One of the most important aspects of gambling is making sure that you always have a well-sized bankroll. Once you've exhausted your bankroll, there's no more chance to play, so it's best if you make sure you set yourself limits and reign in your betting so you can maximize your chances of winning.
Managing the Amount
The most important aspect of managing your bankroll is to actually figure out how big your bankroll should be. Always keep your gambling bankroll separate from your other funds, such as your living expenses - never put money you need into your bankroll. If you use money that you cannot afford to lose, this puts you under a tremendous amount of pressure to win and will cause you to take risks that you would not otherwise have taken. The fastest way to ensure that you'll make mistakes and tactical errors is to fill your bankroll with non-expendable funds.
As difficult as it can be, part of managing your bankroll is keeping your cool under pressure. If you get angry or stressed from losing a few bets you will not be able to think calmly and play a solid game. Anger or frustration at the inability to win causes players to take risks that they would not otherwise have taken, just as they would if they were playing with money they couldn't afford to lose. Part of gambling is losing, and you need to try to take your losses in stride. If you find yourself getting upset or discouraged after an unlucky streak, take a break from playing for awhile and cool off.
Placing a Limit
Bankroll management also involves putting limits on the money that you are spending. Once you have set aside a specific amount for your total bankroll, you then need to divide that amount to work out how much money you're willing to risk at any one time. If you set yourself a loss limit of 20%, for example, you limit your risk significantly while having no ill effect on your chances of winning. If you go over your betting limit, you will run out of money faster than you anticipated and will soon find yourself unable to play at all.
Choosing the Right Level
Every game and every person is different, so it can be difficult to set down a good limit to stick to. It's usually best to figure a different limit for each type of game that you play. If you have a smaller bankroll, it's a good idea to start out with a game that has an average to low betting limit. If you find that your bankroll is increasing, you can start moving up to higher stakes. If you suddenly start to lose with the bigger betting limit, don't be afraid to go back to a lower limit to build your bankroll back up. Don't feel the need to stick with higher limits in order to quickly win back lost profits. Going back and forth between games may seem time-consuming, but it's the best way to ensure you get the most out of your bankroll.
When to Cash Out
One of the hardest things to determine is when the proper time is to cash out your winnings. It's difficult because, as you grow your bankroll, there's always the desire to go hunt bigger game by upping the stakes you're playing for. But the question remains: when do you cash out and secure your winnings? This is one of the more difficult things for the player to determine. One good method, at least when you're starting out, is to cash out once you've doubled your bankroll. The idea is to leave half of the money in and take half of it out; that way, you're gambling with pure profits. Even if you were to lose all of the money in your account, your actual net loss would be zero since you're only gambling with what you've won.