I have been playing poker for several years now, but recently decided to get serious about analyzing my play (good and bad) and using solid bankroll management. Success in anything takes hard work and discipline. I believe that is even more true in poker.
I have to be honest with myself, the strategies I have used so far have not worked. They have led to tilt sessions, frustration, and consistent losses. Worst of all, I have started to doubt my play. The truth is, I am not a bad poker player -- but I am terrible at managing my bankroll.
I am ready to look at poker as a long-term investment. That means I have to realize it will take several, agonizingly slow months to build my bankroll to where it has been.
But once it gets there, I will be in a position to use my new skills to continue building that bankroll.
Starting with $250 dollars, my goal is to reach $40,000 in 24 months.
More details to come ...
** UPDATE OCTOBER 23, 2009 **
I am using the 10% strategy, meaning I will never risk losing more than 10% of my bankroll in one day. In fact, I am spreading the 10% over 3 tables. So right now, I am playing 3 tables of .25/.50 limit or 3 tables of $2 SNG's.
I have to say it is tough to drop down in limits. I am used to multi-tabling at 2/4 or 3/6 limit, where folding for $.50 more cents is NEVER a good idea. At .25/.50 limit, obviously $.50 cents is the price of one big bet. Too many loose calls and bam, I am out of money.
I guess what I am trying to say is that, no matter what limit you are playing at, you have to treat it seriously. If you don't, what's the point in playing? BUT ... it's hard to start playing for coins when you are used to playing for bills.
Like I said, my goal is to turn $250 into $40,000 in 24 months. Here are what I'll call my mini-goals for the first few months:
Month 1: $400
Month 2: $700
Month 3: $1200
Month 4: $1800
Month 5: $2500
** UPDATE NOVEMBER 2, 2009 **
I am happy to report that I have had some really great early success. My bankroll is already up several hundred dollars. In fact, I have done so well in these first few weeks that I have already been able to move up from .25/.50 limit to .50/1 limit and $2 SNG's to $6 SNG's. Like I have said before, I am still adjusting to these smaller stakes -- but only bringing about 3% of my bankroll to each table really diminishes the tilt factor. I feel like I am playing with so much less stress on my shoulders when the outcome of one hand no longer feels like it makes or breaks my session.
I even did something this weekend that I can't remember doing for who knows how long .... 3 whole days OFF from poker! I think it's a really healthy sign that the bankroll challenge is working and I am in a good place mentally. Although, I have to admit that today I am really anxious to get back to the tables!
** UPDATE NOVEMBER 9, 2009 **
Enjoyed a gorgeous Indian Summer this past weekend in Wisconsin -- 65 degrees on Saturday and about 55 on Sunday! Spent more time outside than inside playing poker but had a decent weekend on the tables. Then last night played a $5 satty on sportsbook, won a seat into the $50, 10K GTD and took 7th for $325. I was playing short stack poker with 20 players left, but I played really patient and used my time bank appropriately (lol). Almost hit a 4-figure score for the first time in awhile (1st - 2200, 2nd - 1500, 3rd - 1000) but am still happy with the results.
This week I am focusing on grinding out limit tables. Still @ $ .50/1 but way ahead of "mini" bankroll goals.
** UPDATE NOVEMBER 22, 2009 **
Spent the weekend grinding on FTP, managed to clear $50 of my holiday $100. Pretty solid weekend, I think the most impressive stat for me this weekend was a 114% ROI on 9-man SNG's. I also took 11/375 in a $10 tourney and 167/1577 in a $10 KO tourney.
No huge MTT cash but boosted the bankroll a little bit.
We are closing in on December 1st and my bankroll is nearing $900 (my goal was $400)! I would say that's a pretty good first month.