The Poker Magpie

Success and failure in poker, according to Gigabet

2009-08-25T22:46:00.002-04:00

This I posted at PokerSpace. I update that blog more frequently than this one, though that will change soon. IN the meantime, an interesting converstation popped up over at PokerSpace, and I reposted an old 2+2 gem about the nature of success and failure in poker. You really should at least think about what Gigabet has to say here. Very profound.

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Position, position, position....

2009-08-08T21:15:00.001-04:00

This post on my PokerSpace page goes into more detail about the Buttons and Blinds leak I found in my game. This is a very important discovery for me, and I hope that August turns out better for it.

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The Month in Review : 7-2009

2009-08-08T20:40:00.003-04:00

So far, I have played 1800+ hands of poker, mostly at $0.02/$0.04 and at Fixed Limit. I have dabbled in freerolls, winning 31 cents on PokerStars, but for the most part, I have only played cash games. I will continue to focus on cash games until I have a bankroll big enough to handle SnGs. I doubt I will make it as a tournament player at this point, as even the freerolls are a hassle to register for... I like the easy-come, easy-go nature of cash games, and it is easier on my schedule.

I lost $28, but deposited $10 to unlock the RAI$E promotion at UltimateBet, for a grand total of $32 cash, and $61.10 in bonus dollars to clear. I have not played poker at all in the past week, as I am now reading through Ed Miller's Getting Started in Hold'Em, and Small Stakes Hold'Em. I believe I have found the leaks responsible for the loss.

First of all, I am using PokerTracker 3 trial - and it is fully functional. I have tracked all the hands I have played, and I found the Positions tab to be very enlightening. Bascially, of the $28 I lost :

$11 or so was on the small blind
$4.85 was lost at the button and the big blind. Each.

So cleary, this points to a positional awareness issue. It did not take me long to review those hands and determine that I had misunderstood the position. Long story short : the small blind is the first person to act post-flop (Under-the-gun, or UTG). I thought that I could see the flop at a discount from SB, and played very poorly from there with just about anything. In reality, I threw a ton of money away, because I would be the first to act, and everyone else had positional advantage. Solution ? Fold in the buttons and blinds more. A lot more.

The second leak was harder for me to find... although by the time I realised that tightening up my button and blind play in and of itself would not work, my Ed Miller books arrived. Therein, I discovered the joys of check-raising. Very nice. I am still learning, though, and as I looked into post-flop play more, I found out about cold-calling. Bascially, when someone raises or reraises, one should either raise (or reraise again) or fold. It is not consistently profitable to simply call into a raised pot, unless you have a very strong hand. It took me a while just to figure out what cold calling was, though. I often cold call, and the combination of this and poor button and blind play has cut my bankroll in half. Solution ? Presumably, if I fold more, I will avoid this situation, but the check-raise gives me a new tool to use. I also plan to work on my board and hand reading skills so I do not get pushed out of too many pots...

As far as The Plan goes : well, I learnt that Ultimate Bet puts a 90 day expiry on their bonus dollars. At the $0.02/$0.04 limits I play, that means that I will not be able to clear $61.10 in bonus money before at least part of it expires... I could move up in limits, but I am not rolled for it, neither am I running a winning +EV game yet. In the meantime, PokerStars have announced a new promotion for first time depositors : %100 up to $600, for up to the first three desposits made in a 60 day period. Given that PokerStars can be a bit tight-fisted about their bonuses (comparatively speaking), this sounds like an excellent deal. Code is Stars600, if you are interested. So, I am going to take them up on this sometime by the end of August, and roll whatever money I have left in UltimateB et over to either Stars or FullTilt. I have not decided yet... but FullTilt has rakeback available. It is very nice to be able to get rakeback. Even with what little I have played, and at the stakes I have played, my records show I have generated $55 in rake.

So for now, I continue to soldier on at UltimateBet, and I am not planning on keeping/retaining the $61.10 in bonus. If I get part of it, great, but when it is all gone, I am gone too. In the meantime, the bankroll is at $32, and I lose about $1 per hour, so I have 30 sessions or so before I totally go bust. Plenty of chances to apply the new kinowledge I am gaining from Ed Miller's books....

Raison d'Etre

2009-07-11T13:39:00.005-04:00

I am starting this blog to share my experiences in the world of online poker. I also hope to use this as a tool to organise cool posts/threads I encounter on my way to poker greatness. So far I have signed up for a few fora, and have noted that many beginners such as myself have started blogs. Some more updated than others, they all give a glimpse into the minds of people who are learning the game.

Naturally, we all have different motivations : for me, I see poker as a low-ceremony, high value way to convert my brain power into cash. I read articles suggesting links between chess, poker, and financial analysis. So a large part of what drives me is sheer curiosity : are they right ? I like stock analysis and chess, and so far, I can see the similarities with poker.

The rest of my motivation ? Filthy lucre.

The plan is to grind a small bankroll up to a level where I can supplement my income with poker winnings. I estimate this will take $20k, and 2+ years. However, in true magpie fashion, I do not intend to dump my wage-earned dollars into this. No, I intend to not make any deposits at all. In other words, I will do this strictly by winning money from other players.

By using a tight-aggressive playing style, combined with bankroll management and continuing analysis of my performance over time, I intend to take my initial $100 no deposit bonus at Ultimate Bet and grind to greatness. I actually prefer PokerStars, but they do not have many great rakeback or no deposit deals. I would eventually like to roost there, however, and will likely roll over my winnings from Ultimate Bet as soon as I clear bonuses. This will take a while.

In the meantime, I have no set schedule to update the blog, as it is part notebook as well. Perhaps fortnightly would be good ? We'll see. In the meantime, I shall endeavour to update more frequently in the beginning, as I need to tweak the blog to support my goals. Good luck on the felt !

Community - Profile - PokerMagpie - Pokerspace

2009-07-11T12:00:00.001-04:00

Community - Profile - PokerMagpie - Pokerspace

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