One of the main mistakes that poker players do, especially when it comes to the beginners, but not only, is a bad bankroll management.
What is a bankroll? The bankroll represents the maximum amount that a player can lose without destabilize his or her budget.
As a live or online poker player it is imperative to play how much you can afford. Before thinking about poker, you have to think about your family and other current expenses.
Most of the players risk their chances and their skills as players and don’t keep in mind the most important poker law: Bankroll management.
Therefore, they start playing at tables with inappropriate stakes to their bankroll and end up losing all their money in a series of bad beats.
In order to play comfortably a specific stake, your budget should cover at least 30 full buy ins for the stake you play.
For example, in order to play stakes of 0.10-0.20, the bankroll should be of at least $100. As it grows, you can easily migrate towards higher stakes. However, this is not a rule, even if the budget allows you to play for much higher stakes you can stick with the 0.10-0.20 stake, the important thing is for you to feel comfortable at the game table with the stake you play.
Also, an unwritten rule but quite important would be not to play more than 10% of your bankroll in one day. If you lose this amount of money, it is better for you to withdraw and re-enter the tables the next day, with your mind clear and your moral up. By risking more than 10% of your bankroll in one day you also risk to enter the Tillt state and to lose all your money. Most of the inexperienced players start making many foolish mistakes once they enter the tilt, even if they normally have a solid game, which usually ends with bankruptcy. The tilt can very quickly transform a tight player into a loose player.
Try to respect the bankroll management and, on long term, this will only bring you many satisfactions. You will not get rich over the night, you will easy grow, but you will surely avoid premature bankruptcy.