General Update and Thoughts

So, things have been going well, poker wise.

I have been posting some updates to twitter and so far this has been a good month at the tables.

A few things have happened that have got me thinking, so I wanted to do a general update to see where I still need to get to by the May mark (6 months).

Goals:
Every Session:
Use proper game selection - Done (as much as possible)
Practice good BRM - Done
Always buy in for the maximum and top up if needed - Done
Learn to identify when you go on tilt and activate the killswitch - Done
Apply the maths - Done
Try some multi-level thinking - Done
Be patient, remain calm and focused - Done

Short Term (3-6 Months):
Know the maths - Done
Practice multi-level thinking - Done
Realise a decent profit - Busy 1/2 way
Increase number of simultaneous tables to 6 online - Busy
Up the stakes from $2NL to $10NL on FT - Canned
Up the stakes from R20NL to R100NL on Piggs - Up to 200NL now
Buy tracking software - Still need
Check and record stats once a month - Done
Read 2 poker books - Done
Play more live games - Done

So thats where I'm at, 3 goals to go before May. Need some new goals I think...

Bankroll Update: February

Ahoy,

Work has been crazy busy, hence no posts in the last few weeks. I have still been hitting the tables, although not daily.

Start: 2011/01/26 R3200
End: 2011/02/28 R3300
Rakeback: R300
Winnings: R400

Conclusion
Marginal Month, but still a winner. Thank the lawd for Rakeback...

Short Term Goals Attained:
Read 1 poker book

Well that's it for Feb's update, drop me a comment if there is anything you'd like to see here.

Bankroll Update: January

Ahoy,

Apart from the insane amount of work that needed to be done this month, I have still been hitting the virtual felt as often as possible, even if I have dropped back down to the 20NL tables for a bit due to brain drain. Still managed a tidy profit for this month.

Start: 2010/12/23 R2300
End: 2011/01/25 R3200
Winnings: R900

Conclusion
Short Term Goals on Hold:
Up the stakes from R20NL to R100NL (Currently playing 20NL/50NL)

Short Term Goals Attained:
Know the maths (Applying this to every session)
Practice multi-level thinking (Applying this to every session)
Read 1/2 poker books
Stopped playing on FT, focusing on Piggs

Short Term Goals in progress:
Read 1 poker book (Busy reading - Treat your poker like a business "Dusty Schmidt")
Play more live games (Playing more home games)
Check and record stats once a month (you're looking at it)
Play 4 simultaneous tables consistently (currently only at 20NL/DoNs and Tourneys)

I have been having some technical issues with HEM and .Net3.5 but should have this sorted in the next little while.

Well that's it for January's update, drop me a comment if there is anything you'd like to see here.

Step 4: Long Term Thinking applied to every session

Even though poker is a long term game, consisting of millions of hands, it all starts with each session you play. I try to always make sure that I follow these rules when playing. These rules ensure that I always get the best out of each session.

Session Goals:
Practice good BRM
See Step 2
Apply the maths
See Step 3, know when it is profitable to call.
Try some multi-level thinking
At micros, only 2nd level is really required, "What do I think my opponent has?" Try putting them on a hand or range of hands.
Be patient, remain calm and focused
Above all, if you are emotional while playing, you will tilt.

Cash Game Rules:
Use proper game selection
The most profitable tables for TAG players are those with a high % of players per flop, a big pot size and a high number of hands per hour.
Always buy in for the maximum and top up if needed
This will allow you to play big stack strategy. Remember that chips are tools that can be used to extract chips from other players.
Learn to identify when you go on tilt and activate the killswitch
When I am 1.5 BI down for the day, I stop for the day. If I find myself calling mediocre hands OOP, playing too loose or making bad decisions, I take a break.

Tournament Rules:
Number of Rebuys
Only 2 rebuys and 1 addon per tournament to stay within BRM
Only rebuy if you had the best hand when the money went in
This forces me to make good decisions.
Only addon if it will take you over the average stack size or if you are already over the average stack size
This makes sure that I am not just feeding the big stacks.

Always remember that each session contributes to your long term goals... Keep these in mind and if you are a decent player, your BR should grow.

Bankroll Update: December

Hey all,

Hope you are enjoying the silly season. Here is the first of (hopefully) many updates.

Piggs
Start: 2010/11/22 R1800 (after 2k withrawal)
End: 2010/12/23 R2300
Winnings: R500

Full Tilt
Start: 2010/12/01 $50/R350
End: 2010/12/23 $20/R140
Losses: $30/R210

Total
Start: R2150
End: R2440
Winnings: R290

Conclusion
Short Term Goals Abandoned:
Increase number of simultaneous tables to 6 online (Cannot be done on Piggs without playing different stakes)
Up the stakes from $2NL to $10NL on FT (Need to practice more first)

Short Term Goals Attained:
Know the maths (Applying this to every session)
Practice multi-level thinking (Applying this to every session)
Up the stakes from R20NL to R100NL on Piggs (Currently playing R100 NL)

Short Term Goals in progress:
Read 2 poker books (Busy reading - Poker Wizards "Warwick Dunnett") (On Xmas list - Don’t Listen To Phil Hellmuth "Dusty Schmidt")
Play more live games (Playing more home games and went to Silverstar once)
Check and record stats once a month (you're looking at it)

New Short Term Goals:
Stop playing on FT, focus on Piggs
Play 4 simultaneous tables consistently

That's December, ups and downs ;)

Step 2: What you need to know about your Bankroll

Ok, got some goals, so what's next? Your Bankroll.

We are going to look at why and when proper Bankroll Management is important, what stakes you should be playing and when it's recommended you should move up or down in Stakes.

First the why:

Because poker is a life long game with an element of luck. Therefore, even as a skilled player, you will have downswings. The idea behind proper BRM is to make sure that those downswings don't bust your BR. Thankfully, over enough hands, variance seems to even things out, and if you are a skilled player, you will profit if you have used proper BRM.

The other reason is twofold. One, you don't ever want to play with scared money. You know how you feel when you get a bad beat and the tilt starts to rise? Well, when you can't afford the losses, that tilt is magnified. The quickest way to go broke is to disregard your BRM and encounter on of those tilts...

The other reason is that without proper BRM, you will never be able to use big stack strategy. I like to think of it like this: On the poker table, chips are tools. You use these tools to extract chips from other players. And everyone knows it's better to have a big tool! :) But seriously, use whatever tools available in order to maximize your profits. In the end, that's the goal, isn't it?

You will see, after a few months, with some skill and proper BRM, you will turn a profit.
 

So when should you practice proper BRM?

Well, always. But when it's the most helpful:

When you are on a cooler - When you seem to just be losing and losing, it may be time to cut your losses and take a break. If you have set a budget and you lose 2-3 buy-ins(BIs), it wont seem nearly as bad as losing half your BR.

When you are on tilt - When you feel your emotions getting the better of you, you start playing mediocre hands OOP, and find yourself in pots with hands that look like feet, you are on tilt. Activate the kill switch! Get up, walk away, just take a break, remember that it's a lifelong game and that "more is nog n dag".(there's always tomorrow)

When you have moved up in stakes but you're getting hammered - Stay as long as you feel you are actually getting the hang of it. Don't be a hero and stay cos you can afford it. Most of the time I play way over rolled, just for the social aspect, the action and the table selection.


What Stakes should you be playing?

I like to conserve my BR, so these may seem a little low for you, but good for a starter and easy to work out.

You have quite a bit of cash:
Decide on a starting bankroll, let's use R2500 as an example.
With that BR, you are rolled for R100NL cash game (50c/R1 with a R100 max buy in), R25 MTTs and R50 SNGs. To work it out, for cash games take your BR divide by 25, that is your max buy in, divide by 100 for your big blind max. For MTTs take your BR and divide by 100. For SNGs take your BR and divide by 50.
This should see you through the downswings, but if you are a starter player, I suggest you try  the lower stakes first just to get the hang of things.


You have a bit of cash:
You will need a minimum of $50 to play 2NL on a US site or R500 to play 20NL on an SA site using proper BRM.


You have no cash:
You have 2 options, freerolls (better on SA sites) or a deposit bonus. For the deposit bonus, you must not have an account on Fulltilt. Go to http://www.pokerstrategy.com/u7TYTU, do the training, pass the quiz, register on FT and get $50. That will be enough for 2NL on FT.


Ok, a long one, but almost there, when to move up and down in stakes?

If you are crushing your current stakes, when you have 25 BIs for the next level up, you can try your hand at it.
If you move up in stakes and are losing consistently, once you are down 3 BIs at your new stakes, I would suggest you move down and grind it out on the lower stakes till you are ready to try again.


Well, hope you enjoyed Step 2. The next one in a bit...

Step 1: Set Some Goals

So, you have decided to start playing NLHE and want to make a profit? Me too! 

But, you don't want to spend all that time reading millions of forum posts that will probably never help you? Don't feel like reading poker sites, some of which make your eyes want to bleed?

Well, then I may be able to help. I am going to stay away from anything too involved for a while, so don't expect any hectic formulas or anything. If you want that stuff, Cardschat or 2+2 is where you want to be. (I recommend the former over the latter)

First things first, before you even register at a poker site, (If you haven't done so already) set some goals. They may be very general or very specific, you decide. 

*Just as a side note, never let anyone dictate how you should play your game. If you do this you are almost guaranteed to lose. Play where, what and how you feel comfortable, keep what works, change what doesn't. If you are over bankrolled and your mates are pushing you to move up but you don't feel ready, just stay put.

Anyways, on that philosophical note, back to the list of goals. Here's mine, use it, don't use it...

Before you start:

Set some goals

Read a poker book

Learn the maths (or at least be aware of it)

Learn about Bankroll Management (BRM)! (more on this in future posts)

Research rakeback (a little known goldmine)

Choose poker sites based on your research (if you have the cash, I suggest rakeback over free deposits)
Choose a game type (Cash Games, MTTs or SNGs)

Make 1 deposit on 1 site (this is your starting Bankroll, now no more deposits for a while)

Every Session:
Use proper game selection (Look for tables that pay, more to come)

Practice good BRM (Critical!)

Always buy in for the maximum and top up if needed

Learn to identify when you go on tilt and activate the killswitch

Apply the maths

Try some multi-level thinking (more on this in future posts)

Be patient, remain calm and focused

Short Term (3-6 Months):

Know the maths

Practice multi-level thinking

Realise a decent profit (this is flexible - I am aiming for 5x my current BR)

Increase number of simultaneous tables to 6 online
Up the stakes from $2NL to $10NL on FT

Up the stakes from R20NL to R100NL on Piggs

Buy tracking software

Check and record stats once a month

Read 2 poker books

Play more live games 

Mid Term (6-12 Months): 

Increase number of simultaneous tables to 8 online

Up the stakes from $10NL to $20NL on FT

Up the stakes from R100NL to R200NL on Piggs

Win a 4 figure tournament on Piggs

Play loads of live games 

Long Term (1-2 Years):

Increase number of simultaneous tables to 10 online

Up the stakes from $20NL to $100NL on FT

Up the stakes from R200NL to R1000NL on Piggs

Win a 4 figure tournament on FT

Win consistently at these stakes

Pay for a poker trip with poker winnings

Move entire BR to FT

Up the stakes from $100NL to $200NL on FT

Super Long Term (2-5 Years):

Up the stakes from $200NL to $1000NL on FT

Win a 5 figure tournament on FT

Win consistently at these stakes

Pay for the bills with poker winnings

Ok, now that we have covered the goals, lets move on to the next step.