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Taking Chances
2009-02-25 13:07:41
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I know, I know " I wrote the section here at RPT about money management. I am supposed to be the calm, rational voice of reason, always cautioning against giving in to those urges to gamble too big. But, even I think that once in a while, it is good for your mental state to take a chance and play a big game. Even though I stand by that statement, let me start off with a caveat. You don't want to play a game so big that if you lose it will completely take you out of action. That is, if for example you have a $5000 bankroll and you normally play $50 tournaments, then playing a $3000 tournament or higher will make it very hard to impossible to continue playing $50 tournaments. But if you play a $1000 tournament, then your new $4000 roll will be a little light, but sufficient to stay on track. So let's at least stay within twenty to twenty five percent of your bankroll at a maximum. Now that we know our range, let me get back to the benefits. And let's continue to use our example above and say we play a $1000 game with our $5000 bankroll. For starters there is the financial reward factor. Playing your regular tournaments may start to get a little routine. I know that this happens to me. Just the other day I made the final table of a small tournament. I lost a big race and ended up winning $600 and instead of being happy I was mad. This is great if it was due to my competitive nature and I was just upset that I didn't win. But, in truth, the $600 was too small to make any kind of consolation. Now, that same final table finish in a $1000 buy in tournament would have given me a five figure score. I'm not saying that I may not be disappointed not to win that one as well. However, going home with an extra ten or twenty thousand in my pocket goes a lot longer to making me feel better. This also spills over into the general excitement factor. There is just something to be said for being in a game that really makes you sweat. When the entrance fee in large enough that, should you lose, it will make a difference to you in some way, then the butterflies in your stomach start to come out. I don't know about you, but there are times when I crave that kind of excitement. And, even if I lose, I usually still walk away feeling like I enjoyed the experience and that I would do it again. And let's not forget the "what if?" factor. As human beings we tend to dream. We all want to be Michael Jordan, or Michael Phelps, or even Mike Matusow. But, for the majority of us, these kinds of dreams are never realized, or even attempted. The beauty of poker is that it is easier to go for your dream than it is in almost any other situation. I may not be able to play a round of golf against Tiger Woods, but I can pay my money and play a poker tournament against Doyle Brunson. And, while I may never beat Tiger no matter how much luck I have when we play, sometimes a little bit of luck is all we need to win any poker tournament. Again, I am not suggesting that anyone gambles with money they don't have. Consistently gambling with money you don't have is a sure sign of addiction and should be treated by GA right away. But taking a shot once in a while with money that matters but is still inside your comfort zone is important. So, here's how I go about doing just that. First I carefully check out my finances and figure out just how high my limit is. Next, since I know I only get one shot, I do my homework. I look over all my tournament options and figure out the real cost of each one. A shot in the main event of the WSOP may be my dream, but I have to remember that going to Vegas for a week or two to play will cost me at least an extra thousand or two and that added money may put that dream out of reach for now. So maybe the $5000 buy in event at the Borgata where I can drive there and sleep at home in between is a better option for me. Then, once I know what game I am going to play, the final step is to prepare. I watch more videos and read more articles and practice as much as I can before the big game. Finally I eat well, sleep well, and get myself into fighting shape. If all this sounds good to you, then I wish you the best of luck. Be careful and do it right. And, after the smoke clears and the game is over, if you find yourself out of the money, hold your head up high. Not everybody gets to take a shot at their dreams. And, who knows, maybe another year of grinding will find you back in financial shape to do it all over again next year. |
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To Post a Comment!
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coleman Says:
I did just that at the micro limit last week, I used my entire 50$ bankroll to join a Mtt after grinding up and down for two weeks with no real progress or loss.
Finished 3rd, for $2000.00.
Nice, gave me some real bankroll to play at higher limits,and maybe get some poker training, I'm working on the discipline to keep within this bankroll. Ya gotta have the discipline no to go goofy after a big win.
Winner "Tilt", I read a little about that somewhere.
Posted On: 2009-03-04 12:40:13
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kingcobra Says:
I agree here although I think jumping from a $50 to a $1000 buy in might be a little extreme. Sure, that makes it exciting, but you also have to take into account the regret factor. You want to be able to walk away from the whole thing, should you not finish in the money, pretty comfortable with your decision. You also want to take into account your realistic chances of success, and not get in over your head where even finishing in the money is a big long shot. Thirdly, you don't want the jump to be so great that you end up playing so defensively protecting your 'golden' buy-in that you end up stifling your chances.
Simply going from $50 to $200 might accomplish the same thing for instance with less risk. Given the proper conditions though, a mad money play like this can be therapeutic and even pragmatic given you're taking a portion of your bankroll and setting it aside to take a shot at something bigger. The same technique can also be applied to SNG's and cash games as well, providing both some added excitement and perhaps a springboard to bigger and better things should your foray prove successful.
Posted On: 2009-03-01 07:46:55
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