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Weekend Poker update - Princess — LiveJournal
Weekend Poker update
The summary: Pretty much sucked, both personally which I (might) update later in a (filtered) post, and poker wise because I ended up down $2400 for the weekend when I could have been up $200 for the weekend.

Friday: I was up $100, then I got stupid and cocky and thought I could play shorthanded. At least I know what weakness I have now, other than not being able to value bet the river. -$1300.

Saturday: I get paid off hugely on my AA by the resident LAG, and am up $1500 for the night. Instead of getting up to leave as my instinct was telling me, I decided (stupidly) to stay. But what really was poor discipline and a bad move on my part was when I took an initial bad beat to put me down to only $1000 up, I didn't leave. I ended up dumping the rest of my chips on several (really) bad beats on my part.

Sully called me at 10 am on Sunday, I turned over in bed and went "NNNnnnnngh I can't take being yelled at (albeit with good reason) this early in the morning," and muted the phone. He called back at a more reasonable hour, like 5pm, and proceeded to say, "What the HELL were you thinking?" about a couple plays. I told him what I thought and he agreed but still thought I was insane for some calls I made. I still stick behind the calls I made (how can you put someone on JT when you have TT and he stays in for a pot sized bet for a GUTSHOT?), and then he continues, "You know, have you ever heard of the stopgap concept?" I mutter something like, "Probably but I don't know it by that term."

So, he enlightens me, and by proxy, you, dear reader.

When you're up a considerable amount (more than a buy in), set yourself a 'loss' limit - an amount, maybe 1/3 of what you have, that you will be ok with losing, and if you lose more than that, you're done. Get up from the table and book the win. If you don't, you're likely to run into what I ran into, and lose considerably more chips. It takes a lot of discipline, but then again, what doesn't in poker?

If I'd done this, I'd be a lot happier with my weekend, even though I would have booked a small loss, but what's a small loss compared to a big one, especially when in the long run, poker is all one big game?

So next time you're up big, set yourself a loss limit, and if you hit it, get up, even if you've only been there a couple hours. You can always play Pai-gow, and come back an hour or two later if you really feel like it.

[Edited to add: And yes, you may have heard of this concept, but hearing it and actually putting it to use are two different beasts.]
5 comments or Leave a comment
From: joespeaker Date: June 28th, 2005 11:11 pm (UTC) (Link)
Yes, yes. Experiencing the concept sorta brings it home. With the subtlety of a sledgehammer.

On a slightly different but related issue, I used to have a very nasty and recurring habit of not quitting when stuck, mainly because I hated the idea of walking away from the virtual felt a loser. The session would stick in my gut until I could play again. Therefore, in my failed reasoning, I needed to keep playing in order to end on a "high note."

One of the main reasons I switched from mainly cash games to mainly tourneys/SnGs. Can play for 3 hours and only lose $20. :)

Didn't often work out that way.
maigrey From: maigrey Date: June 29th, 2005 02:18 am (UTC) (Link)
yeah, I still have the problem of leaving when stuck - it's something I truly need to work on as well. I hate leaving a loser, and I hate leaving up less thatn I was already up!

but I have tourney issues :)
atari1976 From: atari1976 Date: June 29th, 2005 10:12 pm (UTC) (Link)
If you're up, the game is good and you're not steaming or tired, you'd be insane to leave. You still have a great chance to make more money. You only want to leave if there's something about the game that's causing you to no longer be a favorite. Maybe new players have sat down. A bad beat has put you on tilt. Perhaps some of the players were originally on tilt but have gotten themselves under control. Those are reasons to quit.

If your losses really were just bad beats, then you did the right thing staying at the table. If you're variance adverse and you had crazy loose opponents (which often ensures a number of bad beats), then you might consider leaving on that basis.

Perhaps something reasonable would be to have yourself dealt out for an orbit when you hit that loss figure. Think through your plays and re-evaluate everything when you're not actually involved in a hand.
jaxia From: jaxia Date: July 5th, 2005 10:18 pm (UTC) (Link)
Followed a link to you...

Stopgap is something I'm struggling with right now (along with every other aspect of play ;) ). I haven't been able to do it yet, but if you learn any tricks, let me know! :)

It's always nice to see another woman poker player :D
maigrey From: maigrey Date: July 6th, 2005 04:04 am (UTC) (Link)
I've got no tricks up my sleeve, sorry :)

Welcome along for the ride...
5 comments or Leave a comment