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Working On Poker

Working On Poker

On the heels of a poker session gone horribly wrong, I've decided to evaluate a few random poker related items to set my mind at ease. I deleted the previous post regarding the session, but I'll give the very short and unsweet details now to get it out of the way. I went out with a buddy last night and got pretty ripped. Beers, Southern Comfort and Jagerbombs will do that to you. Getting home around 2:00am I decided it would be a smart idea to play a little poker (e-tard moment #1). I wasn't tired and was still poker giddy after not playing for a week straight so I figured what could go wrong?! Erm, yeah way to be a genius there Jason.

For some reason the Heads-Up games - what I was wanting to play at the time - were not working. So instead I decided to play some NL ring games, not something I play often. Using the mini view I was able to fire up 3 tables at once (e-tard moment #2). And without skipping a beat I put 80% of my bankroll layered over the tables (e-tard moment #3). I won't bore you any further with all the fun I had, but with a mixture of bad plays, bad beats and tiltish moments, I lost every red cent of the money I put on the tables. My only saving grace is my bankroll was very small after cashing out a couple of weeks ago for vacation - leaving only a small amount to play in the Heads-Up Challenge. So I was playing with profits and it was a small amount so I'm not concerned about the money lost - just unhappy with my actions.

So, first I've made a pretty easy,obvious decision. No poker AFTER a night of drinking. I have no problem with having a few beers while playing. Usually I will relax into my game with a few beers while playing all comfy like on the couch. That's a great feeling. But getting tore up from the floor up, then logging on to play poker is just plain stupid. Never again.

Next, I have to evaluate my bankroll management. I basically have none. I'm usually very tight with my bankroll and don't have a problem with ending a session when I know it's not my night. But I want to have a plan in place going forward. I've read a few posts from other bloggers about bankroll management, but never really put what I've learned into place. Now is the time.

Taking a page from my day job, I'm going to incorporate a little investment strategy into my poker strategy. Enter the old Stop Loss. For those who don't know what a stop loss is, well it is exactly what it sounds like. It's a specified price below the current market price that you will sell a stock should it reach that point. For instance, you bought WPTE (World Poker Tour Enterprises) at $5 and it is currently at $12.23. Your happy with your current gain, but after reading some potentially negative articles online, you decide it might be a good idea to guarantee a profit without actually getting out of the stock right away. So, you enter an order to sell the stock if it drops down to $10. If it keeps going up and never drops down to $10...gravy...but if it tanks, you've got an automatic order in to sell your stock at the market when it hits $10. Your bummed it went down and you missed out on the chance to sell it at $12, but your happy you doubled your money. Life is good.

So now I've got to incorporate that into my poker play, with a few slight adjustments to make it work. Instead of an actual dollar amount, I'm just gonna go with a percentage of the roll. For instance, I recall reading on
DoubleAs blog that he sets his stop loss at 2.5% of his roll. I'd like to hear from any and everyone reading this to see if you have a similar plan. Or if you know of any other blog posts or links on the subject I'd appreciate it if you would leave me a comment. As for me, once I deposit and get my roll going again, I will have my stop loss plan in order so I never risk more than I need to in one session and/or night. Gotta start somewhere...

Next up I want to evaluate the games I'm playing and find the right mix to get me in the right direction to growing my roll to where I want it to be.

Thanks for reading and may the felt be with you.

posted by TripJax @ 1:45 AM,

12 Comments:

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