Maintaining your Bankroll and Satelite Play

I think the biggest part of playing poker is your bankroll management. The key to bankroll management in online MTTs is to establish a good enough online 'float' where you don't need to make deposits and you are able to play for at least two months without cashing at all. Now two months definately seems like a long time, and it is incredibly unlikely for a winning player to go more than 20ish tournaments without cashing so for most people that is not a problem. The variance, and the reason I suggest using the two month period as a guideline, is in a downturn (a time when you may not be getting the results you want) you may find your bankroll dwindling and it can be very worrysome. When you worry about this, it can effect your play. When I first started out playing on FullTilt I used deposit $400 (about 15 tournament buy-ins) and play until I lost that or made a decent cash. So I invested 6.5% of my bankroll in every tournament I played. A few times I would get low and be worried about going broke all together (now this 'broke' was not in terms of my bank account, but in terms of my online account) and it would effect me playing well. When I did make a cash for, say, $2500, I would withdrawal everything from my account BUT $400. Again, leaving myself in the position to not only have 15 buy-ins but also make myself worry about going broke and having to deposit again. As Rich would say, you are paying yourself too much and I was. I never gave myself a chance to get comfortable in my online play. The first 5 tournaments into that 15 tournament stake and I would get worried again, start playing tighter, and undoubtedly, play worse.

After I started to get a few more cashes and feel like I was still making money I was able to leave a little more and a little more on the account until I knew I would probably never need to deposit again(knock on wood, let us hope).

Recently, as I have felt comfortable in my bankroll online, I have started to play some more satelites to bigger tournaments, specifically the FTOPS that is going on right now. I bought into a few tourneys for $6-26 and won seats in a few. I am finding the satelite, because of its structure, to not only be very fun, as it simulates both bubble play and late tournament play, but it is also very profitable for a winning player. There are a few reasons I find that a smart, winning player is more successful at satelites than the average leisure player:

1. How to play tight early: most leisure players just have a set amount of time and need instant gratification or they get bored, often gambling or making weird calls, then getting short and not having the patience to wait for a spot to double up. If for some reason, I get short in a satelite, I consider the tournament (and the money I invested) lost. I then regroup and decide to find the perfect spot to get my remaining chips in as a favourite and hope to double up.
2. understanding of late tournament play: I have found that leisure players have no idea what to do around the bubble. Example: in a 100person $26 satelite, top 12 get a seat to a $216 tournament. When it reaches the final 30 or so, and if I have enough chips, I begin to really notice who is 1)trying to get chips 2)trying to hold on to their own chips 3) hanging on for dear life with less than 10bbs. Once I realize that, I begin to attack those I feel will give up their chips without a fight. This section, between say 30 people to 20 people, is where I think I am able to win a seat.
3. knowing when to raise and how much: late in satelites, weak players are constantly raising 3x in position and folding to allins with less than 5M, this is not a profitable(obv). when it gets this late in tournaments you have to know who a raise is going to work on the most and what to do to get your desired result. I usually try to find a spot on the table where the weak players are in the blinds and I can at least feel comfortable that as I continuously steal their blinds, the people to act behind me won't either 1)catch onto it or 2) be willing to stop me. Televised poker has taught us over and over that a standard tournament raise is 3-4x bb. More recently, it has become obvious that smaller raises usually work and don't risk nearly as many chips. I find that late in satelites the small raise is much more effect. In fact, the raise of 2.3-2.6x seems to get the point across without risking my whole stack. Now, there are definately situations where I like to overbet (4x raise or just move all-in) in order to scare the players for their tournament life. Example: 14 people left in that same tournament, blinds 300-600, I have KJo on the button with 7000. I have both players in the blinds covered but never want to raise and fold to an allin here, first I will tank for 10secs and shove for 7k. Not an idea move in all situations, but, suppose the bb with 6100 has A7 or A8, does he really want to call for his tourney, on the bubble with that hand? Probably not, I love this play because they have to pick up at least AQ or 77 to feel comfortable enough to call, and even then, with two people to the satelite seat, should they. I know I wouldn't. Strike fear in those tight players by making them make a decision. The worse play they make in that same spot would be to raise to 1800, I have A7 in the bb and shove, and now not only have they given me an opening to move but they have to make a decision for most of their tournament when if they just moved all-in to begin with they would have stolen the blinds and moved onto the next hand.

I really think satelites are the best tournaments out there for a winning player, also the best way to learn how to play late in MTTs and SNGs. If you are always keeping in mind just cashing, you will never make enough money to support your downswings, you must go for the gusto and in satelites that doesn't mean making crazy plays it means making someone else have to make a tough logical play. Once in a while it won't work for you and the bb will call off his tourney with A8o but you can't worry about that, you have to be willing to get some chips in order to last late in satelites and the profitable move late in a satelite is usually the most (pro-actively) aggressive.