Time is Money
Do you play online for money instead of fun? Something to consider that can - or even should - play more of a role in the decision making in tournaments is the fact that the profit doesn’t occur until after the tournament is over: Winning the money in two hours means that your hourly rate is twice as big as if you had finished it in four hours. For a cash game player, this is automatic. Whenever he feels like getting up and leaving, he takes whatever profit he has made. The tournament player is “stuck” at the table until he’s out or has won. In fact it’s even worse, because he’s missing out on money for every minute that he sits there.
Let me put this differently. When I play in a tournament, I’m not only losing the buy-in, I’m also losing my expected win-rate at the cash game tables. If I make on average $50 an hour playing cash games, a 6 hour $100+$10 tournament doesn’t just cost me $110, it costs me $110+$300 = $410 to play. Where I’m trying to get with this is that getting busted out of a tournament early on isn’t necessarily something to fear. I’ve seen advice of the kind, “don’t take close gambles early on” and “wait for a better time, the stacks are still big” and similar. This is good advice, if the odds aren’t on our side. It’s pretty bad advice if we’re knowingly folding hands that have positive expected value in order to stay alive for as long as possible, when we perhaps should instead focus on making as much money as possible. Getting all of your money in on a close - but beneficial - gamble early on is not something to avoid, it’s something to strive for. If you get knocked out, shrug it off and join another tournament or play a cash game.
Sure, sometimes compete for the glory or the thrill of a final table. Or perhaps for high scores on a ranking system - maybe you get to play Tom McEvoy heads-up on Sunday. But if you play to maximize your winnings, it’s important to realize that playing tournaments cost time, not just a buy-in.
And time is money.
Sorry, I meant to post a few days ago but my browser remembered the wrong password and it took me a few days to figure out how to get around that.
For me and poker, time is fun. I started playing play money to figure out the basics of how to play, and had fun doing it. Then I started a couple real money bankrolls, and have found that 1) I get too upset when someone chases against my pot odds and hits and then I foolishly call his river bet, and 2) I get too excited when I get a big hand or get involved in a big pot.
So, I’m trying to put limits on my playing. I do best at large SnGs, but they take time to play and I still get too excited, so I limit myself to a maximum of one a day right now. I’m trying to bring more fun back into my playing. Paying too much attention to money is taking the fun out of playing.
I still need to practice bankroll management, but I also need to practice fun / stress management, and playing at cash micro levels is not good for either for me right now.
If you’re not enjoying it overall, time taken is time wasted rather than invested. Maybe one day I’ll get to your level, but I have to make sure I enjoy the process of getting there.
Comment by NineLions — February 21, 2007 @ 6:28 am
“If you’re not enjoying it overall, time taken is time wasted rather than invested. Maybe one day I’ll get to your level, but I have to make sure I enjoy the process of getting there.”
I agree completely. There are better ways to make money than poker if you’re not enjoying yourself. And there are DEFINITELY better hobbies if you don’t like this one.
Comment by FPaulsson — February 21, 2007 @ 8:08 am