Because I am a very logical and mathematical person I ignored the idea of a stop loss for the first few years that I played poker. I figured if the game was good, and I had a positive expectation playing in it, then I should keep playing and past results should have no effect on my play. In a vacuum this would be true. Unfortunately we don't play poker in a vacuum, and there is too much incomplete information (there I go being logical again) to make decisions just based on what we know. Ignoring the possibility that we might be wrong can be expensive. <READMORE>

After I thought about it for a little while one day I was reminded of my blackjack days and a mistake I made at the blackjack table when I should have quit playing and found a different game. After losing about $1,800 when my coutning was perfect, my head was on straight, and the rules were good, it didn't occur to me that something might be wrong that I didn't understand. As it turned out I was being cheated. I was born in a town full of magicians, and I can usually spot a cheap card mechanic from a mile away, but this dealer was amazing. I was $2,500 down by the time I actually realised what was happening, and I still couldn't really catch her doing it. A slight blur here and a different sound as a card came off the deck occasionaly was all I could pick up.

Setting a stop loss at $1,000 seemed reasonable to me after that, and I'm sure it saved me money in other similar situations. I think everyone should set themselves a stop loss today and follow it strictly. While the game amy still look great there are a whole host of factors that you may not be seeing. Some examples include -

1. You are being cheated. It's rare, but it can happen anywhere, and no matter how slick you are you may not ever know it.

2. You are on tilt or not playing as well as you think you are. It happens to the best player's in the world, and you aren't a great palyer because you don't go on tilt or because you can play through it, you are a great player when you can stand up from the table instead of tilting away money.

3. You have run into a player (or a whole table) whose style counteracts yours effectively. Put your pride aside, this game is about money and if you are losing it then go find somewhere else to paly.

4. You may be simply being outplayed. I have seen solid players lose a ton of money because they can't believe they are being outplayed. Short-handed specialists love to find a player who regularly beats full ring games because they lose so much money before they decide they are actually outclassed. Many players jsut can't believe they have run into someone who is clearly a superior player. Don't be that guy.

Obviously there are many more reasons why you might not be a winning player in the game you are playing, so setting a stop loss will prevent you from losing big chunks of money in a situation where you aren't seeing everything that is going on. Where you set your stop loss is up to you, but I personally use 10% of my bankroll as a hard rule, and I sit out for a few minutes and reexamine the situation at 5% and often quit after doing so.

It always helps me to remember that there are thousands of tables running online at any time, and if the fish who just got some of my cash doesn't give it back tomorrow then one his fishy pals certainly will. I try to see them all as one person, and all of poker as one long session when it comes to money. Then I don't get frustrated and try to win my money back from the same guy I gave it to. He'll lose that money eventually, probably to one of your fellow sharks. The guy who took money from that fellow shark? He'll probably come along at your table soon and give it to you.

I'll see you at the final table,
Fox

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