On Saturday, July 7, the World Series of Poker Main Event kicks off with the first of three starting days. Poker players from around the world, each with varying skill sets and experience levels, will descend upon the Rio in Las Vegas for the $10,000 buy-in contest. Among those who will be on-hand this year is Chris FoxWallace (pictured), the founder of TourneyTracks.com, a longtime poker instructor, and a member of PocketFives since 2005.

We caught up with Wallace to relive his Main Event experience and discuss his mindset in it. We hope you can take a little bit away from this article if you’re playing in this year’s WSOP Main Event.

PocketFives: Tell us about your first time playing in the Main Event. We understand you had a short stay.

Chris Wallace: My first time playing it was 45 minutes long. There was nothing I could do, either. I got it in as an 8:1 favorite on the flop. When you realize $10,000 is gone, you’re pretty irritated.

PocketFives: Ugh. What advice do you have for first time Main Event entrants?

Chris Wallace: For people playing the Main Event for the first time, it’s important because it’s such a unique event to spend a little time at the table relaxing. You’re not going to make 50,000 or 100,000 in chips in the first hour. You’re not going to win the tournament in the first hour. If someone doubles up in the first level, the likelihood they’re going to make the money doesn’t increase that much. Even if you double up during the first hour, it doesn’t matter that much for you in terms of equity.

Instead, get used to the table and the environment. The money is great for a lot of people, but for other people, it’s an experience, so think about what your goals are. If it’s an experience for you, then don’t take a bunch of stupid risks the first day. You can fold your way through the first day – I’m not advocating that, by the way, but it’s possible. You can be cautious and focus on low-variance plays if you want to.

If it’s really about winning the thing, then you’re probably prepared for that already because you’re playing poker for a living and playing the game seriously.

In any tournament I play, I take time to assess the table and try not to be too rash. If I start to play too many hands, it could cost me a ton of equity. Even when it’s all about the money, I’m still very cautious, especially in a field that big. You won’t know more than one or two people at the table, so it takes time to get used to how people are playing.

PocketFives: What kind of turnout are you expecting in the Main Event this year?

Chris Wallace: I think it will be smaller this year. The fields have been down this year overall. The fields in the bigger buy-in events have been down and with so many fewer qualifiers, all of that money is going out of the poker economy. You had people making money online last year who decided to go play poker in the WSOP to see what happened. Now, they’ve had a whole year to figure out what to do. You have fewer people this year. You have people playing smaller events in other series in town as well.

That said, the Main Event is always filled with fish. However, I think you’ll see fewer recreational players come take a shot this year.

PocketFives: With what could be around $9 million for first place, is it best not to think about the money?

Chris Wallace: Yeah, and some of that comes with experience. You start thinking about the money less with experience. If the $9 million affects your game, then it’s a form of tilt. And with any form of tilt, I’ve learned to make the right play regardless of how I feel. With enough experience, you can focus on making the right play at the right time even if you’re frustrated or elated about the potential of winning $9 million. You learn to make the right play regardless of how you’re feeling.

PocketFives: How did you bust from the Main Event in 45 minutes, by the way?

Chris Wallace: It was aces against kings on a J-8-3 board with two clubs and my opponent hit a runner-runner flush. I was very disappointed. That was the only year my wife came with me to Vegas. I called her 45 minutes into it and she said, “You can’t possibly be calling me right now.” She asked me what I needed and I said, “A beer.” We had a fun night and the Main Event was over.

PocketFives: How are you going to buy into the Main Event? Do you have backing?

Chris Wallace: I have backing in anything $1,000 and bigger. My backer is really easy to deal with. I get my own action below $1,000 and can make money and pay my bills. It works out really well. Backing hasn’t changed how I play, though, and I probably wouldn’t let it. I’ve been backed since the day after Black Friday.

I can understand how backing would change how you play. Say you’re $50,000 in make-up and you’re at the final table. If $100,000 is first place and $50,000 is second place and you’re an average stack, you’d play crazy and go for the win because that’s the only way you make money. People who have make-up in their deals will tend to play bigger with bigger feels to try to get ahead of it rather than grind it down.

That said, you really want to cash in the Main Event. And once you cash, you really want to keep playing and move up and win the thing. Even if you’re $100,000 in make-up, it’s nothing compared to the money at the top of the Main Event. I know players who have traded a bunch of pieces of each other as they got to 50 people left and 100 people left. That happens so much as you run deep in the Main Event and might affect some people’s play too.

PocketFives: Would you consider swapping pieces with someone? How can you hold the other person to the agreement?

Chris Wallace: I would never swap pieces with someone I didn’t know well enough to do it with a handshake agreement, but I know a lot of people who do anyway. I would recommend a text message or e-mail that says, “We’re swapping 5% of our profits in the Main Event of the WSOP in 2012.” That’s a legally binding agreement. A judge can read English and you don’t need a lawyer to write that up.

Almost every deal I do is in a simple e-mail and judges can read that. You can tell people you only do it that way and they will largely be fine with that. If it’s remotely a hassle for someone to do it, then just forget it.

Swapping is fun, though. Having 20 people backed in the Main Event is just like having a bunch of horses you bet on. It’s like having money on every NBA game one night. Some of the backers are like that – they love having all of those people in it. You can get the same thrill by swapping action with other players.

What Main Event tips do you have? Let us know by leaving a comment here.

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