i play microstakes mtts and the way i make a profit is by focusing on making the top 3 spots.
personally, min-cashing in mtts doesn't matter. nor do small money jumps and even making the final table as far as the bottom 4-5 spots are concerned as the payouts received are minuscule compared to what top 3 makes. that's not to say cashing isn't important, it's just that it isn't my main focus. also, i'm cashing in mtts anyways, i don't need to focus or worry about it. i'm never afraid to bubble an mtt or miss out on a pay jump or even miss out on making the final table if i'm in a strong +ev spot where i can build a big stack.
my focus is on chip accumulation > mtt survival because mtt survival does not matter as much as some might think it does. lets say i play an mtt where top 35/200 players get paid. does it matter if i bust out in 200th place or 36th place in a +ev spot where i can build a big stack? no, because payout is still $0. does it matter if i bust out in 35th or 10th place in a +ev spot where i can build a big stack? no, because payout difference is going to be very small compared to where i can finish with a much bigger stack.
the idea that lasting as long as you can has some merit is just incorrect. in some specific situations, mtt survival is important but, for the most part, there isn't much value in it. especially when i see or read about players that give up such great spots to build a stack because they think 'if i lose, i'm out but if i fold, i can last a lot longer.'. what good is 'lasting longer' if you're going to make it deep with no chips?
lets say a player is in a situation where they have 20 bbs with jj and can get it in preflop, but they think they can fold it and make it to the final table if they just wait because it's only 25 spots away. and lets say they do make it to the final table but with only 2 bbs. what good is the mtt survival if you're at the final table with 2 bbs? the payouts between 9th and 10th is very small and the fact that they made the final table with 2 bbs doesn't mean much. wow, top 9 w/ no bbs, great job!
now, lets say that player decides to make the big risk and double up with jj. lets even say they run into qq+. quite unlucky, right? well, yes but they're still winning 1/5 times in that situation and doubling up to 40+ bbs. and now, when they make the final table, they enter it with 30+ bbs instead of just 2 bbs. which situation do you think gives this player the better chance of making top 3 at the final table, having 30 bbs or having 2 bbs? it isn't rocket surgery to know that, even if they risk busting out 4/5 times, that 1/5 times they double up and make the final table with a bigger stack increases their chances of making top 3 a ton. this is why i focus on accumulating chips and building stacks instead of mtt survival because i don't mind giving up small cashes, small pay jumps to set myself up to have a better chance at finishing in the top 3 payouts.
moving on, lets look at some basic stats. lets say my itm is 25%, that means i'm only cashing in 25/100 mtts. since my focus is on top 3, i'm making that 12% of time or 3/25 mtts i cash. or 3/100 mtts i play.
lets say top 3 pays:
- 1st: $75
- 2nd: $50
- 3rd: $25
lets say i play 100* $1.10 mtts = $110. even if i only cash in 3/100 mtts and make each top 3 places in each cash, i'm still making a profit of $40 because top 3 pays so much that it makes up for other 97 mtts i didn't cash in. however, this isn't how it usually happens and i'm cashing in another 22 mtts which only increases my profits. i might make some deep runs in a few cashes, maybe even make a few final tables and bust out in bottom 5 places, but that's just adding a cushion to the bankroll and increasing my profits. even if i only min-cashed in the other 22 mtts for $2.20, i'm essentially only paying for 66 mtt buy-ins or $72.60 in buy-ins, which gives me $77.40 in profits.
so, cashing does have it's benefits as it basically eases the hits my bankroll is going to take because, again, i'm busting out of 75/100 mtts i play with no money. however, no amount of min-cashing or even making a few deep runs is going to net me the profit i can expect from making top 3. at best, i might break even or make a small profit if i'm able to have a higher itm%, but higher itm% isn't very sustainable in the long run.
finally, game selection is important as mtts are variance heavy. i do better in smaller field mtts than i do larger ones for the obvious reason, less variance. but there is a give and take, smaller fields will have smaller prize pools and payouts and larger fields will have bigger payouts, but it's much harder to make top 3. another thing to consider is larger field games take much longer to play than shorter ones. you also have to consider game structure as well. deep stacks and long blinds will last longer than smaller starting stacks and fast blinds, but will have less variance. so, it's important to pick what game mode is correct for you.
i personally like deeper stacks with standard blinds with short late registration and smaller fields. my top 3 payouts might be smaller, but they take much less time to complete and the field is much easier to get through.
