I've been losing at poker lately - which explains why I haven't written many posts. It isn't fun to write posts with titles like "I'm an Idiot!" and "Five Stupid Things I Did Today." Never-the-less the results speak for themselves. Time to fess up. Maybe you, Dear Reader, will learn from my mistakes. More importantly, maybe I will. Let's look at the last poker session in which I lost $340 and see if we can learn something from it.
I felt positive going in. I told my bankroll manager I was only taking $100 - a sum that would keep me from playing the loose style that always spells disaster for me. When I arrived at just before 10:00 a.m. there was a table going with bleary eyed hard-core players who had been up all night. I could see beer bottles and high-ball glasses on the small tables beside the players. This looked too good to be true. So I decided to deviate from the plan - being fresh against tired players is a great advantage, so I figured bringing in a little more to the table might just earn me a lot more in return. I went to the cage and bought $140 in chips [mistake 1].
The first hour I folded a lot and just got a feel for how the others were playing - I did pick up a small pot, building my stack to about $155. It was pretty loose. Lots of bluffing and semi-bluffing, over-betting and questionable calls. Perfect. About an hour in, sitting in the cut-off, I was dealt the kind of hand I love to play at a table like this: 6c 6s. Small and medium pairs are easy to fold if you miss the flop and often get paid off big time when they hit - particularly at loose tables like this one. There was a straddle on ( we are talking $1/$2 No Limit Hold 'Em - with a $5 straddle) and three people called before me. I called, the big blind called, and the straddler checked.
The pot was $31, with six players in. The flop came Kh 4h 9d. Big Blind bets only $5. Two players call and two players fold when the action comes to me. Normally, I'd fold without giving it a second thought, but a $5 bet into a $46 pot is pretty attractive odds, particularly since I'm in position and no one can re-raise it. At a tight table I would still probably fold, but at this loose table my implied pot-odds are terrific, so I call.
And I'm very glad I did because the 6 of diamonds came on the turn. Sweet. The board now looks like this: Kh 4h 9d 6d - two flush draws out there now and the action post-flop makes it seem likely that some of my opponents are on draws - gut shot straights and hearts being the most obvious. I think I need to bet big to chase away the draws, but Big Blind must be thinking something similar as he opens with a $25 bet - roughly half the pot. The other two guys fold and I decide that while I don't have the nuts, I'm very likely holding the best hand. I make it $50 and Big Blind calls.
Heads-up to the river with a $150 pot.
The river is the nine of spades. The board is now Kh 4h 9d 6d 9s. Big Blind bets $50.
What should I do? I've got a full house now. I've invested $60 into this hand - not exactly enough to say I'm pot commited. I ask myself, "What hands could he be holding?" He might have a busted flush he is bluffing with - but a $50 bet is only 1/3 the pot and smells more like a value bet than a bluff. Could he have something I can beat, like AK or A9? Yes, I think he could have a hand like that. Could he have something that beats me, like KK, K9, 96 or 99? Yes, I think he could have a hand like that.
Sometimes in poker, you just don't know if you are ahead or behind. I think it is equally likely I will win or lose if I make this call, so a $50 bet on what seems like a 50/50 chance to win $200 seems like the right thing to do. So I call.
My opponent shows K9 - a better boat than mine. He scoops the pot and I look down at the $45 in chips I have remaining.
Did I make a mistake in the way I played my hand? In retrospect that last call doesn't look so smart, but in my defense I think I win that hand a lot of the time against players with a big range. I think the truth is I just got rivered and my opponent made the right value bet to extract maximum value out of his hit.
Did I make a mistake? You tell me. I'm not sure too many players would fold in my position.
More to come.
Let's review my mistakes:
Mistake 1: I went in with a plan, but I didn't stick with it. I have outlined in previous posts why I think starting with a small stack is a good idea but I talked myself out of following my own good advice.
Plenty more mistakes to come! Look for part 2 to this cautionary tale - coming soon!
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