Managing Upside Success in Online Texas Holdem
In my last column I discussed putting a money management system in place and I talked mostly about protecting your downside risk. Although, that's the most important aspect to your discipline, managing your upside is a big part of it, as well.
I remember a few years back, playing in Texas holdem cash games and feeling good about having a system in place to make sure my downside risk would always be contained, but my results remained mixed...
So I thought a bit about my play and it occurred to me that I was often way ahead $$$ but would give most or all of my winnings back. You see, had put a system in place for managing my downside, in Texas Holdem poker, but now realized I had to put one in place to protect my upside success.
First off, I hear people complain all the time about how they were 'up big' and gave it all back and then some. Secondly, I see it happen almost every time I play cards. Every time I play, I see players losing and going to get more money, more money, more money. The point is this, you can be the best card player in the world but if you manage your money poorly then your results will always be below average.
Let's say I start the night with $500 and an hour and a half later I've already doubled up and have $1100. Now I'm looking pretty good at this point and I can play a little more then before; but at the same time, I don't want to be too reckless. I'm not thinking upside money management, just yet, because if I set a goal to leave with a minimum of $1000, then I might as well get up right now.
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Instead, I'll open my game up a little bit. Maybe play a few more hands then before; make a loose call against the right player if I think the implied odds are there. Here's an example that actually took place recently. I was playing at a $5-$10 No Limit Texas Holdem table and had doubled up to about $1200 in chips.
A guy sat down at our table with about $750, I watched how he played for an hour or so. He was making pretty big pre-flop raises and betting extremely heavy on the flop (in relation to the size of the pot). So I started thinking about trying to get paid off and saw this player as a potential 'target.'
Then the following hand took place. I was seated in the big blind and we were playing with 7 players at the table. The player under the gun calls for $10, the next 2 players fold, and the 'target player' bets $75. Again, an oversized bet based on the size of the pot, which will work sometimes for a good player, but this guy was not that.
So the other players fold and I decide to make a loose call in the big blind with 89h, subscribing to the philosophy of opening up my game a little bit because I'm up $700 at this point. The player who was under the gun also calls.
So now we have 3 players and the pot is $230. The flop comes 8d8s10c. I check, the other player checks and the 'target player' bet $200. I go into Hollywood mode for a little bit, try and look like I'm making a move on him and then raise another $250 on top of his original bet.
The other player folds and the 'target player' thinks for a moment or two, looks at me (I could feel the stare) as I won't look at him, trying to look unsure of myself. He pushes All In and of course I call. I flip over my trip 8's and he shows AK. Needless to say I won the hand and took his $750 + $75 from the other player. My stack was now at $2025 for the night.
Now I start thinking upside money management. I've worked hard to get here and want to make sure I have something to show for it.
(These days I give myself more leash on the upside because I don't want to stifle my profit potential. I always have a working template in my mind for what I want to take home for the evening and at some point in the night I set that goal - this goes for casino and online play.)
Time to set that goal, but at the same time, keep enough in play that it doesn't impact my play. I decide that if I dip below or around $1500 I'll call it a night, therefore giving me plenty of money to continue playing with. Secondly, it puts a little added discipline back into my game, so I don't bleed my money away, especially after showing the other players how I played that big hand.
I ended up the night leaving with $2400. Regardless of that fact, I know exactly what I would have done if I started giving my money back. Very cut and dry and it allows me to relax, play my game and not have any thoughts about the money because I know exactly what I'm going to do. And believe me there have been plenty of nights where I got up and left once I hit my upside target.
Although, a part of me still wants to play, I know I probably saved myself some money. In the past when I didn't have an upside high water mark I often gave it all back and then some. Well, that doesn't happen anymore.
Having a good upside money management system, as well as downside, has really worked for me. It's allowed me to just focus on playing Texas Holdem and has definitely impacted my bottom line. I hope it will do the same for you!
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Good Luck!
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