In this lesson, you will learn about the precautions you should take to become a successful MTT player. The following guidelines should ensure that you never go broke while maximizing your ROI (return on investment). Proper bankroll management means playing the correct tournament buy-in to reduce the high amount variance in large field MTTs. I recommend only playing MTTs with a buy-in worth 1% of your total bankroll. This places maximum effectiveness on your money while avoiding any unnecessary risks. For example, if you play MTTs with a $10 buy-in, you will need a minimum bankroll of $1,000. There are exceptions to the rule depending on the format of the tournament, but a 1% cap is certainly a good starting point.
You can, of course, lower the number of buy-ins if you’re playing recreationally and can easily replenish or top-up your bankroll. If you’re a serious player, however, following a strict set of rules is never a bad thing. Before making a decision, however, ask yourself this question: Are you looking to move up stakes gradually and create a nice, steady income from poker, but be willing to play low stakes at first with a low risk of ruin? Or, are you looking to take big shots fast, go for the big money now, but with a much higher risk of ruin? If you answered yes to the first question, congratulations. Being smart with your money in this situation requires patience and discipline – two MAJOR personality skills required for long-term poker success.
PREPARE YOURSELF FOR THE VARIANCE
Poker tournaments have a lot variance, that’s a fact. There’s no guarantee of finishing in the money, even if you play every hand perfectly. There are lots of coin flip situations you have to overcome, especially in the later stages of the tournament. When you have AK vs QQ, you will need to improve. When you have KK vs AQ, you will need to hold up. Over and over and over again.
You have to constantly overcome odds like these and get a little bit lucky as well to even make it in the money. You will play tournaments where you can’t lose and there will also be tournaments in which everything just goes the wrong way. These are things you have no control over, so the only thing you can do is always play your best. The worst thing you can do is let your emotions take over. When you’ve gone several tournaments without a decent payday, just remind yourself that this is why bankroll management exists.
One major element that will affect MTT variance is the size of the field. The more people that enter a tournament the smaller chance of you reaching the final table. More players means more competition and a higher level of variance when finishing in the money. Long-term ROI will be exactly the same, regardless of the size of the field, but in the short term, there will be more variance in big events.
If you want to be a successful MTT player, it is very important to accept this variance as a part of the game and to learn to deal with it. Again, you should always concentrate on making the best possible decision in the next hand. Taking this principle to heart is required for the success you will have when playing an MTT, as it will mean you are not only in a better position in terms of your edge but are also psychologically stronger than your opponents.
OK. LET’S PLAY SOME POKER.
The 1% tournament buy-in rule works as a standard MTT bankroll management practice. It eliminates the risks of going broke by allowing you to play a large volume of games and making sure you can afford the stakes in the long run. However, many players won’t stick to this rule and ultimately, it’s up to you to decide. If you’re a purely recreational poker player or want to risk more money in a single MTT for then that’s ok. However, most experienced tournament players look at their ROI after hundreds if not thousands of games, and that’s where tournament bankroll management is important. By playing a high enough volume of MTTs, your ability will show up in the results.
In the next lesson, you will learn some general preflop strategy, including starting hand selection and adjustments to make throughout each stage of an MTT.
