Knowing when to fold 'em. Do you set "Stop Loss" limits per session?

[Frank Zappy]

In reviewing Tracker I found that my 4 worst sessions were responsible for the lion share of total overall losing sessions and made a meaningful dent in my overall win rate.

Two sessions were for 2 hours, one for an hour and the last was half an hour. My average losses were over 22BB per hour per each session.

What's the best way to handle this in the future? Is it to set a Stop Loss" that is, if I lose say half my buy-in I stop and walk away?

What say you?

[MrWookie]

Nope, and you shouldn't. Instead, you should focus on how good you are relative to the table. If the table has bad players that you know you can beat, and if you're not too tired/distracted/tilting/etc. to play, you should rebuy and stay. If you're not playing your best, leave.

[patk]

I used to use a "buy-in for 20BB, step away when it's down to ~4BB" stop limit, but that was mainly for tilt avoidance [img]/images/graemlins/wink.gif[/img]

I've gotten much better since then. I still buyin for 20BB's, but if I get down to ~5, then I'll step back a sec and evaluate what I've done for the session. If I've made some dumb mistakes that have cost me, or if I'm tilted, then I'll quit. I find that if I'm making dumb mistakes, I usually continue to make them. And we all know about tilt [img]/images/graemlins/smile.gif[/img] However, if I'm down because of suckouts/variance and I'm happy with my play, I'll rebuy and continue playing. I may not end the session up, but I can usually recover a big chunk of the losses if I'm playing well. Negative variance doesn't last forever...

[Onyyn]

If you read some of the 2+2 books, you'll find very appropriate advice on this subject. Stop losses are in and of themselves, meaningless, as long as you plan to play poker again after that event. You have to think of it as one life long game.

As Wookie indicated, step away if you're not playing your best, and use that time to review your hands and see if you played properly and were beaten, or if being tired/irritated/tilted/etc resulted in poor plays.

I've just recently started doing this, and I've already managed to find and fix two huge leaks. If I hadn't done so, I'd still be thinking "oh, that was just a 'bad session,' I stopped out. I'll go back later and it will be better." -- or some other self-deluding jibberish.

[MrWookie]

You should always have 12 BB in front of you. You want to be able to cap every street should the opportunity arise. Any less is -EV.

[checkmate36]

When I take a few losses at the same table I consider changing tables as my image is probably shot and fish think I suck. (talking 15 BB's down not one or two hands where Im down 5-6 BB's)

[bozlax]

Having read all the responses, I'll add one thing: when I was a n00b I had a 30BB stop sign...minus OR plus. So, if I was up or down 30BB in a session, I stepped away. It was a LOT more likely, at the beginning of my career, that the money was going to tilt me, and that's why I did it. The losing part is obvious...the winning part, I'd get a lot looser and more aggro (I called it the "Superman" effect), and wind up giving it all back in 2 hands. So, I don't think a stop-loss is a bad idea, at the beginning of your career, but like odds tables and starting-hands charts, you need to be working every day to rid yourself of these impediments to being a better player.

Also, to this day, I have a 60 minute stop sign...I make sure that at least once an hour I change position, go get a drink, something. At B&M I'll ask the dealer to hold my seat and go to the bathroom. Otherwise all the blood pools in my ass, and I can't think so g00t no more.

[bozlax]

[ QUOTE ]
When I take a few losses at the same table I consider changing tables as my image is probably shot and fish think I suck. (talking 15 BB's down not one or two hands where Im down 5-6 BB's)

[/ QUOTE ]

Uh, this is the image I WANT the fish to have of me. That's when they get crazy and start taking insane shots at you. Tighten up and bleed them mercilessly.