Bankroll management… A Chris ‘Jesus’ Ferguson “mission”

OK… this time around we’ll start with some news.

If you haven’t already heard, Harrah’s – the casino group who now own the World Series of Poker – have confirmed they will be hosting a WSOP Europe festival in London from 6th-16th September. There will be 3 events, each coming with an official WSOP bracelet for the winner. This will be the first time these coveted bracelets will be up for grabs outside of Las Vegas.

The 11 day extraveganza will feature a 3 day £2500 H.O.R.S.E. event, a 2 day £5000 Pot-Limit Omaha event and a £10,000 NLHE main event. The festival will be spread across three locations in London, all operated by by London Casino International Group. The Locations used will be LCI Leicester Square, The Sportsman and Fifty casinos.

Live satellites will be run at LCI casinos in London, Manchester, Nottingham, Southend and Brighton – dates to be announced. There will also be online qualifiers, but it is, as yet unknown if they will be through several sites or a single operator.

I’ll let you know where and when you can qualify when details are announced.

In other news, Nottingham poker club ‘Dusk till Dawn’ is close to becoming the biggest card room in Europe after been given the go ahead by the UK Gambling Commision. They will be the first club in the UK to hold a full casino licence when they will only be running poker events.

However, it could all still fall through as they have still to have approval from the local authority. Other casinos in the area are arguing that providing DTD with a licence would cause them to suffer ‘material loss’.

Scared of the competition if you ask me! Good Luck DTD. I hope it all goes well for you!

And thats the news so far….. now onto the blogging bit!

Chris FergusonI read an article in the April edition of PokerPlayer magazine (UK), talking about Chris ‘Jesus’ Ferguson. He has embarked on a mission to turn $0 into $10,000! Yes, you read it correctly! Jesus has been, and still is playing freeroll tournaments on Full Tilt (his sponsor) in an attempt to “demonstrate the power and importance of bankroll management”. This is a fantastic thing to see him attempt, and I’m pretty sure he will make it!

This reminds me of how almost every player in our league started out. The majority of us started off our poker life as freeroll players, trying to build up a bankroll. We did not deposit at the sites we played, but hit the freerolls hard, just to get that bankroll started. To be honest, in my own mind I wasn’t trying to build a bankroll, but just win money – full stop! I didn’t even know what a bankroll was when I first started! Now I realise how important a bankroll and its management are though – very important indeed.

What I like about Chris Fergusons ‘mission’ is that he knows freerolls are full of monkeys and there are pitfalls everywhere. He knows it will be difficult to reach his goal – to begin with. At the moment he’s just passed the one year mark and has built up to around $350. But now that he has what novices might think as a ‘reasonable’ bankroll, he now puts his ‘management’ part into action – and it doesn’t half make sense! He has strict rules that he abides by, and as he says himself, they are rules that ALL poker players should stick to.

He will only buy into S&G tournaments for 5% of his bankroll. This means he can spend anything up to $17.50 buying into sit and gos. But for a multi table tournament he will only put up 2% of his bankroll – up to a $7 buy-in. In cash game he will put 10% ($35) on the table, but if he’s losing and the blinds are approaching him, he will quit – he doesn’t want to bust out (loose the full $35) and have to start all over again.

To me this is a very prudent but very sensible approach to maintaining and building your bankroll, no matter what stakes you play at. I know that some players might snear at following this ‘routine’ as they will be used to playing poker at higher levels than has been quoted here (in relation to their bankroll). But by following it, you minimise risk of blowing your bankroll if you head into a form slump, go on tilt, or just have a generally bad day at the tables.

My way of thinking about it is this. If Chris Ferguson can do it, then why can’t I? OK, he’s one of the worlds top players, but at the end of the day, if I met him on the tables I would look at him as just another player. I would analyse his play as I would with all the other players at the table. He’s not unbeatable.

I have limited funds in my poker accounts, so to follow Fergusons advice I will have to grind it out against the monkeys like he has. But as I said, I’m confident I can do it with a bit of luck with the cards, but most of all patience.

I had seperate targets to aim for in sit and go’s, MTTs and cash games. I now realise that this is not the way to go. Instead I should be aiming for an overall target by playing all three, and I will try my damndest to follow the rules he has set out. But, as I play around 7 or 8 different sites with varying amounts of money in each, I’m only going to follow this to the letter at maybe 2 sites in total, just to see how I get on.

I’ll give updates periodically to let you know how I’m doing.

 As usual, comments are most welcome….. so get typing some!

Advertisements

One Response to Bankroll management… A Chris ‘Jesus’ Ferguson “mission”

  1. Mat says:

    i think that his 3rd rule for cash games is to never buy in for more than 5% of his bankroll and leave the table when he’s reached 10% (when the blinds reach him again…), no?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: