- A tournament is a fight to win all the chips at the tables.
- Players are paid based on how long they last before all their chips are gone.
- Tournaments are a combination of the two above but more so the former than the latter.
You often hear people say that they don't want to put their tournament life on the line. The value of your tournament life is your expectation for playing longer as opposed to being knocked out. When you are risking going broke on a hand, it is exactly that, a risk. You have to evaluate your risk to reward and figure whether it is worth it. The only value you have in still being in the tournament is your expectation in the tournament and that is directly related to how many chips you have. Compare the expectation of still being in tournament to expectation of winning the hand. If expectation of still being in the tournament is higher than the expectation of winning the hand, fold. If the expectation of winning the hand is worth more than your tournament life then take the risk.
I subconsciously think about this when playing in MTTs but making a conscious effort of evaluating the risk to reward of my plays will improve my performance.
Basic MTT Advice
- Play your best cash-game strategy early, no matter what pay structure.
- Your best chip-EV play will usually be the best play, with the exceptions of bubble and final table situations.
- Look for opportunities to exploit opponents.
- Players generally play too loose early, too tight in late and middle stages.
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