Begin with the End in Mind
"Failing to plan is planning to fail.
I think the question that I ask my students more than any other is "What's your plan?" I ask them this in terms of their bankroll, their emotional state, or a specific hand we are discussing.
Just having a plan will put you ahead of many poker players, if you want to take it one step further, you need to have a plan with an
exit strategy. Basically - at what point do you realize that you will not succeed with your plan and cut your loses? Going into a situation with an exit plan really allows you to curb your loses.
For example, I discuss having a tilt plan with my students that tend to tilt. The metaphor I use is that of a circuit breaker.
Basically, what needs to happen in a session for you to quit? Losing 3 BI's? Getting sucked out in a big pot? Seeing someone bluff you? After you quit, how long do you need to stay away from the tables before you can sit down and play again? In your follow-up session, what needs to happen for you to quit again?
You need to know the answer to these questions
before you open up the first table. If you don't, you are not planning as well as you could and have not exit strategy. Believe me - these are not the type of questions that you will be able to answer once you start tilting or are stuck big.
Secondly, let's say you open pocket aces and see a flop. Do you have an exit strategy for the specific hand? Under what conditions will you fold your hand? What would be considered a great flop set for you? A poor flop setup? Given the flop, what is the best possible turn card? The worst possible turn card?
For example, here is a hand I played this morning:
UTG + 1 is playing 34/16 over 32 hands. BTN is playing 13/7 over 57 hands.
Full Tilt Poker $0.05/$0.10 No Limit Hold'em - 9 players
Hero (CO): $10.00
BTN: $13.54
SB: $10.17
BB: $11.87
UTG: $23.76
UTG+1: $12.83
UTG+2: $4.12
MP1: $4.05
MP2: $6.40
Pre Flop: ($0.15) Hero is CO with K
K
1 fold,
UTG+1 raises to $0.20,
3 folds,
Hero raises to $0.90, BTN calls $0.90,
2 folds, UTG+1 calls $0.70
Flop: ($2.85) 5
7
Q
(3 players)
UTG+1 checks,
Hero bets $1, BTN calls $1, UTG+1 calls $1
So what range of hands will they have preflop to continue given my 3-bet? How will those hands play the flop (there is a fair bit of guessing involved - who will you be able to narrow down more accurately?).
Given the preflop and flop action, How many turn cards are bad for you? What's the worst possible card that can come? Why is that? Which ones are great? What, if anything, will make you fold your hand on the turn?
So ... make sure you plan well and start incorporating some basic exit strategies along with your planning.