Today you will learn the important 5 P’s pf poker. They are Patience, Perseverance, Psychology, Position and Practice. What makes these words important is what they really mean in the game of poker. This I will explain below.

Patience: In the game of poker you must have patience to win. You have to wait for good hands to play, If you don’t have patience and you play every single hand you can be assured that you will not be a winning player. You need to wait for good hands, wait and make the right moves, and wait to make the right bets.

Perseverance: This is very important in poker. You cannot give up, and you must always play your best game. If you hit a loosing streak and get beat with bad cards or bad play you cannot give in and start playing bad hands and making bad moves. Do not give in to tilt.

Psychology: Poker is a people game played with cards, not a card game played with people. You must always be thinking about the other players. How have they played in the past? Why would they make that bet? What do they think I have? Always try to get inside the other players head, try and put yourself in their position to figure out what they have.

Position: Always be aware of your position on the table. Be aware of other players positions. You get to choose the cards you play and when you play them. In early position only play very best hands. Is someone who acts after you raise almost every hand? Maybe you need to play tighter with him on the table.

Practice: To be a winning poker play you have to play….a lot. The more you play the more experience you will have. You must also keep up on poker strategy. Read poker books and then read them again.

Suggestion: Write or print out the 5 P’s of poker. Keep them handy, Post them up by the computer you play poker on. Before you play read them and put meaning behind each word. By doing this each time you play you will put yourself in a better mindset, This should increase your poker winnings substantially.

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In this artical I will talk about money management, bankrolls, and minimizing loses. These are all important concepts when playing poker but they all revolve around the same principals. You must limit your loses, hold on to your winnings, and most importantly always leave your self outs.

You should only play games that your bankroll will allow. If you have 200 dollars to play with for a month you don’t want to lose it all in the first week playing a 5-10 no-limit game. The average pot in these games would be about the size of your bankroll. You should play lower limit games that match your bankroll.

Minimize your losses. I have seen players loose a big hand, go on tilt and loose their whole bankroll in one night. If you ever get angry because of a bad beat or loose a lot of money quickly you should take a break. A lot of mental energy will be used up worrying about your bad luck, this will effect your game in a negative way. I recommend going for a walk or even quit playing for the day. There will always be another game tomorrow.

Protect your bankroll. Not every player needs a bankroll. If you only play on occasion with extra money you probably don’t need to worry about this. But if you are a player who wants to make a good income from poker your bankroll is an asset. Lets say you start with a bankroll of 500 dollars at a poker site. Now after a week of winning you are up to 2000 in your account. You take out 1500 and go buy a new TV. That is fine but if you get on a bad streak you can easily loose the 500 you still have. Then you will have no bankroll and wont be able to play. This happens to a lot of good player, and if they cant play they cant win anymore. This can put an end to your poker profits.

So just remember that poker is a game of swings. You can win a lot but you can also get on a bad luck streak and lose a lot. Just watch your bankroll, manage your money, and always leave yourself outs.

Suggestion: Remember to think about your bankroll before each time you play. Think about what will happen if you loose all your money in your account. Will you want to deposit more money you cant afford to lose? Are the stakes of the game so high it you loose a big hand you will be out of chips? Just think before you start to play about the worst case scenario and you should have less bankroll problems.

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Preflop:
Sucker MC is SB with Jd , Qd.
2 folds, CO calls, Button calls, Sucker MC completes, BB raises, CO calls, Button calls, Sucker MC calls.

Flop:
(8 SB) 8d , 6d, 5s (4 players)
Sucker MC checks, BB bets, CO calls, Button folds, Sucker MC raises, BB calls, CO folds.

Turn:
(6.50 BB) 3d (2 players)
Sucker MC bets, BB calls.

River:
(8.50 BB) Kd (2 players)
Sucker MC bets, BB raises, Sucker MC calls

For simplicity’s sake, let’s say that:

1/3 of the time he has the A
1/3 of the time he has a worse diamond
1/3 of the time he does not have a diamond at all

I suspect this is fairly close to accurate.

If he has the nut diamond, the EV’s of various plays are as follows:

Bet-fold: -1.00 BB
Bet-call: -2.00 BB
Check-call: -1.00 BB

That one was easy.

If he has a worse diamond, he will always call if you bet and will raise perhaps 1/4 of the time (this percentage might be higher if you did not hold both the second *and* the third nut diamond). If you check it to him, he will bet for value 4/5 of the time.

Bet-fold: Costs you the pot (9.50 BB) the 1/4 of the time that he raises with a worse diamond. Otherwise you make 1.00 BB. EV = 1 x 3/4 + (-9.5) x 1/4 = -1.63 BB

Bet-call: You always make 1 BB plus an extra BB those times that he raises with a worse hand. EV = 1.25 BB.

Check-call. You only make a bet when he goes ahead and bets for value. EV = 0.80 BB.

If he has no diamond. This is the most complicated situation and depends a lot on the player in question. I am guessing that, if you bet, he will call 1/2 of the time (note that this percentage is higher than it might otherwise be since there is a good chance that the King has paired him), raise as a bluff 1/10 of the time, and fold the other 2/5 of the time. If you check it to him, he will bet 2/3 of the time, but may check behind if he has paired up.
Bet-fold: Costs you the pot (9.50 BB) the 1/10 of the time that he bluff-raises. You make 1 BB the 1/2 of times that he calls and nothing the 2/5 of times that he folds. EV = 1 x (1/2) + (-9.5) x (1/10) = -0.45 BB.
Bet-call: You always make 1 BB the 50% of the time that he calls. You will make 2 BB the 10% of the time that he raises with a worse hand. Otherwise, you will make nothing. EV = 1 x (1/2) + 2 x (1/10) = 0.70 BB.
Check-call: You will make 1 BB the 2/3 of the time that he bets with a worse hand and nothing otherwise. EV = 0.67 BB.
The average EV’s of the three plays are as follows:
Bet-fold: (-1.0, -1.63, -0.45) = -1.02 BB

Bet-call: (-2.0, 1.25, 0.7) = -0.02 BB

Check-call: (-1.0, 0.80, 0.67) = +0.16 BB
Check-call looks to be a little bit better than bet-call, but it is close enough that the answer could plausibly change depending on opponent characteristics. Bet-fold is patently terrible.

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You can learn a lot by listening. You can learn almost as much by talking, if you ask the right questions.

The following occurred at a tournament at Bellagio in 2004.

I draw a very good first table and recognize only two faces. They are solid pros, neither of whom is very aggressive. I know I can take control of the table and quickly look around to find the best targets. I notice an older gentleman in a cowboy hat who’s involved in too many pots and decide he’s my mark. My plan is to bluff him at first opportunity and do anything I can to get under his skin. I want him to view me as a young hot-shot, with the hopes that he’ll bully me later when I have the goods.

I chop away at some small pots and my $20K starting stack is now $43K when Cowboy and I finally get to lock horns. I’ve been raising a lot of hands and splashing my chips around a bit. In this case, the blinds are $200-$400, and I bring it in for $1,200 with pocket jacks. I get three callers, including Cowboy, in the big blind. The flop comes 7h 4c 4h and the small blind checks. It’s Cowboy’s turn, and he pushes all in. He looks proud, firing his $37K into a $5K pot.

I’m completely befuddled. What’s going on? I can’t make any sense of it. There’s a player to act behind me, but he’s only got $3K – he isn’t going to matter at all in this hand. My best bet here is to get Cowboy to talk. “Why’d you bet so much?” I ask. He tells me to call and find out.

I make a list of his possible hands: A-x hearts for the nut flush draw. Pocket eights, maybe. Or a random berzerko bet with a pair of sevens. After a minute or two of deliberation, I call. He flips up T-7c for one pair! He fails to improve and I now have $80K, and am ready to roll.

It’s important to know who your weaker players are. Concentrate on playing against them and finding ways to get them to make a big mistake. You can’t count on the pros to make those mistakes. In this particular case, I knew he was getting tired, and through a few verbal jabs, I was able to make myself his target.

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At the final table of this year’s World Series of Poker, the media consensus was that there was only one pro at the table: Mike Matusow. We’ve since learned that this year’s champ, Joseph Hachem, gave up a 13-year chiropractic career three years ago to play poker for a living. The other seven players at the final table won over a million dollars each. It’s a safe bet that a few of them now consider themselves poker professionals. What does that mean?

Three Myths About Playing Poker Professionally

Myth #1: Either I’m a Pro or I’m Not

Consider the following players. Which ones are pros and which are amateurs?

Adam

Adam plays the tournament trail full-time. He’s up thousands one month, and broke the next. He’s always borrowing money from fellow poker players. He has no life outside the poker world and constantly thinks, “I wish I had some skills and experience that would allow me to get a normal job.”

Betty

By day, Betty’s an accountant making $50K a year. She plays poker in her spare time. Some years she earns $20K playing poker, other years she earns $100K. She rarely has a losing year.

Charlie

Charlie picked up the game a year ago, entered his first tournament – the prestigious “WPT London” – and won it with flair and showmanship. He netted $500K and got a ton of TV coverage. He blew through $350K in the next 11 months playing every big event with no cash finishes. He’s still got a bankroll, thanks to some juicy endorsement contracts from an online site and a beer company that guarantee him $1 Million a year for the next three years. All he has to do is continue to play in every major tournament and endorse their products.

Debbie

Debbie has a bankroll of $500K, She makes (or loses) anywhere from -$50K to +$200K per year playing a very erratic schedule. That schedule is structured around the good games, whether they’re offline, online or on the tourney trail. She travels to far-off lands whenever she feels like it, and has plans to settle down and start a family. Someday. But not now.

Eddie

Eddie only plays online, He clocks in, plays exactly eight hours a day, five days a week, at four simultaneous tables no higher than $5-$10 limit hold ‘em. He earns a surprisingly consistent $100/hr, takes the family on vacation twice a year, plays tennis, and attends opera on the weekends.

Myth #2: I Would be so Much Happier if I Could Just Play Poker Full Time

TRUE: It’s fun playing an hour or two each day.

BUT: It might not be so fun playing all the time to the exclusion of other interests, family and friends.

TRUE: It’s low-stress and entertaining, playing as a hobby.

BUT: It might be very stressful if you have to grind it out to pay the bills every month.

TRUE: Those big tourney winners on TV live like rock stars.

BUT: What about the other 99% of the players you don’t see, all of whom are competing for your dream.

Myth #3: I Don’t Need a Big Bankroll to be a Pro

Check the long list of Former World Champions who have gone a full year without making the final table of a major event. As of this writing, it takes roughly $500K to enter all the major tournaments in a year.

Ask your favorite pro how many times he or she has gone bust in their career, or how many times they have been hit up for a sizable cash loan from one of their good friends.

Poker is a great game; it’s tons of fun, and it has never been as potentially profitable as it is today. But try to keep it in perspective.

Poker doesn’t have to consume your life. You can make a good chunk of change playing poker, and you can do it without giving up all the good things you have going in your life.

Financially, mentally and socially, you are better off making poker fit into your life rather than the other way around.

Getting back to the players in the introduction, it’s clear that Eddie is a pro. And it’s equally clear (to me anyway) that Adam is definitely not, even though he thinks he is, and so does the general public. Adam is a dime a dozen in the poker world. You’ve even seen him and his ilk on TV a number of times. As for the other three, I don’t know whether I’d call them pros or not, but I sure wouldn’t mind being in their shoes.

“Professional” is just a word. Being a professional poker player is not the same thing as being a successful poker player.

Bottom line: You don’t need to be a professional to be a poker champion.

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It’s a familiar refrain at the Omaha/8 table, when the betting is capped on the turn in a multi-way pot. In theory, this request is about saving time — it’s easier to divide the chips at the end of the hand when they’re not in one monster pile at the center of the table. But the subtext is clear. “Give us the damn river already!”

It’s often just one pot like this one that makes the difference at the end of the day between winner and loser, genius and live one. And playing these hands correctly goes a long way toward determining one’s success in this sometimes volatile game.

Other than catching gin on the river, however, how does one go about getting out as cheaply as possible when beat, and maximizing profit when holding the nuts?

The first and most important thing, especially in Omaha/8, is knowing where you’re at on every street. Many players will simply not throw a hand away even when they’re sure they’re beat in a big pot. They call it down just to find out what they were right about four bets ago.

A typical hand where you can get into trouble is flopping two pair with a hand like A-3-6-K. The flop comes A-3-J, with a flush draw you don’t hold. You’re first to act and fire a bet into the pot. It then gets raised, called, called and three-bet by the time it gets back to you. You very well could be drawing extremely thin at this point. If an Ace comes, it’s likely you hold the second-best full house. If you catch a King on the turn, your two pair might be beat by the 10-Q-K wrap who called all those bets on the flop. If a 6 comes, you’re still likely beat by Aces and Jacks, and all the made lows and flush draws are Freerolling on you.

Still, most unseasoned players call in this spot nearly 100 percent of the time. Why? One reason is because average-to-below-average players rarely ever make a bet and subsequently fold on the same street. I almost never see this. To be a winning player, especially in O/8, you have to be able to lay down your losers.

On the other hand, say that same A-3-J flop comes down and you hold A-2-4-5 with the nut flush draw. Yes, you have a monster. You’re first to act and bet, and again it gets raised and three bet. This time you cap it. The turn comes a deuce. Now it’s time to make extra bets.

With all the action that came behind you on the flop, you can be almost certain someone will bet if you check. You check, which puts the thought into the other player’s mind that you may have been counterfeited, or at best are holding a set. After a bet and a few calls, now you are in position to make that check raise — and you might not even lose some of the people drawing dead! Excuse No. 1 why a losing player calls when drawing dead? “The pot is too big.”

If you had bet out on the turn when the deuce hit after capping it on the flop, any above-average player would most likely put you on your hand and you won’t get any action. That same player may still call your check-raise, perhaps hoping to fill up on the end, but at least he will have to pay to get there.

There are a lot of large multi-way pots in O/8. It’s easy to be tempted by the amount of money in the center of the table. But, like in most forms of poker, a hand that is usually strong heads-up or three handed simply doesn’t carry the same weight in a multi-way pot against multiple draws. And in O/8, you might have to fend off five or six players, each holding four cards in their hand. It’s just flat tough to make two pair on the flop hold up in that case.

Omaha-Eight-or-Better is all about holding the nuts or at least drawing to them. Its one reason why A-2 with two blanks — like say 8-10 — is such a dangerous hand. It gets played pre-flop almost every time, yet it rarely gets more than half the pot, and costs too much when the low that doesn’t get there.

Hands that work together for both high and low, like A-2-Q-K or A-2-4-K (I’ll take mine double suited, thanks) are key. “Nut-Nut” is a beautiful thing, especially at the end of a monster pot where the dealer has to do nothing with all those chips in front of everybody but push them to you.

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Once I am involved in a hand, many of the actions I take after the flop are automatic, or nearly automatic. Therefore, the most important decision I have to make in No Limit Hold ‘em takes place before the flop:

Should I play the two cards I’ve been dealt?

When I first started learning how to play, I reviewed the standard charts that suggest which two cards to play from each position. But while they provided useful guidelines, the charts don’t tell the whole story.

Poker is not a game that is best played by the numbers. Poker is a game of situations.

In blackjack, there is always a correct decision to be made – a “perfect strategy.” Once you have compared the strength of your hand against the dealer’s “up” card, the odds will — or at least should — dictate whether you should hit, stand, split, etc.

Poker, however, is a game of incomplete information. There are many factors to consider that go above and beyond what “the book” tells you to do. Some of them include:

• My opponents’ tendencies
• My state of mind
• My opponent’s state of mind
• Our respective stack sizes
• My image at the table

Computer programs can look up hands in a chart. Real poker players analyze situations and make their own decisions after processing all of the available information. I might raise with A-J from early position in one game, and fold the same hand from the same position in another.

A good chart can help give a very specific set of circumstances, namely:

• You are the first person to voluntarily put money into the pot and are going to come in for a raise of about three times the big blind
• You don’t know much about your opponents
• All the players at the table have an average-size stack
• The blinds are relatively small in relation to the size of the stacks

When the above things aren’t true, you’ll want to look beyond the charts.

If you’re a new player, these tables are a great place to start. The more poker you play, however, the more comfortable you will feel letting your experience and your instincts serve as your guide.

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Most players eventually realize that it’s fun and fairly easy to play at multiple online tables at one time. Early in my career, I played as many as eight games at once on a daily basis. Here are some tips and instructions for playing multiple games:

1. Increase the resolution on your monitor. You can do this by right clicking on the desktop, then clicking on Properties, then clicking on Settings. You can then grab the arrow in the Screen Resolution area and move it to a smaller resolution.If possible, use the 1,600 x 1,200 setting to get up to four games on one screen without overlap. In order to maximize your screen area, make sure your video card and monitor support higher resolution settings.
2. Once you get into playing more than one game, the best way for you to keep up with the action is to look for hands you can fold automatically. Use advance actions. That will help you pay more attention to the game you have a real hand in.
3. Play the same game at every table. It will help you avoid mistakes in reading and playing your hand, and you’ll find it easier to get into a good rhythm.
4. Most importantly: Track who has raised the pot. Make sure you make a mental note of this since it is the key to how you will play your hand later. It sounds simple, but it is easy to get in a pot and not recall who raised when you’re playing more than one game.
5. Make sure you take some breaks. When I used to play eight games, I was an animal. I would run to the bathroom and every screen would be beeping at me. Take a few breaks. The games will still be there when you get back.

Playing multiple games is a lot of fun and I hope to see you at the table. Or tables.

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People often ask very specific questions about how to be a winning tournament player:

• How many chips am I supposed to have after the first two levels?
• Should I play a lot of hands early while the blinds are small, then tighten up later as the blinds increase?
• I seem to always finish on the bubble. Should I tighten up more as I get close to the money, or try to accumulate more chips early on?

Surprisingly, all three questions have the same answer:

Stop trying to force things to happen. Just concentrate on playing solid poker, and let the chips fall where they may.

In fact, that’s the best answer for almost any specific tournament question. Here is a more useful question:

How much of a difference is there between ring game strategy and tournament strategy?

The answer: Not as much as you think.

Before you worry about adjusting for tournaments, concentrate on adjusting for the other players. The most important skill in poker is the ability to react to a wide range of opponents playing a wide range of styles. Players who can do this will thrive in both ring games and tournaments alike.

Many of the most costly tournament mistakes are the result of players over-adjusting for tournament play. Let’s look at these questions again:

How many chips am I supposed to have after the first two levels?

The short answer is: As many as you can get.

Play your cards. Play your opponents. Do not try to force action simply because you think you “need” to have a certain number of chips to have a chance of winning. You should be thinking about accumulating more chips, while trying to conserve the chips you already have. The more chips you have, the better your chances of winning. The fewer chips you have, the worse your chances.

Forget about reaching some magical number. There is no amount below which you have no shot, nor is there any amount above which you can be guaranteed a victory. A chip and a chair is enough to win, and enough to beat you. Getting fixated on a specific number is a good way to ensure failure. Next question:

Should I play a lot of hands early while the blinds are small, and then tighten up later as the blinds increase?

Your play shouldn’t change much as the tournament progresses. Gear your play to take maximum advantage of your opponents, irrespective of how far along the tournament is. Most players are too loose in the early stages of a tournament. Rather than become one of these players, adjust for their play instead:

• Attempt to steal the blinds less often
• Call more raises
• Re-raise more frequently

Likewise, when opponents typically tighten up later on, you should steal more often and be less inclined to get involved in opened pots. Again, this should be a reaction to the way your opponents are playing, not an action based on any particular stage of the tournament.

Last question: I seem to always finish on the bubble. Should I tighten up more as I get close to the money to avoid this, or try to accumulate more chips early on?

Usually the people asking this question are already tightening up too soon before reaching the money. In other words, they are over-adjusting to tournament play. Not only is it incorrect to tighten up considerably before you are two or three players from the money, doing so is the surest way to finish on or near the bubble. Just play your best, most aggressive game, and try not to let your stack dwindle to a point where you can’t protect your hand with a pre-flop all-in raise. If you do, your opponents will be getting the right pot odds to call, even with weak hands. Look for opportunities to make a move before you let this happen, even if it means raising with less than desirable holdings.

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I talked about not adjusting for tournament play, answered three specific tournament questions, and stressed that there is little difference between tournament strategy and ring game strategy. This week, I would like to expand on that by answering a fourth question, and address the two situations where it’s right to deviate from simply playing your best game.

The fourth question: Surely the different payout structure between ring games and tournaments means something, doesn’t it?

Yes, tournaments differ from live action in that you are rewarded for how long you last, rather than for how many chips you accumulate.

In ring game poker, the chips you save by folding are just as valuable as the chips you win by playing. In tournament play, the chips you save are actually more valuable.

Consider a typical $1,000 buy-in tournament with 100 players, where first place is worth $40,000 out of a total prize pool of $100,000.

At the beginning of the tournament everyone has 1,000 in chips with a value of $1,000. The eventual winner will have 100,000 in chips and, in live action, would be entitled to a prize of $100,000. In a tournament, that same $100,000 is worth only $40,000, meaning that, at the end, each 1,000 in chips is only worth $400. As your stack grows, the value of each additional chip decreases, which means you want to be slightly more averse to taking unnecessary risks in tournaments than you might be in live action. (And if you are at all averse to taking risks in live action, you’re probably playing over your bankroll.) Don’t overcompensate for tournament play. Most people would be better off making no changes at all, rather than the changes that they do make.

Having said all this, there are two cases where adjusting will help:

1. When you are just out of the money.

If you are short stacked, you need to be very careful when committing your chips, especially with a call.

If you have a large stack, look for opportunities to push the short and medium stacks around – especially the medium stacks. These players will be a lot less likely to want a confrontation with you, and it should be open season on their blinds and antes.

If you have a medium or small stack, you need to be a bit more careful. Remember, though, that the other players – even the larger stacks – don’t want to tangle with you. They just want to steal from you without a fight. Be prepared to push them around a little, and even to push back occasionally when they try to bully you. This often turns into a game of Chicken between the bigger stacks to determine which large stack will let the other steal most of the blinds.

2. At the final table.

Very little adjustment is necessary until you are one player away from the final table. Here, again, you should tighten up slightly because this is the next point where the payout structure handsomely rewards outlasting other players.

Look for opportunities to push around the other players, and the smaller stacks in particular. This is good advice throughout the final table.

What about heads up?

There are no more tournament adjustments necessary. You are essentially playing a winner take all freeze-out for the difference between first and second place.

Remember: Tournament adjustments should be subtle. It is rare that your play would be dramatically different in a tournament. When in doubt, just play your best game. And if you never adjust from that, you’ve got a great shot of winning, no matter what game you’re playing.

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