A Classic Blunder

So I have been crushing the $1/2NL on Party, and last Thursday night I decide, “You know, I’m kind of bored with vanilla poker. I’m easily as good as the players at $2/4, $3/6, and probably $5/10. The $5/10 game is more the level that I play live. I can hang in those games on-line, easy.”

Well, that may be true, but when you only have several buy-ins and hit a bad stretch, it can be a bankroll crusher. So, in the course of 2 nights, I proceeded to dump back almost all of the profits since the beginning of June. A few bad beats lead to over-aggressive play to “get is back,” and poof, I’m back where I started.

A classic, stupid, bankroll management mistake. And the Running Back Plan has been working perfectly.

“Clearly, much of the stress and anxiety occurring in poker is a short
bankroll. This stems from a kind of paradox: In order for a win to have
meaning, we overplay our bankroll. But this in turn brings the
annoyance/anger factor into play and takes us off our dispassionate, detached
view.”

Zen and the Art of Poker, p.52.

Bingo. This is exactly what I was feeling. I need a bigger challenge. If I can make 23 BB at $1/2, then I can double or triple my net $win that at the next levels, right?. Well, maybe. But, I lost sight of the fact that if I hit a few bad beats it can have a devastating effect on my bankroll, especially if I amp up the aggression to get it back quickly.

So, its back to baby steps on the Running Back Plan. I’m resetting, and I commit to stick to the level that’s appropriate for my bankroll. Crush the level I’m on until I have enough to very comfortably move up and take several bad beats without the slighted affect on my overall bankroll.