The Concept of Take Profit

Posted 8 years ago

Mods - please move this if it can be placed better elsewhere.

Just wondering on differing views with take-profit levels (for those not in the know: the opposite of a stop-loss, where one stops the session to book the profitable win).

In particular, what are opinions on setting a take profit level (say, 2buy ins) in different scenarios:
- After a downswing
- During a busy period of the players' life
- Noticing tilt signs / playing C or B game, rather than A game or in the zone
etc etc

Had a couple of sessions lately where I would be in profit quite heavily, but end the session busting my stack, or at least significantly reducing profit (if playing online); so is there, should there be and where is the line in the sand?

xo
Pwll

Last Post 8 years ago by

Pwll

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Posted 8 years ago*
I think this may find a more comfortable home here so I'll post the request for you. Smile



Having said that, I'll give my little insight.

After a downswing:
I can't see a previous downswing having any effect on whether I have a stop-win limit or not, doesn't make any sense to me.

During a busy period of the player's life:
If I get too busy and tired or a bit impatient I sit out anyway. I usually know the feeling because chances are I've been rushing around all over the place and when I sit down to play, my mind is still rushing around and my thoughts are disjointed and muddled and it's just too hard to stay calm and focused.

Noticing tilt/signs of playing C or B game, rather than A game or in the zone.

I don't see this as a problem, if I play my lesser game level for any length of time I just sit out. I can see the stupid fishy calldowns myself and two or three in a few hands is enough. If my mind isn't racing around after a busy day (see above) I can play 10 hands, say 'Na, I'm not focused' and sit out, sometimes even less than a circuit.
I cant do that all the time though, just when I can recognize it.

I think m general approach is if I think I'm playing my sensible game I will sit in and the buy-ins have no influence on that.
I do have a stoploss of 5BI but think I'll cut it to 3 as 5 is too hurtful if it happens 3 days in a row say.

As long as the game is good and I'm playing good and the profit is flowing and I have a good seat, why sit out? Had many other days like that lately? I haven't so I'm staying! Cool

Hope I made a little sense at least; gl. Yes







Posted 8 years ago
If I'm playing good and up a few buy-ins, I personally let that ride because I feel the confidence makes me play better. It also depends whose on the table for me, if there's a lot of fish I'll stay for sure, but if it's all a reg fest and I've just won 7bi in 20 mins, I'll close my tables.

I think there's too many factors to give you an answer with a take profit, I think it down to each person individually.
Posted 8 years ago
Stop losses and stop-profits are a crutch.

Poker is one long continuous game. By setting arbitrary limits on volume, you limit your potential long-term success. Only make use of these things if it is critical to your mindset or your staker requires it. And if your mindset gets bad because you win or lose a certain amount, your goal should be to eventually fix your mindset, not to rely on these crutches indefinitely.
Posted 8 years ago
If you're having problems with emotions running too high or low depending on how you're running you should invest in Jared Tendler's excellent books Mental Game of Poker 1+2.

Needing stop losses to prevent a disaster later in the day indicates problems with your approach.Ideally you should work towards feeling completely neutral regardless of how much you win or lose instead of avoiding playing.
Posted 8 years ago
Quote: 'Stop losses and stop-profits are a crutch.' end quote.
'nuff said, everything else is wrapping paper imo.