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Tuesday, November 07, 2006 

Bankroll Building?

How Do I Build My Bankroll?
I get this question a lot and usually address it half assed as my approach usually changes from one month to the next. However, over the past year, I've had a lot of success with the below approach.

I think everyone that has had a taste of success has created their own path, or method for bankroll building and management. For myself, I stick with what I know works. My formula goes a little something like this:

Have a master plan for the week. If I'm starting out with $100 on a Monday, by Sunday, I would want to have that built to $1000. That's my goal, certainly not always a reality.

Each session, start small and build as you experience success. For example. I know my short handed SnG's work very well for me. So I'll sit down at a $13 6 handed SnG.

If I finish 1st, I move up to the next level which is a $38 6 person Sng.
If I finish 2nd, I'll do the same tournament again.
In that second tourney, if I finish 1st or 2nd, I'll move on to the next level. If I do not finish in the money, I'll rinse and repeat at the bottom level.
If I finish out of the money on any higher level, I'll drop back one level and continue the process.

I find PokerStars and Bodog both have decent scenarios for this method. Stars has also added a $70 6 handed SnG to alleviate the pressure of jumping from $38 to $110. Nice addition.

If Short handed action is not your style, play a full table scenario.

As I'm making money on these SnG's, I'll pick and choose my MTT's wisely. I believe MTT's to be my strongest skill and try to cater the tournament to my style. I prefer a realistic tournament as opposed to a lottery and very much like the 180 person MTT sng's on Stars...or the $30k guarantee's on Bodog.

If my bankroll allows with the above efforts, I will often opt to hit a SnG satellite for the big tournaments on Sunday's.

Often times, I find it healthy and necessary to do something different. If I find any of the above methods not panning out, I'll migrate over to a limit game. Something like 2/4 or 3/6. I'll jump on these tables and play fairly ABC type poker. Beyond that, I'll also change things up a bit by hitting a stud 8 or Omaha hi/low game just to keep my brain in shape.

With the above $1000 goal in mind, I'm also making sound decisions on withdrawals. Personally, I find it important to associate online success with real money in my bank accounts. Therefore, I've adopted a process for withdrawal as follows:

Start with $100
If I double and reach the $200 mark, I'll withdrawal 10% which leaves me with $180.
If I double and reach $360, I'll withdrawal 15% which leaves me with $306.
If I double and reach $612, I'll withdrawal 20% which leaves me with $489.60.
If I double I will then have $979.20 which I will often extract altogether and start again, or make a very conscience decision as to my next week.

With this method, I'm able to put a little change in the bank which is only $196.40 but psychologically, this helps me understand that I am accomplishing something other than just accumulating cyber chips. I now have money in my personal account that I can use for live action around town, a nice evening out, etc. Once I obtain my weekly goal, I then am faced with upping my goal for the following week. I'll adjust my formula accordingly.

The trick for me is to run it like a business and keep accurate records. When I do this, I find I am more successful. The past few weeks I have been winging it and have not made a penny. Perhaps there's something to my method...who knows.

The intent here for me though is to associate my successes with something tangible.

This is my formula, albeit non technical in comparison to other poker pro's and semi pro's...but if it ain't broke, don't fix it.

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