Bankroll Management

This is an interesting article that will help anyone starting with poker not to go broke. Learning how to manage your bankroll is as important as knowing each hand value. The article is simple but yet it explains everything about bankroll management.


Chris Ferguson

April 27th, 2007

I'm almost a year into an experiment on Full Tilt Poker. I'm attempting to turn $0 into a $10,000 bankroll. With no money to start with, I had no choice but to start out playing Freerolls. Starting out, I'd often manage to win a dollar or two, but I'd quickly get busted and have to start over again. It took some time but, after awhile, I was eventually able to graduate to games that required an actual buy-in.
Even today, people don't believe it's really me when I sit down at Full Tilt's small stakes games. They ask what I'm doing down here, and often tell me stories about how they turned $5 into $500 or $100 into $1,000. Usually, these stories end with the person telling me that they went broke. There's no surprise there. These folks tried to quickly build a bankroll by gambling. They'd play in a game that was beyond their bankroll and, if they happened to win, they'd move up to a higher limit and risk it all one more time. Inevitably, they'd lose a few big hands and go broke.

For me, this experiment isn't about the money. It's about showing how, with proper bankroll management, you can start from nothing and move up to the point where you're playing in some pretty big games. I know it's possible because I did it once before, turning $1 into $20,000.
To ensure that I keep my bankroll intact, I've adopted some key rules:

• I'll never buy into a cash game or a Sit & Go with more than 5 percent of my total bankroll (there is an exception for the lowest limits: I'm allowed to buy into any game with a buy-in of $2.50 or less).
• I won't buy into a multi-table tournament for more than 2 percent of my total bankroll and I'm allowed to buy into any multi-table tournament that costs $1.
• If at any time during a No-Limit or Pot-Limit cash-game session the money on the table represents more than 10 percent of my total bankroll, I must leave the game when the blinds reach me.

I think a lot of players would do well to apply these rules. One great benefit from this approach to bankroll management is that it ensures you'll be playing in games you can afford. You'll never play for very long in a game that's over your head because, when you're losing, you'll have no choice but to drop down to a smaller game. You can continue to sharpen your game at that lower limit until your bankroll allows you to move up and take another shot. These rules also prevent you from being completely decimated by a bad run of cards.

Dropping down and playing lower limits is difficult for a lot of players. They view it as a failure and their egos get in the way. Many want to remain at the level they'd been playing and win back their losses. But this can lead to some pretty severe tilt - and that can go through a bankroll in a hurry. I know that dropping down was difficult for me in my run from $1 to $20,000. When I first played in the $25/$50 game, I lost. Sticking to my rules, I dropped down to the $10/$25 game. I had a losing streak there and had to go down to $5/$10. That was tough. After playing $25/$50, a $5/$10 game was boring to me.

But I had the discipline to stick to my rules, and that motivated me to play better at the lower levels. I really didn't want to lose any more because I knew the consequences: I'd have to play even lower and work even harder to get back to where I'd been, which could take as long as a month. If you ever find yourself bored or frustrated playing at the lower limits, you're obviously not playing well. Take a break from the game. Often, stepping away can give you a fresh perspective and heightened motivation to play well when you return.

There are a couple of more tips I'd like to share regarding bankroll management. First, you should never play in a game that is beyond your bankroll simply because the game seems to be soft that day. It's never soft enough to risk money that puts your bankroll in jeopardy. The other point is that you should avoid playing in games that are at the top of your bankroll limits, when a lower game offers more opportunity for profit.
I'm confident that by sticking to these sound bankroll management rules, I'll make it to my $10,000 goal. These rules are sure to help you as well, as you pursue your own poker ambitions. So, if you want to start your own quest - or play against me while I'm continuing with mine - come open a free account at Full Tilt Poker and look for me online. But hurry, because I'm hoping I won't be in the lower limits for too much longer.


By Chris Ferguson

The Turn By Daniel Negreanu

The Turn is where decisions become more complicated, is where more doubts a player may suffer so learning how to play after it is the key to master Poker.
I've read this article that Daniel Negreanu wrote and I felt like it was as simple as useful for new poker players (although I find it useful myself too...).

The Turn
By Daniel Negreanu

In any form of hold'em, it is my opinion that the turn is the most difficult and most crucial street to play. Learning which hands to play before the flop can be learned, and simple rules can be used to play relatively well on the flop. The turn, though, is what separates the great players from the average players. It's the meat of the hand.

Of course, river play is important, as well: knowing when to value bet, save a bet, try to pick off a bluff, or attempt a bluff yourself. But by the time you get to the river, the pot's usually so big that it's correct to call with any hand you think has a reasonable chance of winning. Calling on the river can never be all that bad.

It's the turn then, that is the trickiest to play. In limit hold'em, the bet doubles, adding even more importance to fourth street. In pot-limit, preflop and flop action affect the size of the bet allowed, so you may have to face a very large bet on the turn, and possibly again on the river. This is not true in no-limit, as the maximum bet is equal on all streets; however, that doesn't mean that turn play isn't crucial in that game, as well. In no-limit tournaments, though, I think you'll find that the most crucial street is preflop.

By the turn, you should have enough information about your opponents' hands to narrow down their holdings some. After factoring in their preflop action, their play on the flop, and the texture of the board, the turn is the street where you'll need to make the key decision as to what your opponents are holding. Here is a simple example of a common, difficult turn decision in limit hold'em:

A player raises from first position preflop, and you make it three bets from middle position with Q-Q, and take the flop heads up. The flop comes K 9 6. Your opponent checks, and you bet. Now, he raises you. Let's say for this example that you decide to just call the raise and see what develops on the turn (reraising is another option here, but I'll save that play for another column). The turn brings the 2, and your opponent bets into you. What should you do?

Well, it depends on a multitude of variables. What could your opponent have? There are several possibilities to consider: A-K, K-Q, or K-X, for that matter; also, 6-6, 9-9, A-A, K-9, and so on. These are all hands that have you drawing dead to two outs, but what else could he have? Could he also have a flush draw? Possibly a hand like Q-J, J-10, Q-10, or 8-7? How about A-9, J-J, or 10-10? These are all hands you can beat.

This is when you'll need your poker skills the most. You'll have to go into your memory bank, and think through the action on this hand, and compare it to hands you've seen your opponent play in the past. Does this player play lots of hands, or is he usually very tight from early position? Is this player capable of making a move like this without having a king or better?

Once you've run all of this through your mind, it's time to take action. Let's say for this example that you decide there is a 50 percent chance that your queens are good; what should you do? I'm guessing that most of you are saying call on the turn and again on the river. That has to be the best way to play the hand, right? Wrong.

There is an even better way to play this hand if you decide to play it at all. Why not raise? Think about it: If you are going to call the turn and the river regardless, raising costs you no extra money (unless your opponent is a timid player and might check a king on the river if a scare card comes). Once you've raised on the turn, you can simply check down the river if you are worried you are beat, or that you won't get called by a worse hand in this spot.

The beauty of playing it this way is that if you happen to be wrong and your opponent does have a king, you'll win an extra bet on the river if you catch a third queen. And if you are right that your opponent has a draw, you'll be getting extra value from the hand by making him pay two bets to beat you rather than just one. And, heck, if your opponent is worried his king is no good, you may even be able to get him to lay down the best hand! All in all, if you are going to call him down anyway, raising is a win-win situation.

Of course, if you raise and are reraised, you will likely have to fold to the third bet and lose your opportunity to catch the third queen. However, you can be pretty sure that if you are reraised at this point, your opponent has you beat.

I recently played a hand in which this situation came up at the Four Queens Poker Classic tournament against T.J. Cloutier. We were threehanded in the $1,060 buy-in limit hold'em tournament when this hand took place:

I raised from the button with two black sevens, and T.J. reraised me from the big blind. The flop came Q 3 3, and T.J. bet out, as expected. I wanted to find out where I was in the hand, so I raised, and T.J. called. When he just called, I felt comfortable that I had the best hand.

The turn then brought the K, and T.J. bet out. Having played with T.J. for countless hours, his bet seemed suspect to me. I didn't believe he had a king, and decided I wasn't going to throw my sevens away, so I raised.

Raising had the same benefits in this hand as it did in the other example I shared with you:

1. If T.J. had a flush draw, I'd be making him pay two bets to make it.

2. If I was wrong and T.J. did have a king, I would win an extra bet if I was lucky enough to catch a 7 on the river.

3. If T.J. was semibluffing with anything from 8-8 to a pair of queens, there was a chance that I'd get him to throw it away, thinking I had a king, a 3, or possibly even a full house.

T.J. called, and the river brought the 2, and T.J. checked. If I was beat when T.J. called the turn, I didn't think he'd fold on the river, so betting seemed pointless. If I was wrong, oh well. If I was right, and T.J. was drawing, there was zero value in betting the river. So, I checked. T.J. said, "Ace high," and I won the pot. T.J. didn't show his hand, but I suspect he had either A-J or A-10 and was drawing to an ace and a gutshot straight. With seven potential outs, that was enough for him to call my raise on the turn.

Now, these are just two examples of hands in which the key decision came on the turn, but there are millions of examples we could cover. Before I let you go, I want to cover just a couple more.

Having played anywhere from $10-$20 to $500-$1,000 hold'em, I've noticed key differences in the way my opponents play the turn. In a typical $15-$30 game, it seems as though players are often so worried about being raised that they'll check a hand they should bet. This happens much less often in a typical $80-$160 game. Here is an example:

You raise before the flop from middle position with A-K, and only the big blind calls you. The flop comes 10 4 4 and your opponent checks to you. You bet, and he calls. The turn brings the 9, and your opponent checks. What should you do? It depends. (Don't you hate it when people say that?)

Really, though, it does. What type of player is the big blind? With what types of hands will he call you on the flop? If he had a 10 or a 4, would he check it to you twice? If he had a hand like 8-8, would he play it this carefully? The bottom line is, the correct play will come from your read on your opponent. That's why it's difficult to teach good turn play, because so much of it is read-dependent.

What I see more often in $15-$30 games than I do in $80-$160 games is the player with A-K fearing a check-raise, and giving away a free card. Of course, I'm not saying you should bet blindly, but I think it's important to stay aggressive on the turn; otherwise, you become very predictable.

OK, here's the last example. A player limps in from first position, and you raise from middle position with J-J. The big blind calls, as does the limper, so three of you take a flop of 8 7 4. Both players check and call your bet. The turn brings the Q. Both players check. What should you do now?

The Q is certainly a scare card. The flush got there, an overcard hit, and someone could already have a straight, two pair, or a set. This is all true, but it's also true that if you walk outside your house today, you might get struck by lightning - yet you walk out of your house every day. Getting check-raised is a lot less painful, but the way some players play the turn, you wouldn't think so!

What you should do in a situation like this is think. I'm not saying bet, and I'm not saying check. The correct play can be determined only by understanding your opponents' tendencies. Giving a free card in this situation might be a disaster. On the other hand, if you've picked up a tell that someone is setting you up, betting would be silly.

The more hands-on experience you get dealing with these situations, the better you'll be able to analyze them and make plays based on your read of opponents' tendencies. If you want to take your game to the next level, playing better on the turn is a good place to start.

Playing The Aces

When you get your hole cards the best hand you will find is pocket aces (AA). Statistically you will get aces 1 over 220 hands dealt. First advice would be don’t fall in love with your aces, they might be the best hand pre flop, post flop they are still a great hands but there might not be the best hand so you should be ready to fold them. Pre flop you have two options: you may limp or you may raise. I recommend you always raise since you want to protect your hand from limpers and the big blind of course. However limping in early position might be a good idea, since you are waiting for some to re raise you in order to push him all in. Limping with a pair of aces will end with you on tilt most of the times. My advice is that you always raise about 3 or 4 times the big blind or 3 times the biggest bet plus the rest of the money in the table. You have the best hand and you want to protect it. Ok, you may think more people means more money and it is right but also means less chances of winning. Remember it is always better to win a small pot than to lose a big one. One last thing, aces aren’t unbeatable, you will win 4 over 5 hands with them, so be ready to lose with them but when that happens remember all the hands and all the money you have won with them and wait for the next ones. ;)

Top Ten Starting Hands

This time I'll write about the top ten starting hands in texas holdem. There are many lists of top ten starting hand so I'll use the one I'll be using in my game strategy. I'll also post some of their
nicknames

1) AA (Pocket Rockets, American Airlines)
2) KK (Cowboys, King Kong)
3) QQ (Ladies, Hilton Sisters, Sigfried and Roy)
4) AKs (Big Slick, Anna Kournikova)
5) JJ (Hooks)
from here you will find a large number of different list, as I said before I will stick to the one I use in my game strategy.
6) TT (10 10) (Audi)
7) AQs (Big Chick, Little Slick)
8) AJs (Ajax)
9) KQs (Royal Marriage, Suited Marriage)
10) AKo (Big Slick, Anna Kournikova)

You may raise with this hand from any position, as long as no one has made a previous raise.

Hand Rankings

Royal Straight Flush: This is an unbeatable hand (it could end in a tie in some kind of poker, like five-card draw but in texas holdem there is no way someone can beat your royal straight flush). A royal straight flush is when you have 10-J-Q-K-A, all of the same suit.
Straight Flush: Five cards, of the same suit, in order, such as 2-3-4-5-6 all of diamonds.
Four Of A Kind: Also kown as Poker or Quads. Four of the same card, such as K-A-A-A-A. In holdem if a Poker appears in the community cards then the players with the highest card will win (in case one of them have a card higher than the other community card).
Full House: also known as a boat. A set of three of a kind plus a pair, such as 8-8-Q-Q-Q. Between two full houses, the one with the higher ranking set of three wins. In holdem it may happen that two or more players share a set of three cards, in that case the hand with the higher pair wins.
Flush: Five cards all of the same suit, but not in order, such as 4-6-9-J-A of spades. If two or more players have flush the highest ranking card of each is compared to determine the winner; if both have the same high card, then the second-highest ranking card is compared, etc.
Straight: Five cards in a row, such as 5-6-7-8-9, but not all of the same suit. Two straights are ranked by comparing the high card of each. Two straights with the same high card are of equal value, and split any winnings. Ace can be placed before 2 and also after K to complete a straight.
Three Of A Kind: Also known as trips or set. Three cards of the same number or rank, such as 6-6-6. If you had 2-3-10-10-10, you'd have three of a kind. If two three of a kind are faced higher ranking three of a kind defeat lower ranking three of a kinds.if both have the same rank the one with the higer kicker win.
Two Pairs: Two pairs of cards of the same number or rank, such as 2-7-7-9-9. If two players shows two pairs the one with the highest pair win. If both have the same top pair, then the second pair of each is compared. Finally, if both hands have the same two pairs, the kicker determines the winner.
One Pair: Two cards that match, like J-J. Higher ranking pairs defeat lower ranking pairs. If equals pairs are faced then the others cards (kickers) decide who is the winner.

High Card: Also known as garbage :P. If no one has any of the above hands, the player with the highest card in their hand wins. Just having an ace in the hole is sometimes enough.

Starting

Anyone can play poker, but first you need to learn the basic aspects of the game and some principles that will guide you thru your poker life.
The idea of this blog is to start with the basic rules and as the blog grows we will comment some Hands, and debate about them. Also the idea is to help people who wants to start with poker.
I will focus my posts in No Limit Hold Em, that is the kind of poker I play, besides at the moment it is the most popular kind of poker.
Good luck at the tables ;)