So I won some money :) Feedback Please!!!

I FINALLY placed in a freeroll to win some cashola haha but ya what i did was I played on full tilt with play chips, made 500,000, entered the 500k play chip freeroll that has a prize pool of $40 real money paying out to the top 18. 1st gets $5. 2nd gets $3. and 3-18 get $2.
Well the tourney only had sixty something players but I played my cards right and payed attention to my opponents betting patterns and tells and such. Avoided a very sticky situation early on by folding AK pre flop UTG after I open raised to 2/3 the pot and got re raised by a middle position player to like 1.5X the pot and then a raise All-In from the small blind. I had a very rough decsion if i wanted to stake my life in the tourney this early on to this hand... took my time and I folded only to see the mid position player with 10's and the blind with ACES!!! Very happy with my play. So I continued on and was playing very tight, winning with only the nuts. and what do ya know... I finished 2nd! Yipee! haha
So with my $3 I decided on how to build my bankroll. Tell me what you think of my strategy. Well I'm only playing .01/.02 NL HE ring games with nine players and buying in for the minimum. What I actually like doing and is working for me pretty great is multi-tabling. I make myself play up to 8 tables at once and am very picky on hand selection and position. My table play involves no slow play and I bet my winning hands big, not worrying if they call or not and am very happy to take the pot down as soon as possible so that I can't lose to a suckout! haha. and I used to think that it was a good strategy buying in for the minimum so that I couldn't lose that much and then as soon as I had won a pot or two only making like %10 of my buy in i'd get up from the table and sit at a new one just so I could "bank" the extra few cents. Realized that was dumb dumb dumb. SO now I am sitting at the tables and I try to set myself a time limit depending on when i'm playing and how long I have. Usually an hour or two per table. And I don't get up from the tables and let my stack build!!! Seems to be working pretty good cause generally after an hour or so I have doubled my buy in at 75% of the tables and made a good profit.
By doing this I built my roll up to 11 bucks last night! But decided to have some fun and played a $5 SNG... lost lol but its alright cause my strategy at the ring games seems to be full proof Hopefully I can turn my $3 into millions!
What do ya'll think of my ideas? Any suggestions? Comments? Concerns? lol let me know and ya i'd appreciate any advise you got! Thanks for your time

Look into Chris Ferguson's BR management theories. You said you built it up to $11 & then spent 50% on an sng. That is not smart. TBH, you should keep playin' freerolls til you build your BR up enough to play those $5 sngs. Only use 1% or 2% of your BR when playing.

I don't know if I would be playing freerolls until you built up enough to afford $5 sng's, that may take a while.

I am playing with a smallish ($30) bankroll right now, so I am sticking to the minimum games that I can. 0.01/0.02 NLHE, and 30 cent, 1 table SnGs. The 30 cent SnG on full tilt is a satellite to the daily dollar. I am playing that a fair bit and everytime I win the buyin, I unregister and get $1T instead, which can then go to more of those SnGs. I have found this a very effective (mind you slow) way of building my bankroll. Downside is that it takes a while, but on a positive note, it also means I have managed to avoid going bust.

When you get your bankroll up to 40 - 50, you can start using proper bank roll management tactics by buying into $1 - $2 1 table SnGs and 50 cent tournaments. $100 bankroll is required to safely do a $5 buy in for a 0.02/0.05 NLHE ring game. At least that is my understanding of where I should be heading with my bankroll managment.

fergy05 said:

I don't know if I would be playing freerolls until you built up enough to afford $5 sng's, that may take a while.

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Patience is part of this game. Most of the people who go broke are the 1s who as soon as they get a few dollars, they jump into spending it. If spending your BR right away worked, every1 would be rich quick. Chris Ferguson's BRM theories are what you need to follow, trust me it works. Have some patience & play btb & you'll succeed.

Suited Frenzy said:

Patience is part of this game. Most of the people who go broke are the 1s who as soon as they get a few dollars, they jump into spending it. If spending your BR right away worked, every1 would be rich quick. Chris Ferguson's BRM theories are what you need to follow, trust me it works. Have some patience & play btb & you'll succeed.

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Yes, but Chris Ferguson's discussions on how he went from 0 - 10,000 talk about the early stages. He actually mentions that the first time he got $2, he went to cash games and lost it again, to put himself right back to free rolls. He did not play freerolls until he had enough to practice BRM, he just played them to get something else to play with.

He actually talks about some of the places that he broke his BRM rules, and they were when he was playing on a very small bankroll. 1 of the rules was that he could always buy into the lowest limit games, and play $1 MTTs regardless of how little he had.

fergy05 said:

Yes, but Chris Ferguson's discussions on how he went from 0 - 10,000 talk about the early stages. He actually mentions that the first time he got $2, he went to cash games and lost it again, to put himself right back to free rolls. He did not play freerolls until he had enough to practice BRM, he just played them to get something else to play with.

He actually talks about some of the places that he broke his BRM rules, and they were when he was playing on a very small bankroll. 1 of the rules was that he could always buy into the lowest limit games, and play $1 MTTs regardless of how little he had.

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I'm not sure what you're trying to read into the Ferguson Challenge, but here's the quotes direct from the FT Ferguson Challenge pages ...
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Starting with nothing but a full tilt poker account, Chris played in Freerolls until he earned enough to graduate to games with real-money buy-ins. From that point on, he adhered to a strict set of guidelines to build up his bankroll:

* He never bought into a cash game or a Sit & Go for more than 5 percent of his total bankroll; the only exception was at the lowest limits: he was allowed to buy into any game with a buy-in of $2.50 or less

* He didn’t buy into any multi-table tournaments for more than 2 percent of his total bankroll; the only exception was $1 MTTs

* If at any time during a No-Limit or Pot-Limit cash-game session the money on the table represented more than 10 percent of his total bankroll, he had to leave the game when the blinds reached him

Getting started wasn’t easy. In fact, it took more than seven months of steady play until he got his bankroll to stabilize at about $6.50. Undaunted, Chris maintained his discipline and dedication and continued with his challenge. Then, on November 26th, 2006, Chris made a major breakthrough. He turned a $1 tournament buy-in into $104 in prize money when he finished second in a 683-player tournament. Even with that huge bankroll boost, it still took Chris nine more months of hard work to reach $10K. But because he strictly adhered to the bankroll management strategy that he’d set for himself, Chris achieved his goal the following September.
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There is nothing more crushing and self-defeating than to put hours worth of work into making a few sheckles, only to go busto in a few minutes on one or two bad beats.

I've been working on my -$0- deposit roll on Stars since late January. I now have a withdrawable balance and will stick with following Chris' rules. THEY WORK and it's almost impossible to go bust ever again.

If you go to the Full tilt academy, and look at Chris Ferguson's Bank roll management lesson (the video) and watch it, he goes into details in that.

http://academy.fulltiltpoker.com/sitandlearn/view/name/bankroll/

Time - 6:45

Just after he wins his first $2 in a freeroll tournament he says;

"There aren't small enough games on full tilt where I would be allowed to use these bank roll management strategies with a bankroll of $2. So I did allow myself to buy into any cash game for $2.50 or less, and any tournament for $1.

When I won my first freeroll and I got my $2, I decided to play NLHE, and the minimum buyin was $2, so I had to buy in for my full stack. Before the button got around to me I was broke, and I had to start over again."

so why not just send in those 500K in chips for $5?

Just an update on my status lol... I've made my BR up to 20 bucks now by grinding it out on the .01/.02 tables using Ferguson's strategy for my BR and sticking to it and doing well

Chronical23 said:

Just an update on my status lol... I've made my BR up to 20 bucks now by grinding it out on the .01/.02 tables using Ferguson's strategy for my BR and sticking to it and doing well

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Yes, yes. Stick with your latest strategy. You will be bust in no time if you continue down your original path.

I think some people with small bankrolls can get too focused on how many buyins they have. It's also important to consider things like how risk averse you are, and how much effort it will take to rebuild your roll if you lose it.

Part of this is that if it would take you a long time (whatever you think a long time is) to replace a small roll, then you have more important things to focus on, like improving your game to where winning enough to replace your lost roll and doing so quickly is no longer an issue.

Similarly, if you don't have enough faith in your game to put up $5 or $10 or even $50 from your own pocket, what does that say about your evaluation of your game?

Arjonius said:

I think some people with small bankrolls can get too focused on how many buyins they have. It's also important to consider things like how risk averse you are, and how much effort it will take to rebuild your roll if you lose it.

Part of this is that if it would take you a long time (whatever you think a long time is) to replace a small roll, then you have more important things to focus on, like improving your game to where winning enough to replace your lost roll and doing so quickly is no longer an issue.

Similarly, if you don't have enough faith in your game to put up $5 or $10 or even $50 from your own pocket, what does that say about your evaluation of your game?

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Because, after all the bills are paid at the end of the month, there are quite a number of people who don't have $5 left. Not everyone is fortunate enough to have spare money hanging around.

Even though making money in freerolls are a royal pain in the derriere, at least the cardrooms are giving people an opportunity to get a start from nothing. It wouldn't surprise me one bit if somewhere in the future someone tells us they made $100k or more starting from freerolls.

Arjonius said:

I think some people with small bankrolls can get too focused on how many buyins they have. It's also important to consider things like how risk averse you are, and how much effort it will take to rebuild your roll if you lose it.

Part of this is that if it would take you a long time (whatever you think a long time is) to replace a small roll, then you have more important things to focus on, like improving your game to where winning enough to replace your lost roll and doing so quickly is no longer an issue.

Similarly, if you don't have enough faith in your game to put up $5 or $10 or even $50 from your own pocket, what does that say about your evaluation of your game?

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Bankroll Management in poker ... is no different than having a good Business Plan when starting up a new business. Having a sound business plan and sticking to it, will usually result in success.

Evaluation of my game? My game is good (imo) and that's why I save my cash for the live tables here ... where poker players play poker ... not bingo and the lottery at $5, $10 and $50 stakes. If that makes me 'risk averse' ... then bless my aversity ... My REAL evaluation was that I could start with nothing and make it into something, and I have. Some folks, as Lizzy pointed out, don't have the reserve funds to simply deposit even a small amount. If I can make a -0- into a BR I would say my game is good enough to stand against anyone who can deposit .. and win.

You go ahead and deposit. That's a WIN. I'll take my accumulated and growing BR from nothing ... that's a WIN-WIN in my book ...

I'm doing the bankroll from nothing right now. Not because I don't have money to deposit, I do and depositing is not a problem. The reason I'm doing it is because it gives you a sense of accomplishment that you built something from nothing. I'm enjoying the challenge right now!

To the guy who said why don't you trade in your 500k for 5 dollars, how does this work? I've seen people who say they pay 5 dollars for a million, but where on earth could you trade in 500k for 5 bucks? If you know, please let me know. It would be an easier way to start a bankroll than grinding out freerolls.

so why not just send in those 500K in chips for $5?

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Been forever since i played but im hopping on the bandwaggon again guys help all goes well be catching up a lot quick