Bankroll management - Page 3 - High Stakes Pot Limit Omaha

Abuelita · 06-22-2012, 06:51 PM

Thanks a million for your long contribution to the thread! Your suggestion does make a lot of sense. Another question in regards to that, with switching over to being full time pro. Assuming that you enjoy a specific job and playing poker just as much. How much more than the job salary would be the break off point?

Job pays 200k less tax a year, stressfree
Expected poker income at ?? Taking into account the stress of variance.

400-500k?

**iggymcfly** · 06-22-2012, 07:06 PM

Glad I could help. As for when to transition, I'd be more concerned about lack of stability due to deteriorating game conditions than stress of variance. Still though, that concern's far enough down the line that you can probably make a new thread when and if it comes up.

Abuelita · 06-22-2012, 07:21 PM

For sure, just an interesting thing to ponder about. Anyways thanks once again, will give it some serious thought and most likely boost the starting BR and try to make a really serious run for it. Will update this thread when bust or at 100k.

rand · 06-25-2012, 12:58 PM

Quote:

Originally Posted by iggymcfly

Also, it's very important that you set FIRM rules for yourself and hold to them no matter what. As soon as you break your rules once, and say "oh, I can play with X buy-ins at Y level this one time because (this game's so soft/there's no games running and I'm bored/I'm gonna use a really strict stop-loss), then your discipline's broken and it's over. From that point on you'll just go play with that number of BI all the time, and if you do run good, you'll do the same thing at the next level and the next level until you hit the inevitable downswing and end up losing it all. There's really no upside. You either run bad and lose your money or run good, and ingrain the BR management leaks even further within yourself, so that the bad habits will take many, many more months to break. Trust me, no one plays with 30 BI per level for 3 months, runs great, and suddenly sees the need to play it safe. You have to put yourself in a position to win from the start. Hope this helps.

This, the second part of iggy's post, is probably the most important thing posted in this thread. It took me years to really come to believe in stuff like a stop loss.

Pipe dreams are for chumps. If you want to make money you grind it out. Sure you can go on heaters and win tourneys. Hell, you can even take $100k and play 200-400 and run good and make a million bucks. But there is a big difference between putting in the work and achieving something and being fooled by randomness.

Also, OP, you asked about the relationship between your salary and potential poker income when considering a career change. Again, I agree with Iggy. I would not recommend that anyone become a pro poker player or trader (with their own capital) for many reasons despite the fact that I love what I do.

Now is a time to pay off debt and have a savings plan (for real assets). It may not look like it but times are very uncertain economically / politically (even in the US). We are at a point in history, with the grand Keynesian Experiment, that we have never seen before and both poker and derivatives trading may die very soon.

sleepingtom · 06-26-2012, 05:44 AM

Quote:

Originally Posted by iggymcfly

Also, it's very important that you set FIRM rules for yourself and hold to them no matter what. As soon as you break your rules once, and say "oh, I can play with X buy-ins at Y level this one time because (this game's so soft/there's no games running and I'm bored/I'm gonna use a really strict stop-loss), then your discipline's broken and it's over. From that point on you'll just go play with that number of BI all the time, and if you do run good, you'll do the same thing at the next level and the next level until you hit the inevitable downswing and end up losing it all. There's really no upside. You either run bad and lose your money or run good, and ingrain the BR management leaks even further within yourself, so that the bad habits will take many, many more months to break. Trust me, no one plays with 30 BI per level for 3 months, runs great, and suddenly sees the need to play it safe. You have to put yourself in a position to win from the start. Hope this helps.

This is so true and well said. V nice post imo.