Methods for setting a stop loss and sticking to it

[Keres]

Hi all,

One of my biggest leaks is having a bad night - getting stuck - and continuing to play. In these cases usually I'm not focused enough to know how non-focused I am. Eventually when it gets really bad, I'll notice that I'm tilting big time and finally quit. Like the "limit down" rule of commodities markets, at a certain point the market just shuts for the day.

So I'm trying to find a good level to automatcially say "thats it". 3 tabling 3-6, if I'm down $150 total is what I've told myself.

The tough part I'm finding is sticking to it. For example, tonight I find myself down 200 after 20 minutes. I should've just packed up and said thats it. Instead I rationalize that I've receieved some ungodly bad beats, there are some noticeably bad players, and I've got a good chance of making money back. Naturally I lose another 100 in the next ten minutes.

Rather than quit, I keep on playing. And after a couple of hours return to break even and then go up a little. Not good reinforcement for sticking to my stop loss plan.

Couple of questions for 2+2ers. If you have a stop loss for multi-tabling what is it? (BB, # of tables, level you play)

How firmly do you stick to it?

[Alex/Mugaaz]

The only stop loss I have is if I ran badly enough that I don't feel well enough to play. I really don't understand the stop loss concept, the only one it really helps is a losing player, by making him lose less, or possibly a winning player who becomes a losing player after losing X amount.

If that's the case, why participate in a gambling activity? If you're playing for purely enjoyment, then play low enough that big wins or losses don't matter. If you're incapable of this, then maybe you can focus on MTT where the expectation is to lose which may help some people cope better.

If you're playing as a source of income, don't. The chance of people who have difficulty dealing with the swings suceeding is so low that it should be considered zero.

As to why you do this specifically? I don't know. Ask yourself why you are doing something stupid when you're doing it. If you start calling with crap, ask yourself "Why am I now calling with an inferior hand? How is this a good play?" Asking yourself these questions, and coming to terms with whats going on in your head is where the solution starts. A "stop loss" is like trying to plug the sink with 1 sheet of toilet paper, because you don't want to turn off the faucet.

[ThinkQuick]

I think a stop loss sounds right for this person, who by his admission has tilt problems, especially when stuck.

Keres - I don't know how to tell you to stick to it though... but one comment I have is that you'd better take some more responsibility for your losses. You're certainly not going to avoid a bad table or bad tilt by saying "i've been unlucky but am better than these players", even if you are.

Rather say "there must be something I'm missing at these tables, or something off with my game tonight" and quit to try again the next day, even more focused - maybe you'll even improve your game.

[mike4bmp]

If you are having a losing streak...are playing your best...but are getting sucked out on all night...then when do you quit? The game is soft...but its just stupid. Do you play through your entire bankroll? (Assuming of course you are not on tilt....) When do you say, "ok I've had enough of this sh-- I will come back later..."

Also, is it possible to be breaking even for an entire month? I don't think I've won or lost anything significant for like 5 weeks....I was thinking there might be something wrong with my play but I thought I might check with you guys first....

[Xhad]

I used to be a tilter big-time in live games. What I did, instead of setting a specific stop-loss, was to set an alarm to go off every hour. What I would tell myself is that after the alarm went off, I would have to make a decision to either play the current orbit and then quit IMMEDIATELY, or I was committed to playing another hour.

I never set a monetary stop-loss, but combining it with this approach should make it easier to quit. That way if you violate your stop loss, you're not saying "Oh, it's just one more hand," you're saying, "It's one more hour" which is easier to talk yourself out of.

[Keres]

[ QUOTE ]

Rather say "there must be something I'm missing at these tables, or something off with my game tonight" and quit to try again the next day, even more focused - maybe you'll even improve your game.

[/ QUOTE ]

yeah, thats the reason I'm trying to figure out an effective stop loss. When I'm down 30bb+, there's usually something going wrong (off my game, more tired than I think, overmatched - as you mentioned). Human nature kicks in and naturally I think I'm just "unlucky", not playing bad (which seems to be a common trait of bad players).

Thats the reason for the stop loss, take the decision to quit out of my hands, as a 30bb+ downswing is showing that decision making on that night is not my strong point.

[mosquito]

[ QUOTE ]
Hi all,

One of my biggest leaks is having a bad night - getting stuck - and continuing to play. In these cases usually I'm not focused enough to know how non-focused I am. Eventually when it gets really bad, I'll notice that I'm tilting big time and finally quit. Like the "limit down" rule of commodities markets, at a certain point the market just shuts for the day.

So I'm trying to find a good level to automatcially say "thats it". 3 tabling 3-6, if I'm down $150 total is what I've told myself.

The tough part I'm finding is sticking to it. For example, tonight I find myself down 200 after 20 minutes. I should've just packed up and said thats it. Instead I rationalize that I've receieved some ungodly bad beats, there are some noticeably bad players, and I've got a good chance of making money back. Naturally I lose another 100 in the next ten minutes.

Rather than quit, I keep on playing. And after a couple of hours return to break even and then go up a little. Not good reinforcement for sticking to my stop loss plan.

Couple of questions for 2+2ers. If you have a stop loss for multi-tabling what is it? (BB, # of tables, level you play)

How firmly do you stick to it?

[/ QUOTE ]

If you need a stop loss, it can be as simple as not
bring enough money with you to rebuy beyond, say
$150. Bring $175-$200 with you and buy in for $150.
The rest is for meals, and so forth. Carry a credit
card for emergency use, no cash advances.

Good luck.

[SNOWBALL138]

Hi,

losses of 150 at 3/6 are going to happen pretty often. Its going to be very difficult for you to put any hours in if you quit at this amount.