Goals and Bankrolls
Friday, December 30, 2005
Damnit! I just can't take it any more. If you look at two posts before this, I set my goal for 2006 at $1800 for the year. This began a string of discussion about moving up in limits and bankroll management.
I am by no means an expert at either thing. But I have my opinion and I am the master of my domain so you have little choice but to read it or move on. Here we go...
I believe HIGHLY in the Limit Challenge Structure, which originated, as far as I know, from DoubleAs. If you have not seen it, please click the link on the right side of the page under Notable Posts.
I estimate that I have a $300 bankroll. It may be more and it may be less. Under the Limit Challenge, I should be playing 1/2. However, in order to earn my Gaming Club bonus, I've had to play 2/4. I will return to 1/2 now, because bankroll management is the 2nd most important factor in being a successful poker player. The first is general poker skill.
I do not believe in arbitrarily moving up in limits without first running the bankroll up at the lower limits. It would be very easy for me to put an extra $500 online and go after the higher games. However, I feel that to justify that sort of gambling, I have to earn my way there. I earn my way there by beating the lower stakes.
Never having played anything higher than 3/6 online, I can't say for certain that players at 10/20 are any better or worse. My thoughts, though, are that they are probably more similar than different. The difference with those players are that they have more money to gamble. Some will be great players that have worked there way there, whereas others are donkeys with money to burn or gambling habits to feed.
So, there it is. I do not believe that you need $1000 to play 2/4. Sorry Wes. If you loose 250 big blinds (4 x 250 = 1000), then you shouldn't be playing 2/4 in the first place. PLUS, once you lose 150 or so (4 x 150 = 600), then you should slow down and play within THAT bankroll. Put plainly, I think that $1000 for 2/4 is overly cautious. Now, overly cautious is 1000x bigger than too risky. But I'm looking for the happy medium.
Comments? Inquiring minds would like to know.
posted by Jordan @ 6:19 PM,
6 Comments:
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At 6:50 PM,
said...
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I probably am overly cautious, but my bankroll requirements are ensured that I never go broke. Your bankroll requirements are enshrined with a certain risk of ruin while mine are certainly hovering around 0%. I am not a risk tolerant person.
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At 8:38 PM,
said...
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I don't play limit but I can testify to being on the wrong side of the variance beeeeetch recently.A long run of cold cards n bad beats is what the bankroll is there for.Also gives you a feeling of security knowing you have a load of buy ins for the level you play at.
I was completely gutted to drop $800 in a few days but while it hurts like hell at least my roll can take it and I can play my usual game.( or blow it all trying!)
If you favour a more open style or loose tables you have to be prepared for big swings.
Go smoke 'em! -
At 10:28 PM,
said...
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If you were looking to make a living playing limit poker, you would want a 300 big bet bankroll to ensure that you would have almost no chance of going broke from a bad run of cards.
You can do whatever you want as far as bankroll management goes, as long as you're willing to drop down limits if you lose, and are comfortable with more risk... the limit structure looks good. I've found that 5-10 players are often no better than 2-4 players in many cases, depending on the site you play on. Party Poker 5-10 is good. -
At 3:53 AM,
said...
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Once again, I state that for your overall goal should be higher. For as much poker you play 1,800 total is not all that high. Esp. once you get to 1000.00 bucks because you will jump limits and be in the drivers seat when it comes to meeting your 1,800 goal...just my take.
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At 6:47 PM,
said...
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Joaq, I really appreciate your comments and I know on some level you are right, but I've been losing lately and my online bankroll is hurting. Plain and simple, for me it is not the amount of time that dictates my stakes, nor my desire, but rather the realities of my day to day life as a newlywed saving up for vacations, rent and hopefully a big home purchase in the next year. I love poker, but I love my financial security even more. So, if I do get my online bankroll up to 1000, I plan on moving up in limits and winning more than 1800. But until then, I need to play within my bankroll and choose my goals accordingly. AND, I do not count $$ online as $$ won until I withdraw. So, if my current $200 or so goes up to $2000 by December 2006, I dont consider that $1800 until I withdraw. Since I don't plan on withdrawing, but rather allowing it grow, I suppose that changes the math a lot. I guess my real goal is $1800 in live games ALONG WITH minor withdrawals from online. I think that might clear up some of our contentions.
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At 4:58 PM,
said...
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From your post Goals and Bankrolls.
I agree completely - I have not thought about the Limit Challenge Structure for a long time. Perhaps I should think about it again. Problem is - where do I begin. 3/6?? 5/10??
If you have a big bankroll and have been playing UNDER it for a year AND you move from 1/2 to 3/6 depending on your bowel movements and general psych.
What is the starting point.
hmmmm
brain hurt
