I have talked about long term perspective before. Now I am going to expand that further into the importance of correct tournament selection
Lets take an example as a basis :
Now if a player plays this tournament 1184 times, finishing in every position once, then they have lost $2368.
Hopefully you accept that every position 154 to 1184 is the same, so it is unimportant when exactly we bust out in a non-ITM position, the most important thing is arriving at the money line with plently of chips. In addition to this, if we strip out every finish position from 64 to 153, this amounts to $3856.99. If we replace these 90 positions with 88 outside the money and 1 first place and 1 second place, then instead of a $2368 loss, you have made a $1667.57 profit
So, the correct long-term approach is clear, but how does this tie into tournament selection? Well time
is the crucial factor. To be really hammering out this aggressive approach of final tables or nothing, you need to play volume. If you have limited time to play poker because of work or education or family commitments then it is very difficult for any person to change to this approach. No one wants to not cash for a month because they only have the time to play 30 or 40 tourneys, so their instincts almost without fail make them do something which is wrong. It causes them to tighten. Cashing becomes the subconsious objective, rather than putting yourself in the position to win (as per the above paragraph). At the top of your conscious you feel you have the ability to win, but without probably realising it your long term ROI% has been dragged down by your time constraints
Tournament Selection is very important to avoid this situation. As a guide the tournament field size should not be larger than your tournament hours available per month
Lets give examples
1) You play 12 hours a day, 30 days a month, 4 tabling. Your tournament hours per month (THPM) is 1440, meaning that you can happily enter the tournament screenshoted above, and be able to comfortably play it with the correct approach.
2) You play 8 hours a day, 25 days a month, 2 tabling. Your THPM is 400, meaning playing tournaments like the 360-max are more suited to ensuring the correct style of play.
3) You play 4.5 hours a day, 25 days a month, sometimes 1 table, sometimes 2. Your THPM is 4.5x25x1.5 = 168.75
For you, you should avoid large field MTTs, but stick to something like 180-seaters or 45-seaters.
4) You play 4 hours a day, 12 days a month, 1 tabling. Your THPM is 48, and you are better off sticking to 45-seaters and lower.
Playing the odd tourney outside of the guidelines isnt going to hurt, but remember to put yourself in the position to avoid the frustrations of poker.
If you want to be playing the 1184 above, you need to be firing off several hundred attempts per month to really gain some clear +ROI from it. If you can only enter it (or similar field tourneys) 10 or 15 times a month, you are setting yourself up for some frustration and/or negative ROI. The correct tournament selection will aid the correct approach, help you to avoid alot of pain, and also give you a much betting chance of a positive ROI
As well as the field size guidelines discussed above, also remember to stick within BRM guidelines for the entry fee. See BRM Chart