How to minimise your losses
If you want to ensure the downward spiral can be mitigated i have a simple formula which has proven quite effective @ the 2NL-16NL range.
My Bankroll at any stake is 50Buy ins (100BB)... Currently @ 16NL so bankroll is >$800.
In any given session on the tables (usually 4-6 multi tabling) I will focus on playing Tight aggressive poker. If i start well and my win rate is above 5BB/100hands im happy and enjoy my current stakes. If i however am having a bad day and i notice i am down 2 Buy ins. In my case ($32). i will start to cut down my 16NL tables and instead sit on the 10NL tables....
It is not unusual to experience loss streaks of 10 Buy ins.... so instead of losing ($160 or 20% of Bankroll) @ 16NL i will lose:
-$32 @ 16NL
-$20 @ 10NL
-$10 @ 5NL
-$8 @ 2NL
=$70 (8.75% Bankroll)
It does seem counter intuitive and im sure many players out there would not even bother with this mitigation (each to their own) but having been a heavy gambler and learning the hard way, i force myself to follow these guidelines.... it has helped to take the gamblers edge out of my poker and gives me a chance to play multiple stake levels and alot more hands for the long term growth and development of my game.
It must be understood, that to move up in stakes once again, at each level you must win back the 2 Buy ins at the above stakes... sometimes i move back up when i win back 1 buy in at the higher stake but if i lose 1 again im back down quick smart.
i.e you lose 2Buy ins @16NL so you drop to $10NL... you must now play 10NL and win back 2 buy ins @10NL (you are still down from your original amount but atleast you have somewhat mitigated some of your losses... if you move back up and again lose 2 Buyins you simply move back down ....
I hope that this will in some way help you! (anybody have any other mitigation strategy that they use??????)