Profit taking and stop losses

    • toxicchili
      toxicchili
      Bronze
      Joined: 01.04.2014 Posts: 42
      Coming from a trading background and having quite a bit of experience of this I tend to apply some of what I know to my poker playing, but always been curious as to what people's thoughts are with regards to profit taking and stop losses.

      At what point do you leave a table? when do you cash in your chips 'so to speak' and when do you 'cut your losses'.

      For me, I tend to take a break from a table when I lose my buy-in or when the players sat in drops below 4-5. While I am okay at HU and short handed in tournaments and SnG's, in cash games, I don't fair so well. I occasionally rebuy in on a cash game if I am enjoying the game or I've got a feel for how the other people at the table are playing, but in cases where I am just getting owned, I leave.

      What I never know what is best to do, is when to leave when I am playing well, I have in the past given back a lot of my winnings after doubling or tripling my buy-in, which can be very frustrating.

      Recently I have started setting a limit, i.e. 250-300BB, which has been working okay for me recently, at which point I move to a new table and start again.

      Curious as to what other people do, or what advice some of the more experienced players have.
  • 3 replies
    • Harrier88
      Harrier88
      Bronze
      Joined: 01.05.2012 Posts: 1,971
      From what you describe, it seems like you do not have automatic re-buys enabled? This is actually not the recommended way of playing. Ideally, you should always have a full stack at the table.

      When to make stop losses and when to cash out mainly comes down to individual preferences. There is no "house edge" like in casino games, so you don't need to be overly protective of your chips. The only reason to leave a table is when you believe you cannot play in an optimal way anymore.

      I think a good limit to cut your losses could be after losing four buy-ins, possibly earlier, for example if a series of bad beats puts you on tilt, or if you catch yourself desperately trying to chase your losses. It is very situational and dependent on a player's tilt management skills.

      When to cash out on a table also depends a lot on your ability to play deep stacked. If you're not confident, you should leave the table when you have 150-200BB, which is what I'm doing. If your deep stacked game is good, however, you can stay at the table for the rest of your session, since a deep stack offers many opportunities for additional profit, if you know how to play it right.

      The subject of stop-losses is also discussed in this article:
      Stop-Loss Limits - Pulling the Ripcord
    • RasTweet
      RasTweet
      Bronze
      Joined: 26.12.2009 Posts: 4,553
      Hey toxicchili

      I play zoom so it's all a bit easier for me. I usually rebuy when I double up. The reasoning is that I know how to play 100bb deep but not 200bb deep. It's not that I lose money or play worse when I play deeper, I just feel more comfortable when playing with 100bb.

      My stoploss is 2-3BI but when I feel that I'm playing bad and only lost 1BI I just stop as well. There is no good reason for me to keep playing when playing badly eventhough I didn't lose that much.

      Best regards

      RasTweet
    • toxicchili
      toxicchili
      Bronze
      Joined: 01.04.2014 Posts: 42
      Often I quit after 1 buy-in, when I am simply being outplayed, sometimes I don't wait that long lol. If I lose my buy-in from a bad beat, usually

      I'm an okay poker player, but not an expert or advanced player. Sometimes the people at the table are just better than me. Table selection and keeping track of who I am up against is a big factor.