Should You Switch to No-Limit Hold'em? Part IV - Where Do You Want the Big Stacks?

Part III (available at www.CardPlayer.com) discussed whether you should sit to the right, left, or far away from various types of players. You want the most dangerous players to act before you. Now we will apply that principle to an issue - stack sizes - that is almost irrelevant in limit, but critical in no-limit (NL.)

THE HUGE STACKS
You want the players with huge stacks on your right, for three reasons:
• They can bust you.
• They can double you up.
• They probably play differently.

Most NL books do not discuss the effects of capping the buy-in. If people have huge stacks in a capped game, they are probably winning.

In traditional NL games, they could have bought those chips, but not in these games. They could have lost several buy-ins before going on a winning streak, but they are almost certainly ahead for the last hour or two, and they are probably ahead for the night.

They are therefore good, lucky, or both - which means they are dangerous. You don't want dangerous players to your left, and you really don't want skilled players there, especially not when they have huge stacks and are winning. Winners tend to feel and play more confidently and aggressively.

Having a big stack adds to that confidence and aggression. They can afford to take chances because they can bust you and the others, but you can't bust them. In fact, if their stacks are much bigger than yours, you can't even hurt them very much.

They may therefore think and act like players on a rush, a subject I discussed in "Playing the Rush, Part II - Defense" (Card Player, Sept. 12, 2003). Both the rusher and the other players may "share a delusion - the laws of probability have been suspended - and they may all misplay their hands. The rusher pushes too hard, and the others let him run over them." I wrote that column before starting to play NL, and some of its strategic recommendations are even more important in NL. I suggest reading it at CardPlayer.com because this column will discuss only where you should sit.

Since they can bust you and may be playing more aggressively, you definitely want to sit to their left; you want to know what they are doing before committing yourself. Sitting there also enables you to double up by isolating a huge stack with an all-in raise. Because you can't hurt him badly, he may be more willing to gamble with you. Because he can easily reraise to put the other players all in, they may be afraid to call your raise.

A successful professional told me that these points were incorrect because, "Busting people has nothing to do with cash-game play. All of the chips have the same value. If I have $200 and double through, I have $400 whether I got it from a huge stack or an equal one." He's right economically, but most people in smaller NL games don't think that way. And if you are just switching to NL, you should not play in larger ones.

Most people in smaller games hate losing their stack on one hand, even if the money is economically unimportant. For example, a close friend has successfully played $100-$200 hold'em, but when playing NL, he gets upset when he loses a $300 stack. He has lost much more on countless limit hands, but it does not feel the same way. He said he feels "humiliated."

Poker experts often assume that people think objectively and dispassionately about expected value (EV) and profits: "A dollar is a dollar is a dollar." No. For most people, dollars are not remotely equivalent. People have strong, irrational feelings about money, and you want to exploit those feelings. Winners and people on a rush think, feel, and play differently than losers or people who feel unlucky.

Research supports another irrational reaction: "The pain of a loss is about twice as much as the joy of a gain." (Tanenbaum, Barry, "Understanding Poker Errors Through Prospect Theory - Part I, with co-author Rachel Crosen, Card Player, Oct. 25, 2005)

Don't make the common assumption that people treat chips as being the same value. Try to learn how they feel about their chips and then exploit those feelings.

The Fairly Big Stacks
They are probably winning, but you can't be sure. So, find out indirectly by saying something like this: "You seem to be doing very well tonight." Of course, some people will ignore or lie to you, but you may get valuable information. "Yeah, I'm in only one buy-in," or, "No, I had to buy in five times." If someone with a fairly large stack is winning, apply the same general rules as for huge stacks, but a bit more moderately.

What About the Small Stacks?
You want them on your left, for two reasons:
1. They can't hurt you very much.
2. They can help you when they are on your left.

Both effects come from the size of their stacks, and from the way that having those small stacks affects their play. They tend to play in two diametrically opposed ways: very tightly and very aggressively.

They either wait for premium cards or gamble to double up or go broke. Remember, the rules allow them to rebuy. The fact that they have not already done so suggests that they are reluctant or unable to do so.

If they are playing scared, you can often steal small pots from them. They won't risk going broke without excellent cards. The mega-pots don't occur very often, and buying more than your share of these "for sale" pots can be quite profitable. And since their stacks are small, you can buy those pots without risking many chips.

If they are playing "push and hope," you still want them on your left. Their all-in raises can't hurt you very much, and they can reopen the betting for you. Some of them get so bored or desperate that they push in with marginal or weak hands. They essentially say, "I'm tired of waiting. Let's get some chips or get out of here." If they are acting emotionally, they may even telegraph their intentions. If you sense that they are going to raise, you can limp in or slow-play, let them raise, and then see how the larger stacks react before committing yourself. If everyone folds and the pot odds are right, you can call with some lesser hands because you can't lose any more chips.

Sometimes, they will even "buy the button" for you without your having to take a serious risk. If you have a good but not great hand, you don't want to reopen the betting by making a small raise. Someone can come over the top and force you to fold. But, if a small stack is behind you, he may push all in with a small raise. You can wait to see what the others do before making a commitment. If someone to your left cold-calls the raise, or if a limper ahead of you reraises, you fold. If only the people ahead of you call, you can overcall, knowing that you will be the button on the later betting rounds.

Don't Hesitate to Change Seats
As conditions change, your seat should change. For example, if someone with a large stack loses it or leaves the game, switch seats to get position on the largest stacks remaining at the table. If a maniac sits down, or you see that a player telegraphs his intentions, change seats to exploit the situation.

When we discussed these issues, some members of my discussion group were unwilling to change seats. They thought it was too obvious that they were trying to get position. They may be right for the better players, but the weaker ones don't know what you're doing. Even if the better players recognize and adjust to your move, you will still have the benefits of position. So, if you can get a better seat, take it.

What About Bad Seats?
If you're stuck with the huge stacks and wrong players on your left, don't panic. Play more conservatively, but don't become so afraid of going broke that you become weak-tight

The Ideal Seat
You will rarely get it, but you should constantly look for a seat with an utter maniac - preferably short-stacked - to your immediate left, and the largest stacks to your immediate right. Because the maniac will raise so often, you can't play many hands, but you will probably get a few chances to win monster pots, and that's what NL is all about.

Dr. Schoonmaker ([email protected]) coaches only on psychology issues, such as controlling impulses, coping with losing streaks, going on tilt, and planning your poker career.