Intermediate Poker Concept
"Take calculated risks. That is quite different from being rash."
-- George S. Patton
Realistic Returns :: Money Management :: Documenting Your Progress
Level Progression :: Playing Multiple Tables
Realistic Returns by JoblessJoe
At this point your poker skills are improving as well as your knowledge, and your dreams of instant millions are starting to dissipate. Now its time to look at what you can expect as a realistic return from your poker playing. The old gambler credo is “one big bet” per hour of play. For example assuming you play $3-$6 limit poker, this means a good poker player can expect to make $6 per hour of play. Doesn’t sound that exciting huh? Well, don’t forget your playing poker, a game, and getting paid for it. Poker is a game of progression. The longer you play the better you will get, the larger your “bankroll” will become, the higher the limits you will be able to play. Players cant expect to make a serious income playing poker until they reach at least the $10-$20 table limits.
Money Management by JoblessJoe
Building your bankroll is an important step in becoming a long-term poker player. This is where many players make terminal mistakes by playing beyond their means. Things like playing with more money than they can afford to lose, moving up to higher limits than their bankroll dictates, and playing at games that they are not quite ready for can all lead to "poker bankruptcy". A good poker player does not expect to win every time, he/she expects to win in the long run. You must build a bankroll that withstands “the swings” of poker in order to maintain a steady profit. For more information about this topic see Level Progression.
Documenting Your Progress by JoblessJoe
Documentation is the cornerstone of a serious poker player’s game. It enables players to revisit their poker history and analyze their play. Knowing your strengths and weaknesses as a poker player is an excellent way to improve your skills. Keeping complete records can also be helpful for any kind of financial needs, or just bragging to your friends. Basic records should include:
1) Date and time/ length of play
2) Money amount prior to starting session
3) Game played
4) Limit played
5) Location played
6) Amount after session
From this you can analyze key figures like how much you made and when, what games your most effective at and what limits, where your game is most effective, and your hourly rate.
Level Progression by JoblessJoe
Level progression is an important concept both for finding out what level you, as a poker player, are ready to play at, and what limit your bankroll is able to withstand. A good rule of thumb is a player needs at least 100 hours of play at a previous limit, and their bankroll must consist of at least 500 big bets at the level they wish to play. This well ensure, in theory, that the “good” poker play will never go broke, their bankroll can withstand the swings while still making a long term profit.
Lets say that you begin your poker journey at the $.50-1.00 limit tables, this means that your bankroll should consist of at least $500. After 100 hours of play your bankroll now consists of $1,236 and you feel you are ready to move up to the $1-2 level. You should keep your bankroll at least at $1,000 and are free to cash out the $236 as profit. At this rate you should have a total of $3,000 in dedicated poker money to play at the $3-6 tables. This does not mean that you cannot play at the higher limit tables it is simply a figure to illustrate “the swings” a poker player can take. This also doesn't mean you need to have that much money set aside strictly for poker, in fact you can sit comfortably at a $3-$6 table with about $150, but it is reccomended for the serious poker player. This progression can be duplicated all the way up to the high limit tables. This system can also be used to step down levels as well. If after a certain amount of play you find you are less successful, or your bankroll has fallen to a certain level, it may indicate that you have advanced levels to quickly. It may be better for you to descend down to a lower level and work your way back up. Level Progression is a great way for a player to keep themselves “playing within their means”, and if done correctly it can assure that a good poker player never goes broke.
Playing Multiple Tables by JoblessJoe
One advantage to Internet play is you can play multiple tables, and increase your hourly return. Some experts say that playing multiple tables decreases you concentration, and in turn decreasing your hourly rate per table. While other people such as myself prefer to play multiple tables because it keeps me from becoming impatient. Spending less time waiting for good hands keeps you from playing bad hands out of pure boredom and allows a player to throw away marginal hands that would normally cost a player money in the long run.
Its true it does leave quite a bit less time to study your opponents, but on the Internet that can be a plus. Table image is less important on the Internet because players are in and out of tables at a much more rapid pace. At the higher limits it is vital to study your opponents, but at the lower limits players can often be misleading either because they don’t know how to play or other factors effect them such as distraction, intoxication, exhaustion, etc.
Beginner :: Intermediate :: Advanced
