One of the most important important aspects of any game where you bet money is bankroll management. Bankroll management is especially important in fantasy sports because of the high amount of variance from day to day.
The first question you need to ask yourself is, why are you playing fantasy sports? There are two possible answers. Either you are playing for fun, or you are playing to win. The difference between the two is that players that are playing for fun are trying to score big all in one contest, and generally act on their gut feelings. Players that are playing to win are players that think through their decisions and research their lineups.
For those of you playing for fun, good luck! For those of you playing to make a profit, here is the question you should be asking yourself on a daily basis.
How much money should I put into contests today?
This question should always be answered before you enter your first contest. Proper bankroll management means that every day you are betting with between 10-15% of your bankroll. Lets call this your daily allowance. Now we have to figure out how much of your daily allowance you should put into cash games and how much you should put into GPP's.
You should be spending 75% of your daily allowance on cash games. These are contests such as 50/50's, head-to-head, and 3-player contests. These game types are where you are most likely to win money on a daily basis if you play smart.
This leaves 25% of your allowance to be spent on GPP's. These are guaranteed prize pool tournaments. GPP's have a much higher risk, but with higher risk comes higher rewards.
One of the biggest mistakes that rookie players make is to bet way too much. People start playing fantasy sports and want a huge return right away. It is possible, but extremely unlikely. The best way to see a profit is to play smart every single day.
You should think of bankroll management as a policy that should be strictly followed. Just because you are feeling lucky does not mean you should be putting more money into contests. Conversely, just because you lost yesterday doesn't mean you should put in less money today. Using proper bankroll management each day is the key to seeing a profit in fantasy sports.