Multi-Table Tournament Strategy

Introduction
Okay  here it is, my take on MTT's.  They take a long time to play but if
you do well then there are some huge prizes waiting for you at the final
table.  If your looking for some cheap practice for these types of
tournaments then check out the
FreeRoll section of this site,  most of the
listed tourneys here are multi-table with large fields so you can get a feel
for things before forking over real cash for the buy-in.  Be warned that
because these tournaments are free to enter you will see many 'maniac'
players who will play very stupidly and can put even the most disciplined
player on tilt.  It is for this reason that freerolls are harder to do well in
than real cash tourneys  (unless you can double-up your stack a few
times against the maniacs!).  For simplicity I have broken the tournament
down into stages, here they are:

Stage 1 The Opening
In the beginning you should play tight.  The blinds are putting little to no
pressure on the size of your stack and there are probably no antes to
pay.  It is more important at this stage to keep chips rather than gain
them so don't get too tempted to see flops for cheap even if you have
reasonably good cards.  Be mindful of the players at your table and try to
get a feel for them but keep in mind that you will likely be moved to
another table on a regular basis.  This stage of the tournament should
see a high  rate of players getting eliminated in relation to the elapsed
time of the tournament.  This rate of elimination will vary depending on
the size of the tournament (more players = more eliminations) and the
size of the buy-in (greater buy-in =  less eliminations).  Be happy every
time you see someone bust out because each time you are increasing
your chances of reaching the money.

Stage 2 Middle Game
At this point the blinds will have increased to a size that will make you
start thinking about getting in on the action.  Hopefully you won't have to
worry about "walking into" too many bad players that don't belong in a
hand, in other words: many of the fish will be gone.  Pre-flop raises will
get more respect and you should  start to increase the number of starting
hands you will play and build your stack.  Pick your spots carefully and
keep in mind that if you go all-in and lose than that is your whole
tournament down the drain.  You have stayed alive this long and even if
you have to fold what is probably the best hand it will be worth it if you
are guaranteed to continue in the tournament.  During this stage you will
play a style that resembles normal ring game play, you want to build up
chips in order to be a force in the late stage of the tournament.

Stage 3 The End Game
In this stage you are very close to "making the money" meaning that you
will receive a prize.  The size of the blinds will be large and there may
even be antes that must be posted by all players before a hand begins.  
This is a prime time to start "stealing" the blinds.  Stealing is basically
making a late position pre-flop raise to try and force the blinds to fold so
you can win them.  In order for this to be effective most of the players
acting before you should have folded and you should be in very late
position (preferably on the button).  Be careful who you have on your left
too, you want to steal from solid players who play tight solid games and
have average stack sizes.  If a player has a larger stack than you in this
case he will not be pushed around and should call to "protect" his blind
from your steal attempt.  If the player has a very small stack he may well
be on his last chance (having already invested a large portion of his
stack with the blind he may just push them all- in).  When you approach
the time when there are only a few positions left before everyone
reaches the money you will see many players "lock-up" and not play.  
This is prime time to try to push people around and get some chips.  Play
aggressively but be mindful of the stack sizes of the players that you get
involved with.  It really hurts to bust-out of a tournament on-the-bubble
(just before reaching the money) so be careful and don't commit all your
chips if you don't have to.  Once you reach the final table  your level of
aggression should go up even more.  The fewer players there are left the
more aggressive you should be.  If you have a big stack then stick it to
them, make them pay you and mix up your play.  Toss out a bluff now
and then but make sure it is coordinated with the flop and the other
players in the pot with you (don't bluff with many players in the pot).  
Once you are heads-up  (2 players left)  Then aggression is key any
pocket pair or hand that has a face card in it is a very powerful hand.  
You should be raising pre-flop very often when playing from the button
(first to act pre-flop in a heads-up game).  If you have a sizeable lead
against your opponent put a lot of pressure on him by making your
pre-flop raises at least 2-3 times the size of the big blind.  Once you have
someone hopelessly short-stacked (meaning you have nearly 10 times
the size of their stack) take the initiative and put them all-in pre-flop when
you are first to act and have almost any reasonably strong starting hand.

Conclusion
Play tight early, normal ring game strategy in the middle, and aggressive
on the bubble and in the end.  Don't forget to steal other peoples blinds
and protect your own.  Use stacks size to your advantage and be
cautious of other peoples stack size.  Know your opponents and what
kind of player they are, pick your spots carefully, don't bluff in the early
stages and be careful when moving all-in.  Have Fun! :)


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