When you launch in a rocket, you're not really flying that rocket. You're just sort of hanging on.
(Michael P. Anderson)
We have all heard amazing story about players who do a so called rocket and turn 100 dollars into 20K in the blink of an eye. What they do is basically move-up every time they have a buy-in for the next level. And when they finally double up at 10.000NL - voila! They got 20K - nice, especially 'in theory'. Because it virtually never happens - and is extremely unlikely even for good players! Let's say you are a very good player and you on average have a 55 percent change of doubling up versus going broke (it will probably be a bigger edge at NL100 and smaller at NL10000!). Then if you try to go through all the limits (winning one BI) from 100NL to 10000NL the chance that you will turn 100 into 20K is less than 1 percent (0,8 percent).
Still almost 1 percent chance to go from 100 to 20000 sounds nice. But it is of course just very bad bankroll management - if you have a 55 percent edge you can do much better by just playing at the limit where: edge * limit = the highest expected value. The you can be sure to reach those 20K after some time. Now players who do try the Rocket approach usually don't have an 55 percent edge! And the smaller the edge the bigger the chance the rocket ends up in the water.
So don't do it - there are no (good) short cuts :(
You can read about Bankroll Management everywhere and I won't bore you with the details on this mighty fine Sunday. My approach is to win 20 BI at each limit and then move up...
But Hey! I have played midstakes forever and I have won 20 BI's at say 2-4 and 3-6 many many years ago (do it every second month) - But I still play these limits - why? It is the Peter Principle - you tend to rise to the level of your incompetence. When you have done that in poker - then what? Yeah, right! step down one limit to maximize your EV! There is just one problem for me though - I have been very happy to just grind it out at midstakes and I never really gave the bigger games a decent shot (shame on me).
Mostly because I love to win and hate to lose! I also tend to use too much money (don't we all). I have tried to convince myself to give those bigger games a shot but something (my private economy) is holding me back. Now I found a possible cure: I am going to use the bankroll management approach outlined above to find my true level of incompetence. And I want you to see the whole thing! So I am going public with my nickname at Bet24 - bye bye privacy.
Here is the project:
I start at 200NL and when I have won 20 BI I move up to 400 NL etc. I will keep moving up as long as I can (and no cashouts on the way! - this project is sort of detached from my private economy). If I lose more than 100 BI's at any level I will have to step down again. I will keep it going until I have been knocked down from a limit 3 times. It is a bit like pumping iron where you in theory can improve infinitely by just doing one more rep each workout - So I hope to reach nosebleeds one day with this sparetime project (will still be grinding my usual stakes with my 'normal' Bankroll) :)
Oops I almost forgot:
My name is: humanbot (at Bet24 on the Ongame network) - feel free to rail (or play) me. I don't chat so don't bother writing me at the tables.
The start hasn't been too good - damn variance :( - and I am down 4 BI already (EV says I should be one up, sigh).