Managing Your Money Online
Managing your poker bankroll when playing online takes a bit more patience and discipline than when playing in regular brick-and-mortar games.
Although it's true that the difference seems small and insignificant, the reality is that playing online feels more like playing a computer game than playing poker for real money against real players. When you're playing with chips and can physically see your stack getting bigger or smaller, you have a sense you're moving actual money.
Here are some few tips for managing your online bankroll:
*Create a separate bank account for your poker bankroll. Determine a fixed amount of money each week that you feel comfortable contributing to your bankroll and don't let yourself deviate from this amount. If it is $10, contribute this amount each week, whether you are winning or losing. Over time, your bankroll goes through positive and negative fluctuations; if you exhaust your bankroll in a given week, you must wait until your next deposit before you play again. If you cannot maintain this level of discipline with your poker bankroll, you should reconsider playing online for real money.
*Deposit your winnings in your poker bankroll. When you're just starting out, you want to build your bankroll, so you should put your winnings back into your bankroll. Your winnings, combined with your weekly contributions, from your weekly poker budget.
*Do not borrow money to play online. If you are not able to fund your account, play with free chips. Borrowing money to play poker online can lead to developing a gambling debt, which is not how you want to begin your poker-playing career.
*If you find you are having a losing session, stop playing. Do not get into the mental trap of thinking you can simply win back your losses. A good rule of thumb is that you should lose no more than ten times the big bet.
*If you are going to play online, pick a site that's offering a sign-up bonus and deposit minimum amount of money that qualifies for the bonus. Free money is free money that you might as well take advantage of it.
*Play responsively. If you find your game is too reckless online and you can't contain your desire to play every hand or call every bet, stop playing. Online poker can get expensive quickly if you play recklessly.
In the online world, the amount of money before you is represented as a dollar figure in a little bubble somewhere on the screen. It takes discipline to manage this bubble as carefully and considerately as you would manage a stack of physical chips.