting…
When done by the book, building a bankroll through bankroll management is a slow process. In addition it may seem boring at times, since you will always be accustomed to the size of the pot and consequently will experience relatively few great adrenalin rushes (except for the times where your bankroll allows you to move up in limits). You can also make room for adrenalin boosts by allocating a part of your bankroll to big tournaments or single buyins at high limits, but really Bankroll management is all about a steadily increasing income over time with reduced risk of big losses and you have to come to terms with this.
Why is it important?
Persistence is the key to stay within your predetermined boundaries for Bankroll Management over time. When working on a goal, your motivation will go up and down like waves hitting the shore. Sometimes you will feel motivated – sometimes you will feel very bored, but in the short run its not your motivation that will produce result – it’s your action within the predetermined boundaries.
Persistence is vital even for players with great poker talents. Persistence is often the main difference between unsuccessful players with talent and the successful players. I think that a person with a strong determination and persistence will have all possibilities at his hand if he maintains focus on his goal ahead.
How is persistence developed?
The most important thing in my experience is that my goal continues being a big inspiration to me. Persistence is not stubbornness – so if you don’t feel a great desire for the goal you probably will not succeed.
When you aim too low you will most likely at some point experience a lack of motivation for Bankroll Management. Your goals must result in a drive and inspiration that can maintain motivation throughout the course of the project. Persistent motivation is based in great visions, where you are not intimidated by the size of your goal.
So before starting a bankroll management project it is important to explicit write down your visions or goals. And during the periods with low motivation in your bankroll building process you can use these written words to boost your energy and desire to stay on track in your poker bankroll building project.
Other articles in this series:
You could be posting your articles on the Poker Bankroll Blog. Read all about it here.
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Bankroll Building Skills – Acceptance
Thursday, June 26th, 2008 | Poker Articles, Poker Bankroll Building, Poker Bankroll Management | 1 Comment
This article is a part of the Poker Bankroll Management series.
In the series of articles describing necessary skills required for good Bankroll Management at PokerBankrollBlog.com the personal skill – acceptance – will be the next skill I will go into depth with. To know what I refer to when I say acceptance a definition of acceptance is necessary:
…the act or the process to perceive reality accurately and consciously acknowledge what is perceived without resistance or aversion to what is……
In the game of poker, acceptance is important in two areas. Failure to acknowledge where you stand right now in terms of your poker skills will most probably hinder improvement in that area. Bankroll management is the other area where acceptance is important.
Why is acceptance important in Bankroll Management?
It is a known fact that even the greatest poker players experience prolonged periods with losses – so it will most likely also happen to you. It can be hard to accept the realities, especially if you are experiencing a losing streak against the probabilities (also known as being unlucky). As a poker player it is important to realize that everything can happen and will happen – it’s only a question of time.
Without accept you go into denial and lose your common sense. If you don’t accept that the improbable will also happen to you – you will risk tilting and jeopardizing your Bankroll. The ability to accept any outcome at the poker tables will faster return your common sense to you after adversity and consequently you will regain the balance of your game.
How is acceptance developed?
The answer sound obvious – just accept the realities as they are…..but some times it’s not that easy. In a period with prolonged losses and bad beats your mental state will probably be different to your state of mind while you read this post. As I see it there are two ways to help you accept undesired situations.
Change your cognitive perspective by seeing the game as simulation over time. If you are in an very unlucky poker period with bad beats you almost won’t believe in – a simple sentence like “In the long run bad beat hands will bring you lots of money if the same cards before the bad beat where dealt again” might help soften your tilting propensity.
I think acceptance is developed much like your muscles. With training they get stronger and able to cope with even more resistance. The things that were heavy to lift in the past are now very easy and won’t require much effort. The same with losses at a certain level – the more you get used to them the less bothered you will be with down periods. When you start moving up in limits and the potential losses get larger – they might be harder to cope with. But as you settle yourself at the higher limit for a longer period you will get used to the losses at that level and you will be less bothered with them again.
Knowing yourself and this process will help you through the tough periods.
Other articles in this series:
You could be posting your articles on the Poker Bankroll Blog. Read all about it here.
Want to play poker? Read the in-depth Stan James Poker Review
Bankroll Building Skills – Discipline
Thursday, June 12th, 2008 | Poker Articles, Poker Bankroll Building, Poker Bankroll Management | No Comments
This article is a part of the Poker Bankroll Management series.
The personal skill – discipline – will be the first skill I will go into more depth with in the coming series of articles describing necessary skills required for good Bankroll Management. Before going into why discipline is important in bankroll management and how it is developed a clear definition of discipline is needed:
…..persistently act in the direction of a goal regardless of external adversity or internal state.
Many associate discipline with pushing yourself hard to achieve a certain goal. But this is not the way to succeed in the long run with any challenge especially Bankroll Management. To succeed it is essential to maintain the joy of playing poker. Discipline in this context is the ability to persistently act in the direction of a goal regardless of adversity and the emotional state while keeping in mind that you are doing it because it’s fun.
Why is discipline important in Bankroll Management?
I think that all poker players have experienced varying degrees of tilt. With undisciplined behaviour these periods can have dramatic consequences on your poker bankroll. It is here the mental fight with your inner compulsive gambler starts…..quite fun when you look at it from above 
But very dramatic when you are in the situation.
It is a fact that even the greatest poker players experience periods with adversity which can set them of track. Discipline lies in the choice to get back on the bankroll management track and its explicit stated buy-in rules. Discipline helps you follow through on your best long term intentions no matter what.
How is discipline developed?
First it is important to make one point clear – it is possible to become more disciplined with practice. In my experience the level of discipline will still fluctuate over time depending on the dedication to the project and the internal state of mind at any specific time.
I have seen many views on how to increase the level of discipline but in my experience two elements are central for tight discipline. The first element and step is setting a goal which is visionary and high enough for me to feel 100% dedicated to achieving that goal. In bankroll management this should be followed by explicitely stating a clear set of rules that will lead you to that goal. Discipline in the context of bankroll management is about managing and acting according to these rules. The rules were discussed in the article “Bankroll Management” and dealed with continuous choice of the right table to enter.
The second element that helps is keeping a metaphor in mind during the process – a clear understanding of the process involved with self-discipline helps keeping the right direction of my actions. A good metaphor is a field/thicket you will continuous have to cross. At first it’s a bit difficult to cross because the way over to the other side is not very clear. But as I keep crossing this field/thicket a pathway is made and it is easy and obvious which way to go. Discipline in bankroll management is much the same when you keep making the same choices according to your rules they become obvious – much like a routine – and you won’t have to think much about the rules or discipline when the pathway is made.
Other articles in this series:
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Anders June 12th, 2008
Bankroll Management
Tuesday, June 3rd, 2008 | Poker Articles, Poker Bankroll Management | No Comments
This article belongs to the Poker Bankroll Management series
Before going in depth with the skills required for good management of your bankroll I will start by giving my thoughts on what poker bankroll management is, why it is important and who needs it. First a clear definition of Bankroll management is needed:
………the continuous adjustment of your playing limit according to the size of your Bankroll while factoring in your poker skills and the level of risk you are willing to take.
This may sound simple, but there is more to it than meets the eye. The right bankroll or choice of table varies from poker player to poker player. Much of it depends on the type of player you would categorise yourself into. For example, aggressive and risk loving players will experience larger up- and downswings than passive and risk aversive players and therefore require a large bankroll to play with.
Why is it important?
In theory there is always a risk for going broke no matter how good a poker player you are or how well you are able to manage your bankroll. The chances though of going broke can be reduced significantly by either lifting your poker skills to a very high level or keeping tight management of your bankroll both in up and down periods.
Having said that, it is normal for a good players to experience down periods from time to time with 20-30 lost buy ins. It is part of the game and you need to come to terms with this and take it into you bankroll considerations. If you don’t you will risk going broke at some point in the future.
Who needs it?
It is often said that for bankroll management to have any positive effect you have to be a winning poker player in the long run, otherwise your bankroll will inevitably start decreasing at some point. This is obviously true, however a loosing poker player can still gain a lot of experience and development of his poker skills by keeping his/hers bankroll tight and thus maintaining funds to play with over a longer period of time. During this time he/she might turn into a winning player.
So…what is the right buy in
Basically it comes down to how much aversion to risk you have and in the worst case the risk of going broke. But there are several other factors you will have to take in to consideration.
The good poker player (the player who has a high rate of winnings) will need a smaller bankroll than an average or loosing player because his downswings will be smaller relative to his/her bankroll.
To keep developing yourself as a poker player you will have to set a level where you keep your motivation high – so it doesn’t feel like you are playing with play money. It is in this context your personal character comes into consideration. In my next posts I will go in depth with critical personal skills for bankroll management.
It is difficult to set a general size on a typical poker bankroll. But a rule of thumb would be 50-100 times the maximal table buy in at no limit depending on you willingness to move down in limits when you are on a loosing streak.
| Game Type |
Bankroll |
| No Limit Poker | 50-100 times buy in |
| Limit Poker |
300 times big blind |
| Sit and Go / Tournaments |
100 times fee plus rake |
Other articles in this series:
You could be posting your articles on the Poker Bankroll Blog. Read all about it here.
— Join the Poker Bankroll building community on the PokerBRB forum and get support and useful hints from other bankroll building poker players.
— Get a PokerBRB rakeback deal to maximize your revenues.
Introduction to Poker Bankroll Skills
Sunday, June 1st, 2008 | Poker Articles, Poker Bankroll Management | No Comments
This article is a part of the Poker Bankroll Management series.
Development into a good poker player can be viewed from many different angels and levels. On Pokerbankrollblog.com we focus on an overall development of poker bankroll skills – where poker bankroll skills is separated in to two categories: 1) Skills that relate to the game 2) Management of the bankroll.
A lot has been written and said about skills required for mastering the game of poker. Literature and tools can give you new insights to the game and the information you collect while you play will aid you in reading your opponents and calculating pot odds probabilities. Poker is a game where you can always gain more depth in your understanding of what works and what doesn’t. Below are listed some of the essential skills related to the game:
-
Math skills
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Patience
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Analytical skills
In order to profit from poker in the long run it is necessary to practice solid Bankroll Management. Bankroll management can be a challenging but rewarding exercise if mastered. It is a known fact that even the greatest poker players experience prolonged periods with losses – so it will most likely also happen to you. Bankroll Management will keep you from going broke during these periods, but in order to succeed you will need certain personal skills that are rarely fully developed in the individual poker player. Some of the personal skills required for mastering bankroll management:
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Discipline
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Long term focus
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Non-greediness
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Acceptance
It is our aim to identify the most essential skills for becoming a good poker player and further analyze how these skills are developed.
Other articles in this series:
You could be posting your articles on the Poker Bankroll Blog. Read all about it here.
Want to play poker? Read the in-depth Betsson Poker Review
Development of my poker bankroll management skills
Friday, May 30th, 2008 | Poker Articles, Poker Bankroll Management | No Comments
This article is a part of the Poker Bankroll Management series.
As you may know we are a Danish team trying to start up different projects and develop our skills in this game called Poker. Actually we moved to Malta this January to give our projects 100% focus in the hope of bringing some value to the gambling industry.
My experiences with gambling goes years back. Back then I played on different sports without success – I kept loosing my money. Then I started to develop these different betting systems with a friend from the university, while also playing some poker. One system lead to the next and in the end we experienced that management of our bankroll was key for becoming a winning player in the long run.
One day I heard of the Ferguson Challenge – which I found very inspiring. It gives the game of poker an extra competition element where you primary compete against yourself – though it is still very interesting to follow others ups and downs and to share your own.
The genesis of pokerbankrollblog.com is primary based in development of the poker skills with a focus on bankroll management. In addition it will be the place where we share our experiences with the projects currently under development.
You could be posting your articles on the Poker Bankroll Blog. Read all about it here.
Want to play poker? Read the in-depth Bet365 Poker Review.
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