WOW comes in many forms.
For me, most often it has been putting in large stacks at cash games when drawing dead "why, oh why, did I do that !" or failing to get to the later stages of a tournament through lack of patience. One of my specialities in that category is picking up a hand that merits pushing all-in but when there is action ahead of me I still push, forgetting that (a) you need a much stronger hand once someone has opened the betting and (b) some of these people just can't fold !
In cash, a brilliant example of "WOW" came up at $.5/1 PLO recently. I had built up a stack of $350 - the max buy in at this stake is $100 so I am sitting on $250 profit - a great return.
WOW1: why didn't I leave the table ? When to bank gains and sit down at a different table for $100 is not an exact science, but I hardly ever do it which can't be right.
WOW2: why did I lose it all in one hand, drawing dead ! I had a reasonable rundown hand- something like QT9h7h. We were playing 5-handed I think. I am on the button. The cutoff raises, I call. The BB raises and with his style and his shortish stack (~$100) I think it is very likely he has Aces. The raiser calls $28 and so do I - looking to hit and stack the Aces.
The flop is all hearts - so I guess I hit ! The "Aces" opens for $40 with only $60 left. I am prepared to put him all in but the initial pf raiser now calls.
Why didn't he raise (or fold). He has me covered. I wonder if he has a set and wants to hit ? A smaller flush ? Of course he could have a higher flush - even the nut flush.
I decide to raise to $99. The "Aces" now fold but the other stack (who has me covered) calls.
I should be very suspicious now, I guess. The turn is another low heart - in particular it did not pair the board. He checks, and I push for $200+ trying to get a set out of the way and/or repping the nut flush. He calls with the King high flush.
I have no outs !
Why, oh why, did I do this ! I suppose I was right that he didn't have the nut flush, but that's about the best I can say.
It is always frustrating to flop the flush in PLO and lose. I still have a hold'em mentality "what is the chance we both flopped a flush and his is higher?" Well, in PLO, if there is any action on an all-flush board, then the non-nuts is usually toast.
I think the right approach for me at my level is just to shut down when these flops come, and move on to the next hand. Of course the nut flush isn't easy to play either - it usually gets no action unless it is overtaken by a full house !
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