1) Play well.
This might sound like an exercise in the obvious, but it isn’t. I see countless players, who are capable of playing very well indeed, throwing their money away because they can’t be bothered to play well. The problem with playing well is that, quite often, it involves folding. When you get bad cards for several hours, it involves a lot of folding. The temptation is to try to “make things happen”. So you try this, and it goes wrong, and then you are mad at yourself for trying it, and you play worse. You have already beaten yourself.
2) Read books.
There is a school of old-style poker players who don’t believe in this reading books lark. They think that there is no substitute for experience. They are wrong. Reading books serves two purposes. The first is that it helps you play better. You do not need to take what is written as gospel. But you should never dismiss what is written out of hand.

3) Get experience.
While the old-school players are wrong to say that they can’t learn anything from books, they are right when they say that nothing compares with experience. The more you play, the more you will learn. If you stick to one site and one level, you will learn the “tone” of the game. This will give you a great advantage when it comes to reading other players.
4) Reflect on previous hands.
At the end of a session, think back to hands where you could have lost less and also to hands where you could have won more. Most long-term losers who can play a bit are losers not because they throw money away in stupid chases, but because they fail to extract the maximum that they could extract from their winning hands.

5) Take notes on your opponents.
Now, unlike some, I won’t advise copious note-taking. You end up with 15 reams of notes on thousands of players that you never see again. But when something interesting crops up, or when you get an “impression” of a player, do not trust your short-term memory when you say to yourself: “Ah, yes, I’ll remember that”. Because, trust me, you won’t. Write it down.

6) Two utter contradictions.
Keep good and honest records, but do not become a slave to short-term fluctuations.
As a man, I am obviously addicted to lists. I keep records on everything related to my poker-playing. I could probably tell you what pair of shoes I was wearing when I had that big loss back in November 2002. Keeping records helps you measure your long-term success. Failing to keep records might be considered laziness, but it is more often denial. If you find yourself noting down a good win, but “forgetting” to note down a loss, you are practising denial and self-deceit.

7) Know yourself
Poker can lay bare your soul. If you have a chink in your personality, then playing poker can find it. You may find out things about yourself that you would rather not know. Some people cope with this better than do others. If you want to be a better poker player, look at your flaws rather than deny them. If you have lost a hand, it might well be bad luck, or you might have done something ever so slightly wrong. If your bankroll looks like it is getting thin, do not play at a higher-stakes game in an attempt to “get out of it”.

Straight Flush:

Any five cards of the same suit, in order. E.G. 5,6,7,8,9, all hearts. If there are two straight flushes, then the highest one wins. If, by some miracle, two people have the same straight flush but in different suits (and I have been playing for 30 years, and it hasn’t happened to me yet), then the hand is a tie. The best straight flush, A,K,Q,J,T, is called a royal flush.

Four of a kind:

Any four cards of the same rank. The best is four aces, followed by four kings, then four queens. If two or more players both have the same four of a kind (you will see later how this can be possible), then, because poker is a five-card game, the rank of the fifth card, or kicker, counts. So, four threes with an ace would beat four fours with a two.

Full house:

Three of one rank and two of another, properly known as a full house. For example, three kings and two fives, would be a full house, kings over fives. If there are two or more full houses against each other, then the rank of the set of three takes precedence over the rank of the pair. So, three kings and two fives would beat three fours and two aces. If both players have the same set of three, then the rank of the pair counts. So, three kings and two sixes would beat three kings and two fives. If both players have the same set of three and the same set of two, then the hand is a tie.

Flush:

Any five cards of the same suit, not in sequence (because then it would be a straight flush and would be a considerably better hand), is a flush. If there are two flushes against each other, then the highest card of the five counts. So, A,T,9,8,6 of hearts would beat K,Q,J,9,8 of clubs. Unlike in bridge, suits have no ranking in poker. If the top card is the same, then the highest second card counts (so, K,Q,8,5,2 of a suit would beat K,J,T,9,7 of another suit, because the queen beats the jack). This process continues until the bottom card is reached. If you were unlucky enough to have K,Q,J,8,2 of spades against K,Q,J,8,3 of clubs, then you would lose, because your opponent’s three of clubs is higher than your two of spades, and all of your other cards are the same. You would, however, have every right to moan about this bad beat bitterly for the rest of the evening, and possibly for half the next evening as well.

Straight:

Any five cards in sequence, not of the same suit. Aces can start from the bottom as well as the top (so, A,2,3,4,5 is the lowest possible straight, while A,K,Q,J,T is the highest possible straight). Seasoned players of brag will note that, whereas in brag a straight beats a flush, in poker it is the other way round. This is because when you have three cards it is less likely that you will get three in sequence than three of the same suit, while with five cards, it is harder to get five of the same suit.

Three of a kind:

also known as trips or a set. If two players have the same three of a kind, then the highest kicker of the other two cards counts. If this card is the same in both hands, then the final card of the five you use to make up your hand, is the deciding card. E.g. KKK95 would beat KKK86. Also, QQQ83 would beat QQQ82.

Two pair:

A hand such as KK552. This would be known as Kings and fives (as opposed to the full house above, which is known as Kings over fives). In ranking, the higher of the two pairs counts, so AA335 would beat KKQQT. If the higher ranking pair is the same, then the lower pair counts, so KKJJ6 would beat KK997. If both people have the same two pairs, then the higher of the kickers counts. So, KK449 would beat KK446.

One Pair:

A hand with one pair and no other matching cards. If two players have the same pair, then the highest kicker counts (QQA65 beats QQKT8). If the highest kicker is tied, then the second kicker counts, and if this is tied also, then the third kicker counts. If all five hands are exactly equal, then the hand is tied.

No Pair:

A hand where nothing matches with anything else, such as AT864, which are not all of the same suit. Such hands are usually referred to as “Ace-high” (or whatever rank is the highest of your five cards). Ace high would beat king high, while if two players both have Ace high, then the second highest card counts. So Ace-King high, beats Ace-Queen high.

As an example to show you how simple pot odds are we will use a common situation such as an open ended straight draw. If you have J-T an example of an open ender would be 8-9-A, giving you a total of 8 outs to complete your hand (any 7 and any Q)
In total there are 3 people in the pot including you. So far the pot has accumulated $100 and one of your opponents leads out with a $30 bet player 2 calls now the decision is up to you. Here is where pot odds come into play and how you justify making this call or folding.
As we said earlier you have a total of 8 outs. Outs are the cards that complete you hand. Knowing you have 8 outs how do you know what your odds are of actually hitting one of these cards? Simply calculate the ratio of cards you have as outs against the cards in the deck that will not help you. So far you know that there are 9 cards already removed from the deck (2 in your hand 3 on the flop and the other 4 cards lie with your opponents). This leaves us with 43 remaining cards and 9 of them will give the winning hand. Using basic math this is a ratio of 43:9 or 4.5/1
So now you know the odds of your drawing hand providing you with 4.5/1 odds of turning one of your outs. This means that each attempt you make at chasing this hand you will complete 1 out of every 4.5 hands played.
Next you need to determine if your actual pot odds will justify this call. To do this you use the exact same concept as written above except now you are looking for the ration of actual cost. If there is $100 in the pot and Player1 bets $30, Player 2 calls making the pot $160. Now it’s your turn and you need to call a $30 bet into a pot of $160. If we break it down like we did previously this leaves you with $160:$30 or equivalent to 5.3/1
Now to finish it up you compare your actual pot odds (5.3/1) to your odds of improving your hand (4.5/1). If your pot odds are greater than your odds of drawing you should call. If your pot odds are less than your other odds you should fold. If you do end up calling and lose that hand it’s ok, these odds are here showing you how often you will actually win and by using them you know that over the long haul you will come out ahead.

Keep It Simple

Poker bankroll management doesn’t just involve saving money.  Choosing the right one for you also depends on your personality and your playing style.  Other players like to keep their stack tight, while others become high rollers.  The most common starting point would be 500 big bets in limit cash games and 40 buy-ins at tournaments and no limit cash games.  Tournaments usually require buy-ins which is an entry fee to get a seat in the game.  This can change though and will depend on what the player is comfortable with then start from their.

Which bankroll personality are you?

There are two different types of bank roll management, and each differs on how the player approaches the game.  They both work effectively but will depend on which the player is comfortable with.

The Aggressive Bankroll – 250 big bets or 20 buy-ins in no limit games.  The aggressive poker bankroll players are the ones who want to see results in the quickest time possible.  If you want to go straight to the top, this is the bankroll management for you.  Unfortunately, as we all know, going to the top is not that easy in poker.  Losses will have huge impact, and you need a lot of control to keep your bankroll intact.  You have the potential to win big but also lose big.

The Conservative Bankroll – 1000 big bets in limits games or 100 buy-ins at no limit games.  Naturally, this is the opposite.  Conservative poker bankroll players have less variance but steady salaries.  Players have a big bankroll, so they don’t have to worry much about losses since they will have little effect overall.  Big losses can be compensated.  Unlike the aggressive bankroll, small and consistent is the tactic here.

Making your own bankroll management plan will depend on your style of playing.

The Importance of Bankroll Management

Oftentimes, beginners in poker always commit a common mistake that should have been given specific attention to if a player’s purpose is to win, increase his winnings and have a long career in poker.  To do this, the first thing you need to consider is the amount of money that you need to set aside from your total income intended for the game of poker.  Being able to assess where you stand will provide you ample time to classify where you will play either in a no-limit or in a limit poker game/tournament.  This initial step will help in your decision-making especially when you need to drop down or to move your limit up.

Bankroll management does not add to the complication, but this technique somehow offers a sense of salvation from an impending doom (bankruptcy) especially for very impulsive players.  Practicing bankroll management will also give you the chance to start again and reclaim all the money you had lost in your first few games.

Types of Bankroll

There are three types of bankroll management you can choose from.  It will depend on your preferences and your personality.

The first type is the Conservative Bankroll.  This type of bankroll is suited for long-term poker players who are looking for a steady income.  Those players who chose the conservative type do not want any change especially in the amount of money they will be earning in every game.  The good thing about this type of bankroll is its strong foundation.  In short, players with conservative bankrolls don’t need to worry about the impact of the downswing because this will only have little effect on their fund.

The second type is the counterpart of conservative bankroll.  This is the aggressive bankroll.  This type of bankroll is appropriate for players seeking action, fast success and results.  Players using this type of bankroll should always keep in mind that if they’re going to explore all types of poker variants, they should be prepared both mentally and financially.  This kind of bankroll may lead to either more winning or, worst, bankruptcy.  Experts in poker who know when to say enough can try this type of bankroll.

The third and the most preferred bankroll is the standard bankroll.  This type has the best of both worlds.  It is the most recommended type especially for beginners.  You can win or lose, but it will not leave a large dent on your income.

Burning out before getting to the top is a big no for poker.  The game involves a lot of money.  Even if players get to play well, they can still lose money if they don’t manage their bankroll.  Managing your bankroll is not difficult.  Each poker player has their own pace that they are comfortable with, and the same goes for their cash expenditures in limit and no limit games.

From the Bottom to the Top

New players are often enthusiastic about their new bankroll.  But before they can dream of rubbing elbows with the pros, they have to learn to start right.  Rather than shooting your way to the top, it’s better to start low and work your way up.  This way, you can develop your skills, get in games that you can handle and avoid big losses.  As you progress, it’s natural that big stakes attract more skilled players.  By starting at the bottom, you will be more prepared at beating each limit and prepared enough to take on the sharks.

Learn to Drop Down Stakes

One of the most common mistakes among players is that they play their big bets until they lose their money.  Poker players should learn to put limits.  This is important if they have a limited bankroll.  By dropping down stakes, players will be able to save money.  They can start over again and get back the money they lost.  This is much better than getting broke and making a new deposit.  The best time to drop from the stakes is when you are under bankrolled by 30%.

Bankroll management is mostly about control.  As you keep track of your games and keep your bankroll intact, there’s always something for you to start over with.

The Poker Bankroll

Managing your poker bankroll is a necessary part of being a good poker player.  Roughly speaking, it doesn’t matter how much you win in your dealings, but rather how much you’re able to retain.  At the end of the day, it’s the cash in the kitty you’ll need to fund further forays into the world of poker.

There are so many variables to consider that it’s tough to give specific examples on how to conserve your bankroll.  Your bankroll management technique will vary according to the type of poker you favor, the site you’re playing in, the limit you usually put up, the style of play you employ (which may vary quite a bit from the style of play one thinks they use), and let’s not forget the graces of Lady Luck, who has her hands in every poker pot from Kalamazoo to Timbuktu.

Factors to Consider

However, it is possible to apply several rules of thumb to one’s bankroll management.  One of these is that it is useful for you to have a bankroll 300 times the largest bet.  So if you play with a limit of $1-$2, then your bankroll should be around $600.

The type of poker also influences the size of the bankroll.  Poker varieties with more betting rounds mean that the player needs more money for it than a poker variety with fewer betting rounds.

No Limit Hold Em poker is a good example of this.  The type of poker it is means that the ‘bankroll equals 300x largest limit size’ rule of thumb doesn’t apply.  It’s easy for even the most conservative player to lose upwards of $1,500 a session.

The reason a poker player plays should also be taken into consideration.  If that person plays poker recreationally and has another source of income, then they have more wiggle room than the person who intends to live off their winnings.  For the latter, their bankroll represents their net value, so they should be more careful working with it.

Guidelines in Playing No-limit and Limit Poker Games

Considering that you have allotted more for poker, you cannot be sure if you can win more than what you paid for or lose everything you have.  Even if players use bankroll management, if they do not utilize it properly, then bankruptcy is still an issue that a player can face.  That’s why here are some of the guidelines a poker player should remember to have a big chance of playing poker for a long time.

The best way to manage your bankroll is playing in 500 big bets in Limit games and 40 buy-ins in no limit games.  Big bets are considered as higher than the big blinds in poker.  On the other hand, buy-in is the entry fee for tournaments and is usually 100 times more than the blinds.

Advantages of Bankroll Management

Most players who start with the 500 big bets in a limit game usually make the mistake of never dropping down until they ran out of money.  This is not a good decision because you need to set a limit, especially when you’re bankroll is sufficient for a particular game.  You should not be too impulsive and risk everything you have to win a higher amount!  If you learn to step down once in a while, you will have more time to regain your post and rise as a stronger player.  For instance, if you’re playing a no-limit game of 40 buy-ins, it is a good way to drop down if your bankroll reaches up to 30%.  If you do, you will still be left with 10 buy-ins which you can use to start with in a new game.

Other players believe that if you have more money to spent, you can earn more in a short period of time.  Unfortunately, it is not the case.  You should be very patient and learn when to attack and to surrender.  Starting from a low position will not only help you gain experience and master the game but will also help you reach the top with any extreme losses on the way.