Texas Holdem Strategy: Know When to Say "When"

This is an article I wrote a few days ago for submission to a few online magazines. I thought I'd include it here to get your feedback (please, be kind).

The difference between walking away a winner and going broke chasing your losses is knowing when to walk away. Many poker players, even skilled, experienced players have dealt with this problem. It takes discipline to get up and leave the table. Some signs that it may be time to "take the money and run" (I just love the classics) include:

1. The players at the table have changed and you are not winning as consistently as you were.

There is a saying that there is at least one sucker at every poker table. If you look around and can't identify who they are, it's you. If you've driven all of the fish away from your table and you aren't winning as often or as much, don't be afraid to get up and try your luck at another table. If you're being out-played, you're being out-played. You want to be the shark (or barracuda, at least), not the fish.

2. You've lost your focus.

Believe it or not, playing poker can be an exhausting endeavor. While physically sedentary, it's very emotionally and mentally draining to constantly try to remain aware of shifting player dynamics during hours of play. It wears at you. There are literally dozens of studies that show concentration, focus, and decision making ability all suffer with prolonged periods of stress and exhaustion. We need to acknowledge it when, for whatever reason, we just aren't at our best.

4. There's little or no money to be made.

Winning poker is only possible when there is a good mix of aggressive and conservative players at the table. Sometimes you will find yourself in a situation when it seems everyone at the table, including you, is a "rock". When that happens, the pots are likely to be smaller, with less action. Rocks as a rule are tight-aggressive. They're not going to play too many speculative hands, and they're certainly not going to give you action without a strong hand. A table full of maniacs is just as bad, in a different way. If everyone is being super-aggressive, poker soon takes on the semblance of a lottery. There's much more opportunity to lose than to win.

5. You have made a reasonable profit on the session.

You need to keep track of your stack in relation to the other players' and also in relation to the total chips at the table. At a certain point the ratio of risk:reward gets turned against you. It may seem counter-intuitive, but being a massive chip leader is a difficult circumstance to master. The reason is that your perception of risk can get skewed and distorted by the size of your stack. If you've been playing well and have built up your stack to 3,4 or even 5 times your starting stack, you will be a huge force at the table. Even if other players have re-bought, you are likely to have at least a 2:1 chip advantage over the average stack at your table. If you become "drunk with power" you could start pushing with hands you should fold. For the same reason, watch your stack's ratio to the total chips at the table. If you have over half the chips in play you really can't advance your cause too much. At that point you are potentially risking your large stack to win a portion of a much smaller one.

6. You are card dead.

In the movie "The Color of Money", Paul Newman's character tells Tom Cruise, "Listen kid, the balls roll funny for everyone". Poker is very similar, with the exception that billiard players have much more control over their situations. Poker pros can win without the best hand, some of the time, but no one can win without catching at least a few hands. No matter how long you've been playing poker, no matter how skilled your play may be, you are going to find that there will be times when it's just "not your night". If the cards just aren't breaking your way, you need to get your ego out of the way and cut your losses and run. This is a situation where discipline really becomes important. You can be the most skilled player at the table, but if you don't get the cards, it's time to go.