As a tool to gauge the effectiveness of my bluffs, around 2 weeks ago I decided to record every single bluff I would make. I noted every single stonecold/semibluff that I felt I was PROBABLY BEHIND on during the hand, not including bets for information when I was unsure I had the best hand, and not including stealing blinds in a SnG. When my bet made everyone fold, I would add +the number of chips in the pot before my bet. When my bet didn't make everyone fold, I would -the number of chips of my bet. I feel that my sample size is now significant enough for publication. Here are the results:
41 total bluffs. 19775 total chips bluffed. Largest bluff: 3200 chips. Smallest bluff: 20. Average bluff: 482 chips. Net gain: -915 chips. Average return on investment: -22 chips.
So I'm losing twenty-two chips per bluff. The fact that I play freerolls and the lowest limits exclusively might be why my bluffs aren't proving profitable. Perhaps it's more profitable to bluff at higher limits, but I don't have to worry about that for a while.
As a result of these findings, I plan on bluffing with much less frequency. Maybe I'm bluffing too early in a tournament, maybe I'm bluffing the wrong people. But whatever nuance is escaping me, I'll refrain from bluffing most of the time from now on. Rockville here I come!