Goals met, thinking about money management.

Yesterday was a very good day. $26 profit ($15 above goal). I ended well above my $1 per hour goal. Another goal I didn't mention yesterday is 100 Full Tilt poker points per day. I made that goal also. So, all in all, a very good day.

Makes me consider money management and when to move up in levels. I have read a couple articles about money management, and they vary from 200 to 300 times the big blinds to play that level comfortably. As I write this, I am above $300, so the $0.50/$1 tables is exactly where I belong. At the earliest, I should not consider moving up until I reach $400, and to be secure, I need to be at $600 before I hit the $1/$2 tables. In my very first posting, I listed my goals. All are attainable at the $0.50/$1 tables, so there is no pressure for me to move up yet.

I did come across an original idea. Joe Benik at The Poker Forum.com talks about the 10% rule. As I considered it, it seems like an excellent rule for me to follow. In my past attempts at money management, I failed mostly on those BIG lose days. Days when I felt I was at a good table, plenty of callers for my premium hands, but the cards just didn't seem to fall my way. Frustrated re-buy after re-buy, and suddenly when I had originally sat down at a $1/$2 table with $20, I am $200 in, with only $20 sitting in front of me. Statistically improbable (impossible) for me to catch up, but I continue to pump money into a losing session. Frustration re-buys are a definate hole in my game.

So, here are my rules for Money management...

First...Stay at $0.50/$1 tables until I have built up my bankroll to $400. Once I reach $400, test the waters carefully at the $1/$2 level. Never play 2 tables at once, and never follow a losing session at the $1/$2 tables. One loss, needs to be followed by a drop down to the lower level. Get more aggressive (2 tables, back to back play) if/when you reach $600 and NOT BEFORE.

Next...Let's consider that 10% rule. At my current bankroll ($350), at a $0.50/$1 table, I can buy in ($10), rebuy, rebuy and a $5 rebuy and still stay within that 10% rule. If I am losing $35 at a $0.50/$1 table, I don't care how well, my cards look, vrs how much they are sucking out on me, it is time to leave. This is a GREAT rule. Live it, learn it, love it. This is now my stone hard rule.

Finally, what to do about leaving a profitable table. Very little consensis on this. I read a couple people who advocated leaving at a double up. They warned that variance will catch up, and profit beyond a double up is rare. Others say if you are controlling a table, you have established yourself as a winner, you will be feared and you should stay. I see the advantages to both trains of thought. So, I am not going to set a stone rule, instead, I am going to try to be honest with myself. If I am winning because I have had a couple hands go my way, and the coin flips flipped Acess88ss side up, get out with your double up. If however, I have steadily won the hands I should win, and been able to manuever calling stations to pay off those extra bets, that is the table to stay at. Watch the ATM's, and leave if/when they do, but stay as long as you are controlling things. Keep an eye on these situations, and work out the system that worls best. Right now, I have no idea what the stone rule should be.

But, rules one and two are stone...let's see how this works.