Old habits die hard….#1 mistake, play within your bank roll
I will write about bankroll management until maybe 1 day I get it right. I was playing with Red Kings and needed 150 red king point to get a bonus for 100 dollar, so I deposited 58 dollar. I did almost 1.5 days playing SNG of 3 and 6.5, and did pretty well and managed to full fill my requirements for the bonus and ended up with 235 in my account (including the 100 bonues ).
So I went back to my principles of investments and first rule of investment is protect your investment, so I did a withdrawal of $150, my initial $ 58 plus some profit and stayed with 90 in my account.
Once I reached my goals, I continued playing and I was up to $115, and was a bit late at night, so I said to my self, Let me make 1 SNG of $14 and if I lose I stop, if I win I stop.
so I felt good and went to play 14 dollar Heads up sit n go, and won, oooh that felt good. I did another one…. I won again, and instead of being happy and stop , I continued playing, 3rd game I was 1 card away from winning, when my 2 pair go blow on the river to lose to a straight….. from here the downfall.
I continued playing heads up at this level and lost around 7 in a row, the more I was losing, the more I was taking coinflip situations and risks and I blew up my bankroll. At one point I even tried a $ 22 SNG.
And these are common mistakes of a poker rookie, long way to become a poker pro if I continue like this, but hopefully I will learn. Now I will wait for my withdraw to be processed and will redeposit with the hope to keep on my bankroll. I will deposit $100 dollar and play 5 dollar SNG, if I go below 80 I switch to $3 dollar, if I go > $ 200 dollar, I go to the next level.
I found an interesting article about the biggest 7 mistakes of a poker player.
1. Playing too many hands
2. Not managing your bankroll
3. Playing out of position
4. Playing on tilt
5. Playing at too high of stakes
6. Not picking up on patterns or tells
7. Not knowing when to log off
hopefully next time, I know when to use all, but in my above situation, to use #7
full article at http://www.onlinepokerlowdown.com/2011/04/20/the-7-biggest-mistakes-to-avoid-in-online-poker/