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The 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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Nonmutinous Bounty Tournaments
If 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.
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