Bankroll Management Saves the Day

Recently, I have suffered a series of losses that have made me appreciate the bankroll management rules I have been following.   In the past, I probably would have gone broke by now.  Chris Ferguson's bankroll mangement tools have allowed me to keep playing as I am not risking a large portion of my bankroll on any given tournament. Recently, I have bubbled quite a few tournaments.  I have had a few small wins, but overall I am down over the last week or so.  My bankroll is now at $112.51.  I will admit, my focus lately has not been that good.  My mind has been elsewhere.  My wife and I recently found out that she is pregnant with our second child, so we have both been preoccupied with that.  Going forward, I will try to take it one hand at a time and make the best decision I can with each hand I am dealt.

$140!!

I have been playing 18 and 27 player SNG's like crazy.  I was on a bad losing streak, but I just took 2 first place finishes and 1 second place finish.  My bankroll is now at $141.98.   This is my highest my bankroll has been since I started this experiment.   I am approaching $150.  There is a $3 SNG I have been wanting to play, when I get to $150, I will be able to take a couple of  shots at it.  It is a knockout tournament, meaning you win cash for each player you eliminate, which in this tournament, is $.50. 
I have not played many large field tournaments as I have  been pretty tired when it comes time for them to start.  Last week was a crazy one, but hopefully this week wont be as hectic and I will be able to focus on my blog and my game.

Slowly But Surely

I apologize to my readers for lack of posts.  It has been pretty hectic at work this last week.  By the time my daughter goes to bed and I play for a couple hours, I am too tired to put anything together.  Hopefully next week will be easier. 

I have broken the $130 mark.  After failing to cash in a couple of multitable $2 tournaments, I tried my luck at some single table $5 SNG's.  According to Ferguson's rules, I can play a 1 table SNG for up to 5% of my bankroll.  I lost a couple and had a 1st and a 2nd place finich to push me up to $136. 

Today, on my lunch break,   I was reading the Full Tilt Strategy Guide.  In the chapter written by Chris Ferguson, he talked about having a purpose when you bet.  The reasons for betting are threefold:  to get a better hand to fold, to get a worse hand to call, and to protect your hand against draws.  He also talks about many reasons not to bet.   If the board is KQ936 and you have 88, the only hands that can call are hands that beat you.  Why would you bet in this spot?  On the other hand, if you check and your opponent bets, maybe you have him beaten.  He could have a hand like AJ or maybe he missed his straight for flush draw.  This is a good spot to check to induce a bluff.  If he bets and you have put him on a straight draw or flush draw, you can call and win a bet that you otherwise wouldn't have.  If you had bet and he had nothing, he would most likely fold and you win a smaller pot.  If you bet and he calls, he has you beaten.  I found this to be a very interesting approach and will try to incorporate it into my game.  This is just a small portion of what he talked about in his chapter.  I hope to be able to discuss more of Ferguson's poker theory in future posts as I find it very interesting. 

In the mean time, I will keep plugging away at my $10,000 goal.  Only $9,870 more to go!!

Holding Steady

The last couple days have been pretty neutral as far as results.  I failed to cash in several tournaments, but took down second in a 27 player SNG.  My bankroll is holding steady at just under $129. 

I played a large field tournament last night, but failed to cash.  For the most part, I tried to keep the pots small unless I had a very strong hand.  There is one hand I am particularly proud of.  I was 2 behind the BB.  The player UTG raised to 3 times the BB.  I had AK suited and reraised about 2.5X his bet.  He repopped me for all of my chips.  I had been watching this player for quite a while and he had been quite aggressive.  He been bullying other players with large preflop bets.  I thought for a couple minutes and finally decided he was making a move on me.  I called his all in and he showed K4 offsuit.  Nice call!!  He didn't improve his hand and I doubled up. 
Late in the tournament, the following hand came up.  I had AA in middle position.  I raised to 2.5X the BB.   The button, who was the tournament chip leader,  reraised 3X my bet.  I four bet and the button moved all in.  Of course, I called.  He turned over Q5 of spades!!!  On the flop he flopped a 5 and a spade.  The turn and river were both spades and I was eliminated in 97th place.  Oh well, there is always next time.  I got my money in good and thats all I can do.  I am happy with how patiently I have been playing.  I know it is just a matter of time to my first big win.

Cashing Small....... Again.....

Last night, I cashed in a $2.25 large field tournament, but only made the 2nd level of pay.  When I cash, I seem to be stuck in the lower levels of pay outs.  Its my curse.   I just  can't seem to get to the upper levels of pay.  I seem to do well in the 45 or 27 player tournaments, but the large field cashes elude me. 

I play well enough to cash almost every time I enter a large field tournament.  You would think that I could play well enough, or at least get lucky enough to move up the pay ladder at least a little bit.  Take last night for example:  out of over 600 players, I was knocked out in 50th place.  Once we made the money, I just couldn't win a hand.  JJ no good, QQ no good, AQ no good.  Frustration is setting in.  I hope it doesn't affect my play.

On a good note, I took 2nd in a 27 man SNG.  My bankroll is now just over $129.  I am increasing it slowly, but steadily.

Uneventful Week So Far

As the title to this post would suggest, this week has been uneventful.  I have played a few $2.25 large field tournaments, but have not cashed in any of them.  It looks like the 8 PM Pacific time $2.25 tournament averages about 600 players.  I have been close to the money, but just haven't quite made it.  I need to find a way to accumulate more chips early on.  I feel I have been playing pretty well.  It is rare that I put my entire stack in danger.  I have been patient and wait for good spots to get my chips in.  It is just a matter of time before I have a good finish in one of these.  I am consistently getting through most of the field, but keep finishing just outside the money.  Tonight, I finished 71st out of 609 and 63 places are paid.  When it got close to the money I was short stacked and I was trying to find spots where I could steal blinds or double up. On my last hand I was on the button with Q9 of spades.  I moved all in and the BB called with KQ.  A K fell on the flop and my tournament was over.  I will keep at it until I have a strong finish.  First place tonight paid almost $300.  That would be a nice boost to my bankroll experiment.  My bankroll is now at $110.06.

Good, But Not Good Enough

This evening I played in a $2.25 large field tournament.  There were 569 players.  This is the first night I haven't played "The Ferguson" in a couple of weeks.  The $2.25 tournament starts much earlier and the field is not as large, so it works out much better for me.  I am not up as late as I would be in "The Ferguson", which was starting to be a problem beacause when I made it deeep, I was getting really tired and barely staying awake.  I am looking forward to playing more of this tournament.

  It took a long time for me to accumulate any chips.  In the beginning of the tournament, I limped in position with a lot of suited connectors, small pairs, etc...  I was unable to hit with any of them.  I didn't pick up any other playable hands for quite some time.  The failure to hit a flop along with the blinds whittled my stack down to 1000 from the original 1500.  By the time the blinds reached 40/80, I was down to 860.  I finally picked up a couple of good hands and had my stack up to 1200 by the time the 50/100 level came.  This hand is where I finally turned things around and started to accumulate chips.  I had 22 in the hijack.  I limped hoping to see a cheap flop.  The SB who had been pushing the table around, raised to put me all in.  I was 100% sure he didn't have a pair.  At this point, with the blinds getting higher, I didn't mind a coin flip.  I called and he showed J9.  He failed to improve and I doubled up to almost 2700.  Now I had some chips to play with!  I continued my patient play and picked my spots carefully.  I played position and tried to control the size of the pots I played.  I made a couple of good calls and one huge laydown.  The following is my big laydown.  The blinds were 100/200.  I had TT in middle position.  I raised to 550.  The cutoff reraised to 1800 and the button smooth cold called.  Something about his call screamed AA or KK.  I decided to fold.  The flop was 963.  The cutoff moved all in and the button called.  The cutoff showed 88 and the button showed AA.  If I had called the reraise, I'm sure I would have been all in on the flop and would have been eliminated. 
After this hand, not much happened, I slowly and steadily built up my stack by taking stabs at small pots and taking down blinds and antes.  As the money bubble approached, play slowed down quite a bit.  Most players at my table had me covered, so I wasn't able to be too active as far as attacking the blinds.  I did pick up a couple of hands and took down some small pots.  The money bubble finally burst and one player at my table snuck into the money with only 54 chips left and the ante was 75. 
After the bubble burst, play picked up again.  I was able to take down a few good pots and moved up to 9th in chips out of the remaining 50 players.  I was hoping to make a deep run, but the following hand came up.  I had JJ in late position. I had about 39K in chips.  The bliknds were 500/1000 with a 125 ante.  I raised to 3000.  The button reraised to 10K.  I wanted to see a flop before I decided if my hand was good, so I called.  The pot was now over 21K.  The flop was KKT.  Not a good flop, but not a bad one either for my hand.  The only hands I am afraid of are AA, AK or QQ.  I move in for my remaining 19K.  The button called and showed AA.    I was eliminated in 42nd place for a cash of $3.70. 
I am kicking myself for not getting away from this hand before the flop.  I was out of position in what was going to be a big pot.  If I had gotten away from this hand and continued my patient play, I am sure I could have made it to the final table.  First place paid almost $300.  That would have been a bankroll booster.  Oh well, there is always next time.
My bankroll after this tournament is at $116.81

Bad Play

My results yesterday and today are below average.  Overall, I am down about $5.00 for the last couple days.
Last night, I played in a couple of large field $2 tournaments.  I failed to cash in either one. 

Today, I was in good position to make a final table, but made a bad play that killed my momentum and my chance to make the money. 
I had picked up a few big hands and had about 7500 in chips.  I was the chip leader.  Blinds were 60/120.  I had AQ 2 off the BB.  I raised to 300.  The player to my immediate left moved in for 2700.  I had played with this player before and had seen him make similar plays.  I put him on an AJ or AT or an under pair.  For some idiotic reason, I decide I dont mind playing a coin flip.  He had 77 and I failed to improve.  He doubled up and I went from chip leader to 5th in chips.  After this hand, I was tilting.  I made the final table with a small stack.  On my final hand, I had A6 and pused allin for 900.  The blinds were 120/240.  The BB called with KQ and spiked a K on the flop.  I was eliminated in 6th place.
Looking back at the AQ vs 77 hand, I don't know why I called.  If I had stopped to analyze my situation, I would have realized the following:
1.  If I fold, I will still be the chip leader.
2.  If I call and lose, I will move from 1st in chips to 4th in chips.
3.  If I call and lose, I will be giving a large amount of chips to a dangerous player in a marginal situation at best. 
4.  Folding in this spot is not a bad play, the blinds are still low enough that I can wait for better spots to pick up chips.
5.  At best, I am a coin flip.  I could very easily be up against AK in this spot.
All of these reasons should make for an easy fold.  I really have no idea what possessed me to make the call in this spot.   If we had made the money already and I was just trying to move up the pay ladder, I would be ok with this play, but it was still early in the tournament.  I am very unhappy with how I played this hand, and will definately try to avoid these situations in the future.

After this tournament, my bankroll is at $105.19.

Asleep at the Wheel

I played 2 tournaments last night.  I played a 27 player $2.25 SNG and "The Ferguson" $1 tournament.

I was able to take 2nd in the $2.25 tournament for a cash of $12.42.  I should have won this one, but had some bad luck.  Going into head up, had a 3:2 chip lead.  A few hands in, the following hand came up.  I had AJ in the BB.  My opponent limped and I raised.  My opponent called.  The flop was A92.  My opponent had been pretty aggressive, so I decided to check and give him a chance to hang himself and to diguise my hand.  The turn was a Q.  I bet hoping that he had hit something on the board.  He came over the top for all his chips.  I called and he showed Q7 for 2nd pair.  I was in great shape to win the tournament, but a Q came on the river and he doubled up.  I was never able to recover after this hand.
I made another good run in "The Ferguson".  I went out in 116th place out of 1690.  I cashed for $2.20.  It is emberassing how I was eliminated. After we made it to the money, I was very tired and kept falling asleep.  Usually, it would beep when it was my turn, and I would wake up and play my hand.  The next thing I knew, I woke up and looked at the screen and it said I had been eliminated.  I had blinded off all of my chips!!!   I must have been asleep for over an hour. With the blinds as high as they were, I figure it took about 14 orbits to grind my stack down to oblivion.  How emberassing!!  I have to find a way to stay awake when I am deep in these tournaments.

Over $100/First $2 Tournament

I finally broke the $100 mark today.  I took 3rd in a 27 player $2.25 tournament and it pushed my bankroll to $100.85.  I like the 27 player tournaments for $2.  You are playing for similar prize money as in the $1 45 player tournies, but you don't have to get through as many players. 
Hopefully, I can continue at this pace and keep adding to my bankroll.  I still have a long way to go to get to $10,000, but I am happy with my results so far.
To help me track my progress, I have started a spreadsheet that keeps track of my percentage of cashes, my average profit per tournament, and my return on investment.  I was surprised at the numbers.
This is how the #'s look so far for the 45 tournaments I have entered into the spreadsheet.
I cash in 33.33% of tournaments I play.
I profit $.98 per tournament.
My return on investment is $44.29 profit on $56.06 worth of buy-ins for 79.02%
My average cash is $6.69.
This is the first time I have analyzed my results from a statistical standpoint.  I believe it gives me better insight into how successful or unsuccessful my play has been.  If anyone has any other ideas on how to analyze my results, I would love to hear them.

$98!!!

It's my day off and I am alone in the house.  It is so peaceful and quiet.  My plans for the day are to take lots of naps and play poker.  I may see a movie later. 
I just finished a 45 player SNG and was able to take down 1st place.  Once play was short handed with 5 players, I was able to accumulate a lot of chips.  Whenever, it was blind vs. blind, I would make a minimum bet after the flop, regardless of what I had.  75% of the time, the other player would fold.  By the time it was heads up, I had a substantial chip lead, and it didnt take long to eliminate my heads up opponent.

 This brings my bankroll up to $98.96.  It looks like I can take a couple shots at some $2 tournaments.  If I drop below $90, I will go back to the $1 tournaments.  Unfortunately, there are no 45 player SNG's at the $2 level, so I will probably have to play 27 player or 90 players.  The 90 player payout seems rather flat though.  18 players are paid and top prize is only $22 in a $1 tournament, whereas in a 45 player $1 tournament, top prize is $17.10. 

On a good note, it looks like Full Tilt reduced the rake on a $1 tournament.  Previously it was $.25, now it is only $.10.  However, it looks like they time for each level from 10 minutes to 6 minutes.  The last tournament I played lasted for 18 levels, so the 4 minute difference on the levels is definately going to affect the way people play.  Hopefully it will make them less patient and they will stack off with marginal hands.

So far, following Chris Ferguson's bankroll management rules is paying off.  I think the biggest advantage of the system is that you are never playing "scared" money because you are risking just a small portion of your bankroll.  This gives you the confidence to make big plays when they are warranted.  The best players are able to make big plays without fear.  This bankroll management system gives you the ability to do that.

I Have Finally Reached the $80 Mark!!

Well, I have finally passed the $80 mark.  Hopefully, I will reach $100 soon, so I can start taking some shots at $2 tournaments.  I took 2nd in a 45 man SNG last night for $11.25.  I also played in "The Ferguson" again, but didn't finish well, I went out in 500th place out of over 1400.  My bankroll is now $83.16.  I will be playing a couple of 45 player SNG's tonight as well as a single table razz SNG (if there are enough players to get it going).   If I am not too tired, I may play in "The Ferguson".  Tonight, it will be a HORSE tournament. 
On another subject, I have been watching quite a bit of video on CardPlayer TV's site.  I have been watching old episodes of Mike Matusow's show.   He talks a lot about PL Omaha and says that is where the money in poker is right now.  His point of view is that most poker players are able to play NL Hold'em pretty well these days and that the profit is not what it used to be because the players are so much more informed than they were a few years ago.  This is where PL Omaha comes in.  Not a lot of people know how to play PL Omaha well, so there is more money to be made.  There isn't a lot of instruction out there on Omaha, there are next to no books available on the subject, and most poker discussions revolve around NL Hold'em.  I am thinking of taking some shots in single table SNG's to try to learn the game.  I did play in an Omaha SNG the other night, although it was completely by accident.  I thought I had clicked on a single table Hold'em SNG, but it was an Omaha game and I didn't realize it until the game started (it's a good thing that I am only playing in $1 tournaments right now!!).  I ended up taking 2nd place.  The entire time I was playing, I was just listening to Matusow's show, trying to pick up any bits of advice I could.  Most of his advice was just to play tight and wait until you have  a big hand or a big draw to get involved.  He believes that most of the Omaha players are pretty weak and will get their money in with as weak as top pair.
That is all for now.  See you at the tables!!

Razz Tournament

Last night, I played in "The Ferguson" again.  This time it was a razz tournament.  If you aren't familiar with razz, it is a variation of seven card stud where you try to make the lowest hand.  A2345 is the best possible hand.  I did quite well considering I am not really a razz player.  I finished 63rd out of 475 players.  I didn't make the money, but I was excruciatingly close.  On my final hand, I was heads up with a player who had a slightly larger stack than me.  On 4th street, I had A234 and my opponent had J7 showing.  We raised and reraised until I was all in.  All I needed was for one of the next 3 cards to  be a J or lower.  Seems easy, right?  Well, my next 3 cards were KKQ in that order.  So much for my double up, and so much for making the money.  If I had won this hand, I would have cruised into the money with plenty of chips to maneuver with. 
I have found that I really enjoy razz and I believe that I could be quite good at it.  I hope to play more razz tournaments in the future, maybe some single table SNG's. 
It would seem that the secret to razz is just to play tight and wait until you get a A2, A3, or A4.  If you have low cards showing, there are many opportunities to bluff.  Example:  you have KQ in the hole and an A showing.  On 4th street you pick up a deuce.  Your opponent has a 9 showing.  This is a perfect opportunity to bluff even though you have the worst hand.  If you bet, your opponent will have a tough time calling unless he specifically has A2 in the hole and another low card showing.
I think razz is a very interesting game, as it has a totally different dynamic than other poker games.  I did watch a razz tournament on ESPN once, it was very slow, and not very exciting to watch.  Playing, however, is a totally different experience.
My bankroll after this tournament and a couple of SNG's is at $77.91

Best Finish Yet!!

Today I played a $1 tournament on Full Tilt.  There were 1376 players.  The payouts in this tournament are not as flat as in "The Ferguson" meaning you need to finish higher to cash.  I busted out in 43rd place.  Prior to going broke, I was 6th in chips of the remaining players. I had built up my stack by making large raises in position when other players had shown weakness.  Here is an example.  I was at one table where the hijack seat would always limp into a pot when it was folded to him.  I would raise to 5 or 6 times the BB, everyone would fold, and I would take down the pot.  I was also able to make this same play from the SB when a single late position player limped.  The other wasy I was accumulating chips was to see a lot of flops in position when it was a small field.  At one table the player 2 to my right would constantly try to take down the pot with incredibly small bets (the minimum bet or 2x the minimum bet)  I could reraise him with air and he would fold.   I don't know if he was betting a draw and trying to see another card cheaply, or if he was bluffing. 

  This is the hand that led to my undoing.  I had AK 2 behind the BB.  I raised 3.5 times the BB.  A middle position player who had about 2/3 of my stack thought for a long time before calling.  I put him on possibly a middle pair.  The flop was a Q42.  I bet 2/3 the pot hoping that if he had a middle pair the Q would scare him away.  He thought for a while and finally moved all in.  It wasn't that much more for me to call, so I did.  He showed QQ for top set.  I was very surprised.  This was one of the last hands I would put him on.  I thought he would have reraised me preflop.  I made a couple of mistakes in this hand:  I didn't pay attention to his stack size, if he wins the pot, my stack will be substantially smaller.  Also, I didn't have position and probably should have been able to check-fold the flop when I missed.  After this hand, I only had about 10 BB's left I was losing almost 20% of my stack per orbit with the blinds and antes as high as they were.  I finally had to make a stand with A4 suited from the cutoff.  The BB called with AJ and I was eliminated.  I finished 43rd out of 1376 players.  Overall I am happy with my play.   I constantly put pressure on the small stacks and the only time I was all in for my tournament life was the last hand.  I was paid $3.48, but I think if I had gotten away from AK when I should have, I could have made the final table where I would have made at least $20.  First place was paid just over $300.
My bankroll is now at $79.11.  I am hoping to make it over the $100 mark this week and then I can start taking some shots at $2 tournaments (following the rule of not buying into a tournament for more than 2% of your bankroll). 

Small Cashes are Becoming My Specialty

I cashed in "The Ferguson" again.  This time it was for a whopping $2.17.  I am happy that I can consistently make the money, but I need to find a way to move up the pay ladder.  I could have tried moving up the pay scale by not playing any hands, but I was losing almost 20% of my stack with every orbit.  On my final hand, I moved in with TT and was called by AK.  A king fell on the flop and that was that.  If I would have won the hand and doubled up, I would have been able move up at least 2 more spots on the pay ladder.  Once I make the money, the blinds are really high.  It looks like I am going to have to win a lot of coin flips to make it up the ladder, unless I can make it to the money with a sizeable stack. 
After this cash and losing a buy in for a 45 player SNG, my bankroll is $77.78

By the way, thanks to everyone who is following my blog.  It is encouraging to know that someone other than myself is interested in my experiment.  Today I acquired my 10th follower.  Not bad for less than a month of blogging!! 

Cashing in "The Ferguson".... Again

Well, I cashed in "The Ferguson" again.  I am getting consistent on making the money in this tourney.  Now if I can just move up the pay ladder.  I only cashed for $1.48.  I am reaching the money by playing extremely tight and not getting involved in very many hands, but when I reach the money, I don't have a lot of chips to maneuver with.  I need to learn how to accumulate more chips before reaching the money, so that I can make a deeper run. Maybe I can pick up my aggressiveness near the bubble by attacking the short stacks who are just trying to survive.  At least I am past my downswing and I am starting to rebuild my bankroll which is now at $77.86.  I am going to play in "The Ferguson" again later tonight, as well as a couple of 45 player SNG's.  See you at the tables!!

First Place Finish!!

I just finished a 45 player SNG and was able to take down 1st place.  I tried to play pots in position as much as possible to give myself the best chance to win them.  I also tried not to risk a large portion of my stack on any given hand unless I was very strong.  At the final table, I didn't get involved with any of the big stacks until we were in the money.  Overall, I am very happy with how I played.  I was rewarded $17.10 for first place and my bankroll is now at $77.38.

Bad Beat in Heads Up

I finally cashed in a 45 player SNG.  I made it all the way to heads up play.  I had a slight  chip lead and had AT on the button.  I raised and my opponent called.  The flop was TT4.  He bet and I raised.  He moved all in and I called.  He showed 88.  I am in good shape to take down the tournament until the river hits.  An 8!!
He makes a full house and doubles up.  I am crippled.  I moved all in a few hands later with A7.  He called and showed AK.  Oh well... what can I do?  I took down 2nd place for $11.25.  My bankroll is now at $64.48. 
I believe that my tournament play is improving and I have found myself folding hands that I previously would have played.  Tournament play is all about protecting your chips and I am very careful about which hands I am willing to risk my chips with.

Dry Spell

Last night, I played five 45 player SNG's and failed to cash in any of them.  I made one final table, but with a short stack. 
I also played in the $1 Ferguson tournament.  Last night it was a HORSE tournament.  Considering I haven't played much HORSE, I did quite well.  I went out in 72nd place out of  539 players.  56 places were paid.  I did well in the Razz levels.  It seems like it would be a hard game to learn, but it is quite simple.  A lot of the player didn't understand it and I was able to accumulate a lot of chips on the Razz levels.  A lof of the pots I took down were complete bluffs.  I just played my opponents cards and knew when they wouldn't be able to call.  I busted out during a Stud Hi level, which was my own fault.  I had enough chips that I probaly could have folded all of my stud hands and made the money.  I should have just stuck to Razz and Hold'em.  Overall, I was happy with my performance in this tournament.
After these losses, my bankroll is now at $54.48.

Another Deep Run

Last night I played "The Ferguson" again.  I busted out in 63rd place out of 1,489 entries.  Not bad!!  I never had a big stack, but I picked good spots to get my money in.  Quite often, I found myself nursing a short stack, but I was patient and just waited for the right time to put my money in the pot.  I tried not to get involved in spots that would put my whole stack at risk unless I was very strong.  Overall, I am happy with my performance.  I cashed $3.27 for my efforts.  I'm going to keep trying this tournie until I get a final table finish. My bankroll is now at $61.73.
Today I started a spreadsheet to track my tournament performance.  I will keep track of my profit and my percentage of cashes.  Also, I am going to be avoiding cash games for awhile to focus on my tournament play.