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WARNING : A Life lesson for new players

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WARNING : A Life lesson for new players - Sat Nov 17, 2012, 05:19 AM
(#1)
baud2death's Avatar
Since: Nov 2012
Posts: 1,249
BronzeStar
: EDIT : I have decided to start my Poker Blog : http://www.pokerschoolonline.com/blogs/post/?id=35604 and in there I will show progress of my improvement. It might take awhile or if i do well it could happen quite quickly but I am committed to improving, I am down but surely not out and hopefully anyone that sees this could find it interesting if stuck in a similar position as I know that reading the blogs of others in the PSO community helped me improve my game (recent Tilt not withstanding)

OK... here it is, and this is me bearing my soul and being honest so please don't be too harsh with any comments, very vulnerable like a newborn kitty

I did well in the Depositor FR and got 4th for $103

I decided to keep working on my BR and had a great day yesterday where i FT'ed 4 tables at once (2 x 360 and 2 x 45 man 25c games)

I came away with about $10 or so for a 70c investment so great ROI there.

This however gave me a complete false sense of security and i started being more careless. I recklessly decided to play a few $7 headsup games.

(NOTE : Headsup is either extremely lucky results or you are severly overmatched as a new player. Experienced players who troll the HU looking for fish to crush have systems and tactics in place to take you for your dough, avoid HU like the plague!!)

After awhile my BR started creeping down and I started chasing these losses and before I knew it, i was down to $60.

I then started playing in some even higher limit headsups for a quick return and getting me back to big, i lucked out in a $30 headsup and got myself back to $90 but this wasn't good enough and before long i was stuck at 90c!


Bankroll Management is the most vital skill you need in Poker.

I will say that again because i need to repeat it to myself



Bankroll Management is the most vital skill you need in Poker.
Bankroll Management is the most vital skill you need in Poker.
Bankroll Management is the most vital skill you need in Poker.
Bankroll Management is the most vital skill you need in Poker.
Bankroll Management is the most vital skill you need in Poker.
Bankroll Management is the most vital skill you need in Poker.
Bankroll Management is the most vital skill you need in Poker.
Bankroll Management is the most vital skill you need in Poker.



We can't win every game and playing with any skill at all in a wide variance field, luck or bad choices are going to see you lose 10x in a row sometimes, and then sometimes maybe win 4 times in a row.

If you don't have a buffer to handle this you get stuck.

Thats of course if you play smart, if you play stupid and just ignore 100x, 20x or even 10x variance structures for managing your BR, you end up like I did, chasing losses in situations where due to your skill level you are severly outmatched.

So anyone reading this just starting out, please heed my warning

1 : Play at least 20-100x within your Bankroll. IGNORE any winnings you get to consider rating yourself to improve levels or not, focus just on winning and then once your variance allows you to tier up, do it then.. 4, 5 or even 10 wins in a row at 25c level does not warrant an upgrade in Tier unless your Bankroll Variance Level has been passed
2 : Don't chase losses. If you feel yourself losing or you have just knocked down a big chunk of your BR, take a break... a few hours, a few days if you need to because you could well be tilting and your decisions are all wrong now. You will be relying on luck alone to win.


Think of this as well... you might think that a $30 game of poker would do wonders for your $100 BR, for a 1/3 investment you could quadruple your roll, but the variance level the players you are dealing with are working at either 100-200x for those games... that means they are rolled at £3000-£6000 at least, perhaps more.

Their bankroll is potentially 60x the size of yours and you will get crushed... C R U S H E D...



OK, well the aftermath is here, down to the bone so here is my plan

1 : Play the Depo Freeroll some more, still got half a month of free games to play and should be able to cash in a few times i reckon
2 : I have a bi-daily Freeroll i can play, it costs me nothing but is a 45 man field with a $10 prizepool so if i can cash that a few times it gives me some seed money
3 : I have 40FPP left so i reckon 4 entries into the 10FPP Freeroll could land me in the money if I play well
4 : There is currently a daily FR on Tilt Poker and since you can transfer funds between FTP and PS quickly, if i cash in that i can transfer it over to my PS account

With those activities in place, once i get anything going cash wise, I can then start grinding out the 25c 45 man games again.

I have a goal of $100 to reach before I will consider increasing my level to $1 games so the grind will be 25c x45 man games and NOTHING ELSE

If there was a way I could get Pokerstars to remove any games beyond 100x of my Bankroll and remove ALL headsup games from my client, I would - but sadly i don't think they could exclude such things... its going to take personal judgement to manage that.



So I am down, I am not out, I have plenty of room to get my BR moving again and I have learned a good lesson. One that I knew before but apparently needed a practical example to hit my hard in the face to learn again!


So please, any new players - heed my warning and play to your Bankroll... you might get lucky in some headsup or higher limit games but just like the 'Donk' who takes his paycheck and bets "BLACK" at the roulette table, wins, bets it again, wins, bets it again, loses and goes home... a good streak never lasts forever and putting yourself in a position where you are doubling yourself up with your entire BR each time, eventually you will lose and without accounting for this variance in your BR management, you will have nothing left to work with and be stuck just like me.


Hope this helps anyone who has either got stuck themselves, is possibly finding the grind a bit tedious and is thinking about leveling up past their variance or anyone just starting out and unsure of the good/bad sides of Bankroll Management.

TTFN and good luck at the tables.

Last edited by baud2death; Sat Nov 17, 2012 at 06:09 AM..
 
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Sat Nov 17, 2012, 07:03 AM
(#2)
Sentras's Avatar
Since: Dec 2010
Posts: 122
Great read
Also made these mistakes in the past, good you are doing awesome now. Best of luck!!!
But I must agree to the extend bankrollmanagement is vital in poker
 
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Sat Nov 17, 2012, 07:16 AM
(#3)
wiltshireman's Avatar
Since: Aug 2010
Posts: 1,568
(Moderator)
Great post, hope new players take your advice about bankroll, it took me a lot of reloads to learn the lesson. I dont go broke anymore.

Regarding not having Hu in the client, i set the filters so that only the games im bankrolled to play show in the client, that way im not tempted to "take a shot" at a higher level.


Moderator

Last edited by wiltshireman; Sat Nov 17, 2012 at 07:16 AM.. Reason: typo
 
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Sat Nov 17, 2012, 07:35 AM
(#4)
baud2death's Avatar
Since: Nov 2012
Posts: 1,249
BronzeStar
Yup me too but when you are tilting, clicking a button is easy to do.

It's like an alcoholic with a bottle of vodka in a locked cabinet in his house... If he is really fixing he will crack the cabinet open with a crowbar so it's better to remove it from the house completely.

I have also started my blog so hopefully having to divulge and account for my performance publicly will keep me on the grind track


It's all about patience... Why be patient TAG gameplay in hours of games only to blow it all on 10 mins of impatience!!

I have learned my lesson and had 2 choices really... Swear off poker as a bad idea or start from scratch again, with nothing.... I enjoy poker and feel I have the ability to cash itm so why give up?

I'd like to get lucky and get back to 100$ quickly but if it takes months I'm fine with that!
 
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Sat Nov 17, 2012, 07:50 AM
(#5)
wiltshireman's Avatar
Since: Aug 2010
Posts: 1,568
(Moderator)
Good luck with your challenge, look forward to reading your blog.
Patient grinding seems to be one answer, like you i really enjoy playing poker, would be a shame to miss out on the pleasure of playing for the sake of bankroll management. I'm afraid to admit that we aim't all going to be top pro players, or even moderate pro players, but so long as we continue to enjoy the game with out going broke, and maybe making a few bucks along the way to me that all that matters. Good luck to you, enjoy.


Moderator
 
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Sat Nov 17, 2012, 03:04 PM
(#6)
Ovalman's Avatar
Since: Feb 2011
Posts: 1,778
This applies to STTs and cash, not MTTs but I think table selection is a more important than bankroll also bankroll should only kick in when the stakes mean something to you. There's nothing wrong with depositing $11 on a Saturday night and playing 2 games. The key is can you afford the deposits and can you keep records of them.

You don't want to play good players and a table full of them will either eat you up or just generate rake for the site. The unfortunate part is you have to play players to gauge whether their decent or donkeys and the only way to do this is through notes or tracking software.

Bankroll can be too restrictive, it can hold a player back. I'm a bankroll nit but that's only because the money at micro stakes means something to me.
 

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