Right Time to Quit
It's an age-old
question. When have you made enough money to lock
up your winnings for the day, and when is it time
to cut your losses and throw in the towel? This
extremely prevalent question is generally looked
at so illogically by people who are otherwise sensible
and logical, yet it has such a simple answer. That's
because determining if it's time to quit has nothing
to do with whether you're winning or losing! An
excellent example can be taken from the highly skillful
game of poker.
Suppose you sat down at a casino poker table with
a crew of total strangers. After half an hour you
realized you were playing with a table full of world
class professionals. You were by far the weakest
player, but you had made a couple of key hands and
were winning. What should you do?
Since you'll almost certainly be beaten senseless
if you continue to buck heads with them, you should
definitely quit right now! And what if you were
already losing? Same answer! Get out of there ASAP
before they bleed you dry!
Now let's reverse it and say you've discovered you're
playing with a bunch of complete suckers. You're
head and shoulders above them all, but you've taken
a few tough beats and are getting slaughtered! What
should you do now?
Since you outclass the field, the "cream will
eventually rise to the top" if you stick with
it, so you should stay even though you're losing.
And what if you were already winning? You're highly
likely to keep right on winning, so again stay put!
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you knock out a player designated as a bounty player,
you win something immediately even if you don't go
very far in the tournament.
By far the most famous and important bounty tournament
is the Bay 101 Shooting Stars Tournament, which this
year became a World Poker Tour Event. Twenty famous
players are given free entry into this event, one
per table (entry is currently limited to 200 players).
It costs mere mortals $5,200 to enter, so this is
a great deal for the Stars. The catch is that the
Stars have $5,000 bounties placed on them and anyone
who knocks a Star out has paid his entry fee and is
free rolling for other prize money.