The sum of money a player has put aside specifically for use at the poker table is called a poker bankroll. Aside from a lack of skill, poor poker bankroll management is the most probable reason a poker player becomes broke.
Bankroll management is a unique subject in live poker at low and mid stakes, and you cannot compare it with online poker since you are dealing with real money when playing at the casino.
There are guidelines to follow to be a successful live poker player at low and mid stakes.
Keep your funds and poker roll separately
If you play live poker and want to succeed, you must treat it like a business. It is crucial to separate your poker funds from your everyday expenses. Knowing that you are not required to win to pay your bills will provide you with all the time you need to focus on what is most important: making the best decisions.
Furthermore, it will improve your quality of life; you will have a better attitude and have more conviction even when things go wrong, differentiating winners from losers.
Don't chase losses
One of the most significant distinctions between professional and amateur poker players is the tendency of the latter to alter their strategy when facing the expected downswing.
Whenever you chase losses, you restrict your time to looking for the best value bets and tend to make rash judgments that might lead to more losses. If you are on a losing streak, do not aggravate the situation. Stop the bleeding and rethink your strategy the next day.
Move up in stakes at the right time
Every low-stakes poker player hopes to move up in stakes eventually. However, everyone wants to have it accomplished as soon as possible. Most players are unaware of how tough it is to win in higher-stakes games.
Players are experienced and more challenging to defeat as you move up from $2/$5 to $5/$10, and the buy-in is much more significant. The typical buy-in for $5/$10 games is $1,000 or more, and occasionally nearly $1,500. Therefore, compared to $2/$5, you will require a bankroll at least double the size. Move up in stakes if you believe your game is solid enough and you have amassed a sufficient bankroll to play at those levels.
If you move up in stakes and have terrible results, do not hesitate to back down again. Typically, this procedure is done several times until you can play higher stakes comfortably.
Monitor your Progress
Tracking your wins and losses is essential. Several poker players deceive themselves into believing they are winning players, yet this is just an illusion.
In reality, most poker players genuinely lose money. Anyone may win for a day, a week, or even a month, but a weak player loses to their better opponents if they play enough hands. No matter how certain you are that you are a winning poker player, you can only be sure of it if you maintain precise and accurate records.
Regardless of your bankroll management, success in poker is not assured. To survive the bad beats and come out on top, you will need a lot of talent, luck, and money. Do not get ahead of yourself. The overwhelming majority of poker players never make it to the professional level.