Bankroll Management in Poker
Your poker bankroll or wad is the amount of cash that you've set aside to be used exclusively for playing poker. In other words, your bankroll is the money that you can easily and comfortably give up or lose. When you see players who are always winning but seem to be broke most of the time, it's almost always because of poor bankroll management. Bankroll management in poker is important because it reflects how disciplined you are in watching out for your funds. And this, in turn, makes all the difference whether or not you're playing solely for recreation or you're in for professional aspirations.
The first thing you have to keep in perspective is that your bankroll shouldn't take away from your funds for basic expenses like food, utilities, etc. That's why it's something that you can afford to part with for the reason that playing poker is very unpredictable because we might be on a hot streak one day and on a losing streak the next.
Always be open to the fact that you will lose hands at the poker table so let your bankroll dictate the stakes for which you can afford to play. This ensures that you can stay in for more hands because your wad can cover it. Don't forget to take into account that limit games are more conducive to keeping your wad in close watch while non-limit and pot-limit games can more or less keep you in for more aggressive plays.
One of the more important aspects about bankroll management in poker deals with knowing when to walk away. This is at the point when rebuilding or regaining your bankroll seems impossible with the current game. Set the amount for which you're willing to lose at one sitting and stick to it! The last thing you want to do is tilt which takes away from everything bankroll management represents.
With proper bankroll management in poker, you can make your wad last for a very long time without the need for replenishment. Just remember that it is the amount set apart from your basic necessities and it is money that you can afford to lose. Let your bankroll dictate the table stakes that you can comfortably join in too. Also set a loss limit for yourself and abide by it. Don't be too proud to walk away because at the end of the day, you'll be happy you did so you can come in again next time with a fresh outlook and money-wise plans as well.