Saturday, June 10, 2017

bankroll management in live poker

Poor bankroll management is the biggest downfall of any professional gambler. 10-20 yrs ago i stayed near broke most of the time due to leaks on video poker, playing the wrong forms of poker, and giving women money. i dont ever give women money no more, i dont play near as much video poker as i used to when Josie still read the blog, and i know better now than to waste time in $1-5 stud (it no longer even exists in most cities) and in $2-6 spread limit or even worse, low stakes fixed limit. no more of this wasting $500-600 of $3000-4000 rolls on even money or 6-5 video BJ in the same day either. im sick when i think of how much i wasted in the past 10 yrs or so, and how my skill level in NL poker would easily allow me a bankroll of well over $200,000 if i were to have been managing money properly all these yrs. wish i werent so lazy.

i think theres 2 good bankroll rules to follow. one, dont put over 5% of your roll on the table or lose over 5% in one day. ($750 in other words). next rule is, quit the table (not neccessaliry for the entire day) when u drop back 1% or more. (which is $150). the goal for $1-2 NL is to keep 100 buyins if u dont have other income, investments, govt checks or assets coming in or credit. if u do have these other sources 30-40 buyins should be enough. Bankroll management is more important than most people give it credit for, indeed much more important than ur skill level. bankroll management failures is why i dropped from a high in Reno of over $45,000 to the $13k or so i was down to last week before i had a slight comeback. good money management wouldnt let me bet 3 spots of $1250 each on BJ. 3 spots of $100 to $150 each wouldve been the correct bet on the count of plus 18. then i wouldnt dropped over $20,000 in the 3 weeks i was in Reno.

so this afternoon im in a game in the Nugget which keeps flip-flopping from tight to loose as players go broke or get up. when i left, it was loose, some new players sat down, most were quite loose or bad, including the guy in seat 9 on my immediate right. im in seat 8, since its 9 handed. theres some bluffers on the other side of my table in 3 or 5 and some bigger pots are starting to develop. im much older than many of the players and theres a good looking woman who i think lives in vegas in the seat next to me. not nearly as good looking as the black girl from ellis island who works in the restaraunt who sat by me and Vince in the BJ table at the longhorn last night, who i was shocked to find out was gay being she sure wasnt ugly like most women are who turn gay. i was curious how she knew me til she told me it was from the VBJ machine ellis isle got rid of. i thought she was a boulder street hooker sitting there as good looking as she was. another hooker who vince and i had just seen walking thru az charlies earlier was in there getting thrown out by longhorn security.

i got dealt 10-10 and made it $6 in early position, one of the loose newer guys raised from out of the  blinds to $30, and so did i and one other guy fearing i was up against a big pair. flop comes 2,3,7 and 2 hearts. so when he bets $45 on the flop, not knowing if he has one or not, or if he might have the flush draw or something else which dont beat 10-10 i call. turn comes J offsuit and he bets once more, other guy is out, i call. on the river i plan to fold if the flush comes and he bets or an overcard comes. river comes offsuit 8, he bets $130 what would u do?

i called, thinking he must surely put me on the flush draw (which i dont got) and think if he had an overpair, he would check, hoping ill bluff since in his mind, i couldnt call. so i thought if he bets, he must either have a set or be bluffing since ive showed strength staying in. turns out hes got KK and is good. i left while i still had $190 of the original $100 buyin that was once up to $467.

i will probably regret the rest of the year not trying todays $200,000 guarantee with only $200 buyin but proper bankroll management wont let me spend over $150 on any one tourney. tired of not cashing, then working 2 days to get back the buyin, but this is standard for tourneys. u need either staked to play tournies or be extremely well rolled to financially and emotionally, to not cash 15 in a row and when u do cash to min cash.

8 comments:

  1. Tony,
    Why are you so scared to play tournaments? You actually have the one thing necessary to be successful in them - time. You seem to be better than average at them from what I see you write on here. Are you banned from the Rio? Because those big field entry tournaments should be on your radar. And if you are banned from somewhere and want back in - go with someone who isn't that will vouch that you have changed. If you get back in a place don't camp out there; mix it up from day to day.
    If your living expenses are low you should be playing some tournaments; I understand the stress and expenses when you have to pay lodging. Keep plugging away and you played that hand when the guy had KK ok; but you could have released on the river. Stop worrying about being bluffed so much as making positive EV decisions; occasionally a fish has a big hand pre flop.

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  2. What does someone's appearance have to do with their sexual orientation? I mean look at PPP. He is a fine looking devil and yet is not that gay.

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    1. I thought this AC comment would be a magnet for snide comments. Fine bit of humor though AC...

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  3. Tournaments are what I am good at. I cash in 1 of every 3 I play. I only play at casinos 5-6 times a year, 8-12 tourneys a year. The nearest casino is 5 hrs away so I don't get time to work on my cash game skills. I honed my tourny skills locally when they used to play tourneys in all the pool halls here. They don't anymore. I have learned that there are many different skills used in tourneys vs cash games. I enjoy beating cash players in tourneys because most don't know how to manage chip stacks in tourneys. They have advantage over me when I play cash, which is not often. I usually break even and don't play for more than an hour. Learned the hard way not to go to cash table with tourney winnings. I suggest you hone your tourny skills in low buy in games within your daily budget. Eventually you will learn enough to win more and could possibly score your biggest wins.

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  4. The Golden Nugget is a prime spot for tournaments once this Grand Poker series is over. Their 11 a.m. and 7 p.m. tournament is only $70 generally pays $500 to $600 for top spot. The 11 a.m. usually gets 20 to 30 players and the 7 p.m. maybe anywhere from 30 to 50 players. The Rake is approximateky 26% not great but beatable.

    The main problem with Tony playing tournaments is the downtime in between tournaments as he would surely end up at blackjack table or a video poker machine but he could utilize that down time for playing some cash games and the winnings from the cash games could pay for the tournaments which then could be the main source of income. If he only wanted to pay 20% rake then there are various $125 tournaments around town provided he's not banned from those casinos.

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    1. Aint nothing beatable about a 26% tourney fee brother! Global Poker is where its at.

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  5. Good for you Tony! The opening two paragraphs of this blog are the most sensible thing you have posted in years! If you can only practise what you preach, then there are good times ahead for you!

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  6. You played those 10s so badly. Nothing "loose" about raising 5x in the blinds with KK's. Makes me question why you see him as loose anyway but fine you call and finev you call the flop bet but why continue when a J comes, fold and move on to the next hand. All that added "what if" thinking is a waste of time like fears and wishes.

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