Bankroll management is an important skill for any poker player to master. Having a smart plan for your poker finances can help you navigate the inevitable ups and downs of variance and give your bankroll the best chance to grow over time.
What is variance in poker?
Variance refers to the natural swings and fluctuations inherent in poker results. In the short run, your win rate will deviate from your expected win rate based on your skill edge. You may win more or less than expected over a certain period. This divergence between your short-term results and long-term expectations is variance. For example, you may have a true win rate of $10 per hour at $1/$2 No Limit Hold’em based on your skill level. However, in a given session you could win $100 or lose $100 despite your edge. This volatility comes from factors like the cards you’re dealt and your opponents’ luck. Managing this variance properly allows you to ride out the swings and maximize your edge.
Key bankroll management guidelines
Here are some key bankroll management guidelines to help you navigate variance:
- Have 20-30 Buy-Ins Per Stake – For no-limit hold ’em cash games, you should have at least 20-30 buy-ins for the stakes you plan to play. This gives you a cushion against downswings.
- Use Proper Stake Sizing – Play at stakes where the swings represent no more than 5-10% of your bankroll. This allows you to frequently rebuy without going broke.
- Focus on Value Bet Sizing – Making too many large bets relative to the effective stacks at your table is high variance and bankroll risk. Keep your bet sizing modest.
- Build Your Roll Over Time – Be prepared to move up gradually through limits as your bankroll grows. Don’t take big shots without proper capital behind you.
- Have a Stop-Loss – Define a stop-loss threshold to cease play during extreme downswings until variance cools off. This preserves your bankroll.
- Know When to Rebuy – Having 20+ buy-ins gives you room to rebuy 3-4 times when you’ve dipped 50% down from your high-water mark. Avoid over-rebuying in bad sessions.
- Review Your Results – Check your rolling 30-day, 60-day, and 90-day win rate trends. Make sure the variance is not causing a major deviation from your expectations.
Coping with variance psychologically
Even with the best bankroll management, variance can still be psychologically challenging. Here are some tips for coping mentally:
- Focus on the Long-Term – Keep variance in perspective by reminding yourself this is a long-term qiuqiu online Your edge will realize itself over thousands of hands.
- Note rate changes – If your win rate drops dramatically below expectation, realize this is temporary and will correct upward over time as long as you maintain your skill level.
- Take a break if needed – If swings feel unbearable, take a break from playing until you regain composure. Don’t try playing through extreme frustration.
- Review past swings – Looking at past downswings you eventually recovered from can provide reassurance that you have overcome variance before.
- Discuss with other players – Fellow players who have navigated variance can provide reassurance that what you’re going through is normal.