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About Amit Varma

Amit Varma is a writer based in Mumbai. He worked in journalism for over a decade, and won the Bastiat Prize for Journalism in 2007. His bestselling novel, My Friend Sancho, was published in 2009. He is best known for his blog, India Uncut. His current project is a non-fiction book about the lack of personal and economic freedoms in post-Independence India.




Bastiat Prize 2007 Winner

Recent entries

Farm-Loan Waivers (and Macho Lifesavers)

This is the 38th installment of Rhyme and Reason, my weekly set of limericks for the Sunday Times of India…

Theft, Surveillance, Bullies

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Tyranny in the Post-Truth Universe

This is the 38th installment of Lighthouse, my monthly column for BLink, a supplement of the Hindu Business Line. “History…

Two Laments

This is the 36th installment of Rhyme and Reason, my weekly set of limericks for the Sunday Times of India…

Don’t think too much of yourself. You’re an accident

This is the fifth installment of The Rationalist, my column for the Times of India. I was 17 when I…

27 November, 2014

The Bird and the Elephant

This is the 30th installment of my fortnightly poker column in the Economic Times, Range Rover.

One of the most important skills for a professional poker player, it is often said, is knowing when to get up. When exactly should we quit a session? Should we have a stop loss? Should we get up as soon as we reach a pre-decided profit? Should we play X number of hours, no more, no less? What are the factors that determine how long we sit at a particular table?

The rational answer to this is clear. We should continue in a game as long as it is +ev to do so, and get up as soon as we feel we’re no longer profitable on the table. How much we are up and down should not matter. We need to think of all poker games we play as being essentially one lifelong session, and the score on any one day should not affect our decision. At any given point, all we need to ask ourselves is: Is my staying on this table a +ev decision? Whether you are stuck 3 buyins or up 4 should not be a factor in that decision.

In practice, this advice is not that easy to carry out. For example, I have a tilt problem, and shift from my A-game to my C-game if I’m losing a lot and fatigued, playing recklessly and trying to recover. Tilt has perfect timing and usually comes towards the end of sessions, when stacks are deep and mistakes are costly. I am obviously not +ev when I tilt – but tilt not only shatters my emotional equilbrium, it also affects my judgement. I rationalise continuing in the game, though I really should be getting up.

To prevent this, I have set a stop-loss for myself. When I hit that stop-loss, I quit the game, regardless of how calm I feel, because tilt could be just around the corner. This is not something I recommend to you if tilt is not a factor in your play, and you make decisions with as much clarity 15 hours into a game and 10 buyins down as you do at the start of the session. But how many of us can manage that? If you do have a tilt issue, and tend to magnify your losses by chasing them, a stop-loss might be a handy tool.

When I am winning, on the other hand, I usually sit till the end of the session. There was a time when, at a particular game, I would play for six hours every day and then leave, because I’d begin to get tired. As I’d mostly win, I got a bit of a reputation for hitting and running, though this was not my intent. So, as a point of principle, I started sitting till the end of every session, and realised that this made a lot of sense because stacks are deepest at the tail end of sessions, many other players are tired and tilted and more prone to errors, and that is when my edge can really turn a hefty profit. If fatigue affects your play, of course, you should factor that in and leave before your edge dissipates and you’re the fish on the table. But tilt and fatigue aside, there are no good reasons to quit a juicy game.

One big mistake I see some players make is win small and lose big. They become taala-chaabi and book their profit as soon as they’re one or two buyins up, but continue buying in when they’re down, trying desperately to recover, and lose far more than they win in a winning session. In his book, Elements of Poker, Tommy Angelo quoted a friend of his named Cowboy Bill as describing one such player, ‘He eats like a bird and shits like an elephant.’ Make sure you do it the other way around.

Posted by Amit Varma in Essays and Op-Eds | Poker | Range Rover | Sport

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