If you ever talk to an established pro, they’ll say that bankroll management is an integral part of being a successful online poker player. After all, you can’t win if you don’t have any money in your account. The odds of you becoming the next Phil Ivey are relatively slim if you’re broke. Time after time, we’ve asked online poker pros the following question: “What is the number one aspect of the game that newcomers often overlook?” Their answer, without fail every time, is bankroll management. So what are some methods to managing your roll well? We’ll take a look at some of the strategies you can employ for being a wildly successful online superstar.

1. Don’t deposit more than the limits. Each online poker room and each payment processor has its own deposit limit. If the online poker room you’re playing on does not allow you to deposit more than $1,000 per week, abide by it. Yes, you could ask a friend to transfer money or call up poker room support and plead your case. There are ways around deposit limits on online poker rooms. However, each site and each payment processor employs its own deposit limits for a reason. The first rule of bankroll management is to play by the rules. It’s essential.
2. Don’t buy in for your entire bankroll. If you’ve deposited $100 on Full Tilt Poker, don’t buy into a $100 tournament. If you don’t cash, you’re broke. Try to buy in for less than 1/20th of your bankroll in any tournament. Successful pros each have their own percentages that they’re willing to buy in for. I’ve heard anything from 1/100th to 1/10th of a bankroll. The second rule of bankroll management is don’t go broke.
3. Start low. Though it might seem like a fun party activity, starting out on the advanced level of Digital Dance Revolution is fairly difficult (believe me, I’ve tried it and nearly tore my ACL). You have to warm up in order to become the master of your craft. Online poker sites offer a wide variety of stakes of both cash games and tournaments. That’s the beauty of being able to play poker on the internet. You can hop into any level tournament at any time of the day. When you’re just starting to learn, begin at the lower levels. The third rule of bankroll management is that poker is a marathon, not a sprint.
4. Take baby steps. This is similar to the third point you just read about. Don’t try to move up in levels too quickly, either. Once you’ve mastered $5 sit and go tournaments, move up to the $10 buy-in ones. Once you’ve conquered those, move up to the $20 sit and go tournaments. Just avoid jumping from the $5 tournaments to the $100 ones. You’ll thank me later. The issue concerns your ability to move back to lower stakes if your game turns sour. If you jumped from the $5 to the $100 levels and went busto, the next time you hit the tables, it will be at the $1 sit and go level. You’d be playing well below your capabilities because you jumped up in levels too quickly. The fourth rule of bankroll management is to take it slow.
5. Always be watching. When I decide it’s time for me to move up in levels, I will often open a few tables at the next level and watch the action. Try to guess what players are holding and test out your reads. It’s kind of like when you go to a casino and watch the higher-stakes no limit tables in awe. Could you really handle jumping head-first into that game? Scope out your competition before you play. The fifth and final rule of bankroll management is to do your homework.

There you have it. Five rules to make you better at managing your bankroll. We’ll see you at the tables.