We all know that big-time poker players get all of the attention since they’re spending major money to compete for huge tournament prize pools. But the truth is that the majority of the poker community is based in the low stakes world, where players are spending just $1 – $5 per buy-in.
Many of these low stakes tournament players are of the casual nature, and aren’t trying to make a living with the game. Some are more serious and hope to eventually supplement their income, or even become a full-time pro. Whatever the case may be, it’s important for every low stakes poker tournament player to know a thing or two about bankroll management. That said, here are a few quick tips.
Tip #1 – Divide your Bankroll into Buy-ins
A good general tip for managing a tourney bankroll is to divide your money up into buy-ins. It’s ideal to have 150-200 buy-ins for the stakes you play because of all the variance in online poker. But depending upon your skill level, you may be able to get away with anywhere from 50-100 buy-ins. Using our ideal example on a person with $300, they’d want to stick with $2 tourney buy-ins or less in order to survive the variance.
Tip #2 – Avoid Large Field Sizes
If money is an issue – as it is with most low stakes tournament grinders – you should stick with events that feature small field sizes. The reason why is because the bigger the field, the harder it will be to consistently cash. Sure the potential scores are bigger in large tournaments, but it takes the average player much longer to earn these big payouts. So you should definitely stick with smaller events in the beginning, then work your way up to bigger field sizes.
Tip #3 – Never stop improving
Just having good bankroll management isn’t going to guarantee you profits; in fact, it’ll just prolong the inevitable downfall of a bad player. You need to continually improve your skills along with exercising good bankroll management. Some of the different things that you can do to get better at online poker include joining training sites, hiring a poker coach, reading books, reading articles, browsing forums, and watching YouTube videos. The information is out there – it’s up to you to find it!