Poker pros often get asked about their bankroll management strategy. However, every aspiring player must learn how to control their bankroll to have a long and successful career in gambling. Even the players with experience can face a hard time with their finances at times during their careers. You need to be smart while controlling your money during the games. Even when you are moving to higher stakes, you should have a backup plan to protect yourself from a harsh beat. The pros do not have a foolproof plan to win every time, but they can secure their money from immediate losses with the right bankroll management. Here is a bankroll management guide by poker professionals that will help you control your money.
Create a second account
Always have a separate account for your poker finances. Treat your poker career as a business that you cannot mix with your personal finances. You can decide how much money you want to put in poker, but keeping it in the same account as your personal finances can bring a lot of problems. Consider your poker money as the money you can afford to lose to commit to your poker career safely.
Have bankroll limits
Never cross your bankroll limits and leave the game when you think your bankroll is in trouble. Every day of playing poker should leave enough in your daily bankroll to pay for your dinner after a heavy beat. Sometimes the games can tempt you to go over your bankroll and take out more cash from the ATM machines. If you cannot afford the buy-ins of high-stakes, do not go for them and play under your limits.
Do not be desperate
Avoid losing your control over your money in desperate attempts to win a game. You can always come back fresh from playing with a new bankroll. When you face a tilt or variance in your game, it is best to rest until you build back your bankroll without gambling. Your losing streak can continue for days, which does not mean that you should get frustrated to reck your bankroll.
Move down the stake
When you face a bad beat at the high stake table, it is better to move down and play at low stakes for a while. There is no shame in playing at low stakes, especially when you need to consider your finances. Wait until you collect enough funds to move back to higher stakes.
Track your sessions
Every pro player keeps a record of every poker session they take. They record their profits and losses and the total bankroll at the end of the day to maintain a good strategy to spend it in the upcoming games. If you do not keep track of where your money is going, you will have a hard time realizing when you are at risk of losing everything.