Beginner's Poker Course Part 8: (Not) Going Broke - Bankroll Management & Tracking
We are almost done with all the theoretical outlining, as you've entered the last part of this 8-part article series! Soon we will get into some practical tools, and the best sites to play at, and we'll start playing! We have an 8-part video series lined up for you as a continuation of this written beginner's course! Read on, as we're almost done! First, we'll cover some practical tools for general bankroll management and tracking to ensure you don't go broke.
Before all that, please stay aware that all these theoretical discussions from previous articles don't have to become an internal battle inside your head; GTO and exploitative play don't need to be adversaries! It is better just to strive to take the highest EV action every time, no matter who you're up against. That's what you should really take away most from the article series. Understand that GTO is helpful, and allows you to study the game effectively.
Playing GTO is taking the highest EV action if we're up against a GTO opponent (like a bot). But if we're up against a human, playing exploitatively is the way to go. And like I mentioned, also in the previous article, knowing GTO and consequently knowing how to deviate from it to exploit is a great place to be! It is truly a fertile playing ground you can create for yourself by, while 'knowing better,' (being 'exploitative play') studying GTO strategies in tools like GTOWizard.
Pushing Through the Hard Part
It should be clear that there is value in studying GTO strategies to strengthen your game. You need to get into the games and play, though, to gain experience and learn about how real humans play. Only by playing against humans will you learn how to exploit humans, how to maximize your EV against them.
Start playing and study GTO strategies off the tables. Begin playing at low stakes and be prepared to lose some money. Be prepared to absolutely suck at both GTO play and exploitative play in the beginning. Poker is a super hard game.
Still, focus on getting better on and off the tables. Always go back and forth between studying GTO strategies, gaining real-life experience, and getting better at exploiting your opponents. You have the basics now, you have the theoretical understanding and you are ready to start using the tools.
You are also ready to play if, and only if, you are ready to lose some money at low stakes. You've got to get used to losing anyway, since even if you're a winning player, sometimes you will lose, and you need to be able to handle that.
But for now, expect and be prepared to lose money because your game will be full of mistakes; don't get your hopes up too soon! You have to push through the hard part, as with every worthwhile endeavor.
How to Not Go Broke
With enough studying and enough playing experience at the micro stakes, at one point, you may realize that you don't have to deposit anymore. You are now a winning player at the levels you're playing. You want to keep it that way while moving up in stakes. One important skill now needs to become part of you, and it is bankroll management. This is the science of not going broke.
Poker is a game of intense swings in your bankroll, the amount of money you have available to play with. You can get so unlucky for a very long period of time, that you lose all the money available. The chance of this happening obviously correlates to how much money there is available. The other determining factors are the edge you have in the game (how much you're winning on average), and the variance of the games you're playing in.
Since this is a beginner's course, we are not going into the math, but one important concept that is easy to understand and self-explanatory is 'risk of ruin'. This is indeed the chance that you will lose all your money (available for playing poker). It takes into account the factors mentioned earlier: variance, edge, and available money.
Just as there's always the chance of winning the Powerball or being in a plane crash, there's also the chance of being totally ruined by Lady Luck. One exceptional tool to explore these probabilities (and others) is this calculator.
To effectively use the calculator, you'll need to understand your win rate (your edge) and the standard deviation (variance) specific to the games you're playing. However, determining these parameters requires a significant amount of gameplay and diligent tracking of your results. That's another reason why I would say:
Initially play in very low stakes games with money you expect to lose.
Once you actually become a winning player, you want to keep a lot of money in your bankroll relative to the stakes you're playing. Perhaps somewhere from 50 buy-ins to even 100 buy-ins! But again, once you have played enough hands and tracked your results, you can use statistics like your win rate and variance to calculate these requirements more specifically, and mitigate your chances of going broke more diligently, by using Primedope's variance calculator.
So be prepared to go broke upon your first (few) deposit(s). This way, you wouldn't have to worry about bankroll management until you're confident you're a winning player. See it as an initial investment to become a winning player. Go back and forth between studying off-table and gaining experience at the table, and it will be just a matter of time before you reach that status.
Tracking Your Results
Once you've sustained a considerable amount of painful playing sessions where you're making mistake after mistake, you might find yourself suddenly winning at the limit you've started at. Of course, this depends heavily on your personal financial situation, but let's assume it's some micro stakes level, like 5NL or 10NL.
You will want to start tracking your results. Not only is this useful for utilizing the poker variance calculator we discussed earlier, but it's also rewarding to see your (hopefully winning) graphs and gain that extra confidence for actual long-term success.
Additionally, advanced tracking tools are available, allowing you to delve deeper into your opponents' games and exploit their weaknesses more effectively. These tools, with two major players in the field (Holdem Manager & PokerTracker) even offer functionality that allows stats to be displayed right at the tables you're playing at; this is known as a HUD (Heads Up Display). You can see stats like the amount of hands you're opponents (as well as yourself) are playing from any position, how aggressive they are, how much they're winning or losing, and many more. Some people even find the use of HUDs a form of cheating, which is why many sites have banned their use.
GGPoker is such a site. It is trying to level the playing field so recreational players don't lose their money too fast. It does a fantastic job attracting lots of recreational players as well, which is why it's still a great site to play at.
Like I said, you can start small and play against lots of recreational players at lower stakes, keep working on your game, and prepare yourself for some of the higher and more lucrative games, that also have better players in them.
GGPoker has an inbuilt HUD, and it is the only poker site on which you can see your winnings being displayed in a graph. It bans all use of external tracking software like Holdem Manager and PokerTracker, but it took care of most of the functionalities itself.
Getting Over the Hump
You should allow yourself a tryout period in which you play a lot of volume, make a lot of mistakes, and learn from them off the tables, studying the spots in GTOWizard.
You could do this at GGPoker. It's the site with the highest traffic, attracting lots of recreational players, which makes for easy games at the lower limits. The rake is the highest in the business, however, so you shouldn't expect to beat these games by a lot. That said, I believe the micro and lower stakes provide a solid training ground for beginners getting their feet wet. The software is nice, and you'll be playing against lots of recreational players, so you can practice your skills at those lower limits without worries.
Another site you may want to consider at one point is BlackChipPoker, part of the WPN (Winning Poker Network). This is an American-oriented site that is also quite big, with lots of games running on all stakes. The rake is considerably lower on this site, and it also allows poker tracking software like Holdem Manager and PokerTracker. If you are getting more serious about the game, and you've crowned yourself a winning player, ready for higher stakes, you may want to consider adding that site to your repertoire to enjoy lower rake and convenient tracking.
CoinPoker
Then there is CoinPoker. This is a secure, up-and-coming site with lower rake than GGPoker. When you deem yourself skillful enough, grinding the games there could be quite rewarding.
I recommend first sharpening your skills so you can handle grinding their $2000 welcome bonus, since it's the best in the business. It does require you to clear it in 30 days, however, so again you should be prepared to play a lot, and at reasonable stakes (think $0.50-$1.00 and up).
Once you have the $2000 available to invest AND you're skillful and ready enough to grind the required volume at 100NL (or PLO) or 200NL, their $2000 welcome bonus IS the best in the business. It's 50% rakeback just for the bonus; combine that with their 33% standard rakeback, and you'll be paying almost no rake during this time. Again, highly rewarding if you're beating these games.
You shouldn't step into $0.50-$1.00 and over as a complete beginner though and think you can win, also not at GG! Practice a couple thousand hands on micro stakes, then move up if you can afford to. Coupled with GTOWizard, you'll be able to improve your game and move up soon, until you're finally ready to grind the $2000 bonus at CoinPoker and go from there.
Feel free to sign up through this link and make an account at CoinPoker. Your bonus will be secured for life and starts becoming active only after you deposit! Meanwhile, you can scout the games and see what's happening over there. Sometimes games run at extremely high stakes (the highest on the internet) and it's fun to watch! They also host the yearly CGWC (Cash Game World Championship) in December, a rake free event where all the best players of the world come together and battle each other, so definitely make an account at least, risk-free! Then sharpen your skills at lower limits and once you feel comfortable enough AND have the money ready, grinding the CoinPoker bonus is my recommendation—it is the most rewarding in the business. But be ready!
These are the three sites I would recommend: GGPoker, BlackChipPoker and CoinPoker. These sites also have solid security teams which, especially nowadays, is an important consideration. Like with any money-filled industry, cheaters try to break the system to gain unfair advantages, and these poker sites catch them all the time, and refund the money back to the victimized players. Do not play on obscure small sites.
Rounding Up This Beginner's Course - Get Ready For the Videos!
With this, I would like to round up this written beginner's course and invite you to a video series I created, called "Beating the Micros">, which takes you along on your proposed beginner's playing journey at GGPoker.
I have laid the theoretical foundation for you with pleasure, so you could go ahead and start using tools like GTOWizard with pleasure yourself. You know everything about EV, GTO, exploitative play, ranges, equity, and pot odds. You are aware of some of the other useful tools available for us serious poker players. It is now time to start developing yourself on and off the tables, like I said, going back and forth.
I recommend continuing this beginner's course with my video series. This written course has been 'awfully' theoretical, but I am grateful that you made it to this point! It means you're serious, and likely passionate about the game.
This small video course is going to mimic the initial tryout period I suggested you'd do on the micro stakes at GGPoker. Do not be afraid to make a few small deposits with money you can afford to lose. Throughout 8 videos, I will demonstrate play on 5NL, balancing exploitative play with theoretical sound play. The lower the stakes, the more exploitative you can play, and the further you can deviate from your GTO studies.
I recommend you study GTO off the tables and try to exploit at the tables. You could even see your GTO study sessions as preparation for the future, for higher stakes, more lucrative games. It's good to equip yourself.
Let's focus on exploits in these recreational-filled micro- and lower stakes at GGPoker. Starting with 5NL seems like a solid choice for a beginner to me, so these videos will be of me playing those stakes. Enjoy watching the very first video of this series down below, and subscribe to my YouTube channel. I sincerely hope to see you in the comments one day, and good luck at the tables!
