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Old 04-21-2014, 04:42 PM   #1
Just a fish
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Going broke....

I won thousands and lost thousands in the last month and learned so much at all the stakes was up over 3 grand now I have 100 bucks in my bankroll.

I know I can win but what to do now....

I work par time but am lost I'm taking a break I know that at least I have a big screen and xbox 1 to show for it....

25 and broke at least I live at my dads

Has this happened to you in the past
What do we do now it...
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Old 04-21-2014, 08:56 PM   #2
Fin-Omenal
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Re: Going broke....

Quote:
Originally Posted by Just a fish View Post
I won thousands and lost thousands in the last month and learned so much at all the stakes was up over 3 grand now I have 100 bucks in my bankroll.

I know I can win but what to do now....

I work par time but am lost I'm taking a break I know that at least I have a big screen and xbox 1 to show for it....

25 and broke at least I live at my dads

Has this happened to you in the past
What do we do now it...

Poker ruins lives because too many people overestimate themselves and take ridiculously un calculated risks and eventually go busto.

I can't stress enough too make playing as recreational as possible until you can show LONG TERM results. About a year ago I saw this early 20's over aggressive kid run like god in tournaments and cash games to the tune of about 20k in a short period of time. Well? He told me he was quitting his job and moving to Vegas to turn "pro".

I saw him with a defeated look on his face about 3 months later struggling to beat the 3-6 limit game here in Columbus. Very sad. What's worse is I'm sure that happens at an alarming rate.

My advice is to get a job and play what you can afford to lose a couple times a week, monitor your results for a year and if you have a 200 buy in roll?? Go be Phil Ivey, if not? There is nothing wrong with playing recreationally and responsibly.
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Old 04-21-2014, 10:37 PM   #3
Gauths
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Re: Going broke....

It happened to me, I got lucky enough to win 10k the first month I started University and spent most of the next few years having regular swings until I eventually had to live on my credit. I got my degree in April 2013 and worked a whole summer to build a roll.

I wasn't enjoying my job but thinking about playing full time some months later kept me motivated.. During that time I spent a lot of time playing small stakes and to actually take time to study the game. I also realized that I do not make money when I'm trying to make money.. but when I really want to play and get better.

If you really enjoy the game and think you can beat it, I believe it is worth taking another shot while you still live at your parents, just like I did until a month ago. I now play full time and try to keep my life well balanced, and I still enjoy every morning I wake up to play.

However poker is a tough game, and it's never going to be easy, especially mentally. I also have to agree with what Fin-Omenal, too many people overestimate themselves and I am definitely still one of them.. but I do not take uncalculated risks.

Working and playing small stakes a few hours per week until you build a sufficient bankroll and make some cash outs might be a good solution for your situation.
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Old 04-21-2014, 11:05 PM   #4
striiing
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Re: Going broke....

The game is always changing so you have to change with it. I think the game destroys so many young kids lives when they sacrifice shory term winnings for long term work experience. Poker may be fun now but will you still enjoy grinding your weekends and holidays in 30 years at the local casino because the games are +ev
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Old 04-22-2014, 11:43 AM   #5
kenkott
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Re: Going broke....

Quote:
Originally Posted by striiing View Post
The game is always changing so you have to change with it. I think the game destroys so many young kids lives when they sacrifice shory term winnings for long term work experience. Poker may be fun now but will you still enjoy grinding your weekends and holidays in 30 years at the local casino because the games are +ev
Completely agree, Its a very tough game, and with the popularity of it decreasing in my opinion, there are more tougher players.
My first year out of college i decided to chase it, and crushed for 7 months, almost at 100k Plus, but you know i have a 2 to 3 month down swing, and its like i could do nothing right. Bubbling tournaments or close to it like it was my job... Its a tough game/gig. I work part time and play, and would never go full time again, unless i hit some huge win, but even then.
You need to work some, to stay up to date at you will never be hired when your older and know nothing!
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Old 04-29-2014, 04:50 PM   #6
Gullix
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Re: Going broke....

Ive done the same many many times..
Brm is the keyword I guess..
Totally agree with what Gauths that if ur main focus is to make fast money it seems harder cause every badbeat, and even coinflip against u will hurt harder then if u play tons of games with main focus of getting better and make the right decisions (mathematicly)..For my sake atleast since when I want to make money fast i play games that are to high for my bankroll, and the variance always seems to strike in the highest games (Ofc just a feeling I have since these games are the "most important" to win, and it hurts harder when I have 50% of my br in then for instance 5%...
So its seems to me that op is playing cashgames., Im playing alittle bit of everything (tourneys, nlh 6 handed, plo hu and 6 handed) and the best advice is to put in as much hands as possible within the category u want to improve your game..
Read books, visit coaching sites, watch online games if u like to and etc..
(Maybee little bit messy answer, but my English isnt the best)
Good luck anyway..

Last edited by Gullix; 04-29-2014 at 04:57 PM.
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Old 04-30-2014, 12:14 PM   #7
Poker Clif
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Re: Going broke....

Quote:
Originally Posted by Just a fish View Post
I won thousands and lost thousands in the last month and learned so much at all the stakes was up over 3 grand now I have 100 bucks in my bankroll.

I know I can win but what to do now....

I work par time but am lost I'm taking a break I know that at least I have a big screen and xbox 1 to show for it....
25 and broke at least I live at my dads

Has this happened to you in the past
What do we do now it...
This is part of the problem. Money management in general, and bankroll management in particular, are very important.

It sounds like you would like to make poker your full-time job, so based on that, take a step back and think about this strategically.

Since you're starting over, you need to rebuild your bankroll. The less you spend, the faster you can build that bankroll back up. If you need to use some of your winnings, that's OK if you need food, gas for your car, or money to pay the electrice bill. Don't take money out to buy new toys.

Johnathan Little talks about poker players he knows that make a big cash and immediately buy a new car, go out for $200 dinners, pay for a group of friends to go out to the club, and before long, they're trying to borrow money to get into the next tournament. Don't be that guy.

Make sure you understand what poker as a job will and won't do for you. You won't have a company retirement plan or insurance coverage. You won't have a boss or a time clock checking if you start work on time. You have to be your own boss, and discipline yourself to put the hours in.

Also, make sure you understand the income tax implications of playing poker. If poker is your job, or a majority of your income, for tax purposes you are probably a self-employed business owner.

If you want more information on the business aspect of poker, here are two books, one by a poker playing tax accountant and the other by a millionaire high stakes cash player:

http://www.amazon.com/Treat-Your-Pok.../dp/1580423116

http://www.amazon.com/Turn-Your-Poke...poker+business
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Old 04-30-2014, 12:23 PM   #8
gostatego
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Re: Going broke....

ding ding ding… making 3k and buying a flatscreen TV and xbox with it is how you go busto
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Old 04-30-2014, 04:06 PM   #9
Just a fish
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Yea well I took your advance I'll be landscaping 12 hour days starting Friday thanks for all the feedback guys... I threw it all away at monster limits I couldn't compete in and dumb purchases.

It was a nice (what I call a run) but I will be a rec player and an grateful for what I have time for some hard honest livin work...

Get some money in the bank before I even think about playing hand and giving the game more respect as well as myself.....

Defeate (oh and to remind me off my stupidity I subscribed to two poker mags and bought 3 poker tshirts so I got my monthly reminders coming.

Expensive lesson I will break for a bit..
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Old 05-03-2014, 10:23 AM   #10
4BetBoke
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Re: Going broke....

If you play on stars you can set table and tournament limits (i.e highest 50nl cash, highest $10 tournaments). It takes 24 hours to reverse the limits and may stop you making impulsive and poor decisions when you're losing.

It certainly helped me a lot when tilting was a bigger issue for me.
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Old 05-03-2014, 01:04 PM   #11
MichelLeROI
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Re: Going broke....

Quote:
Originally Posted by 4BetBoke View Post
If you play on stars you can set table and tournament limits (i.e highest 50nl cash, highest $10 tournaments). It takes 24 hours to reverse the limits and may stop you making impulsive and poor decisions when you're losing.

It certainly helped me a lot when tilting was a bigger issue for me.
Exactly what I did back in the day. Hopped in the highstakes cash games after losing a small mtt session with the intention to win back the money for break even.

Ended up losing twice as much. Excluded myself. Best decision ever made.
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Old 05-03-2014, 07:25 PM   #12
slickyis30
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Re: Going broke....

Why quit if you think you can win. Obviously brm was not a thought for you and you can't be a winning player without practicing it! Landscaping is seasonal for the most part. Put some money away towards a starting br. Study while you aren't playing now and prepare for off season. Collect all bonuses and rakeback. Don't let anybody who don't play poker discourage you! You ****ed up by not practicing the golden rule of poker. I remember long before i knew about brm i'd deposit 20 to 50$ and play on stars in 10 or 20$ sng and run it up to 4 or 500 and lose it all in cash. I had 150 on ft and won a tourney for afew k cashed out and lost the rest playing 1/2. If i had known about brm i'd never have had to deposit again after the ft tourney! If i went broke now it would be my fault, back then i had no clue how to manage my poker funds. 100 buy in rule and you will be all set!
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Old 05-03-2014, 07:29 PM   #13
slickyis30
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Re: Going broke....

I would have had to work for the 3 yrs it took them to get out of the scandal though
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Old 05-04-2014, 02:53 PM   #14
drewwwy
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Re: Going broke....

Your problem seems this: you starting winning so you moved up in stakes, won some more, then moved up again. Started losing, didn't move back down. You should've moved back down once your roll begin getting smaller. You clearly weren't rolled anymore for the stakes you were playing at, hence you went broke!

Learn to move down, people move up and down all the time. You have to adjust so you don't allow this to happen again.
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Old 05-05-2014, 07:57 AM   #15
Baron Vo Mandor
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Re: Going broke....

Quote:
Originally Posted by Just a fish View Post
I won thousands and lost thousands in the last month and learned so much at all the stakes was up over 3 grand now I have 100 bucks in my bankroll.

I know I can win but what to do now....

I work par time but am lost I'm taking a break I know that at least I have a big screen and xbox 1 to show for it....

25 and broke at least I live at my dads

Has this happened to you in the past
What do we do now it...
Dude you sound like someone thats on the verge of doing there ass completely.

Step back and have a few weeks off is my best recommendation then come back at low, low stakes at high volume and make sure you just didn't luck box it.
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Old 05-06-2014, 06:00 PM   #16
Boson
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Re: Going broke....

http://www.youtube.com/watch?v=tsEAHpgw6l0

Chris Ferguson, good stuff

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Old 05-11-2014, 08:45 AM   #17
jedi
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Re: Going broke....

Quote:
Originally Posted by Just a fish View Post
It was a nice (what I call a run) but I will be a rec player and an grateful for what I have time for some hard honest livin work...
This is where most people should be in general. Good for you to recognize it and good luck at the tables.

This is just echoing what everyone else says, but as far as poker, you might have made quite the profit, but life happens and necessary expenses (rent, food) and unnecessary expenses (TV, Xbox) ruin that. Most people need the guaranteed income stream to meet those expenses and poker is just too swingy for that.

Also, being broke and still having a place to live with your dad is much better off than many people in other countries.
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Old 05-11-2014, 11:11 AM   #18
iPUTnutsONtheTABLE
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Re: Going broke....

Quote:
Originally Posted by Fin-Omenal View Post
Go be Phil Ivey, if not? There is nothing wrong with playing recreationally and responsibly.
Why would you say go be Phil Ivey? Ivey has done nothing but lose $1,250,000 per month this year. I doubt OP has that kind of money to lose.
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Old 05-14-2014, 07:58 AM   #19
swfclad
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Re: Going broke....

I have played full time for stages in my life but can honestly say I am much happier when working full time and playing poker on the side. Yes I still play 3 nights a week plus long sunday sessions however I don't relay on it for an income which is important. I also find my results are much better when working as I enjoy the game alot more and only play because I am hungry. I also learn to appreciate the value of money which most poker players sadly lose. Getting out of bed at 6am for £60 a day isn't most players idea of fun but it gives you that pride and self respect you need in life.

I know of many lads who have never had a full time job and I fear for them in the future even though they are doing ok at poker name as previous stated the game is getting less popular and tougher and you never know what regulation comes in.

I think playing full time is fine if you are saving decent sums of money so you can build a life after poker. What you don't want to be in a situation of is playing full time, not saving then needing to get a job at 35 with nothing on your CV leaving McDonalds the only likely employer who will touch you.
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Old 05-29-2014, 10:30 AM   #20
Vataipva
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Re: Going broke....

I think, that's the story, that almost every poker player had in his beginning years. It's a first task, to overcome yourself, and value yourself by your numbers or graphs instead of emotions, for example, just saying that you can beat the game, but you don't have any proof to show, that you CAN do that..
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Old 05-31-2014, 11:54 AM   #21
kenkott
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Re: Going broke....

Poker should be played as a part time hobby, no matter the stakes, after 3 to 5 years, if you show consistency in winning, and have a bankroll to where if you lost your ass for 6 months, and would show no pain, then you can go for it...
But i mean, if your older, and going for it without anything, don't. If your young like you are, your fine, your dad will always be there... You went for it, now get yourself a job, continue to practice and play part time!
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Old 06-02-2014, 06:11 PM   #22
Solst|ce007
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Re: Going broke....

Quote:
Originally Posted by drewwwy View Post
Your problem seems this: you starting winning so you moved up in stakes, won some more, then moved up again. Started losing, didn't move back down. You should've moved back down once your roll begin getting smaller. You clearly weren't rolled anymore for the stakes you were playing at, hence you went broke!

Learn to move down, people move up and down all the time. You have to adjust so you don't allow this to happen again.


agree drewwwy....
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Old 06-06-2014, 03:05 PM   #23
acesfull44
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Re: Going broke....

Quote:
Originally Posted by Fin-Omenal View Post
Poker ruins lives because too many people overestimate themselves and take ridiculously un calculated risks and eventually go busto.

I can't stress enough too make playing as recreational as possible until you can show LONG TERM results. About a year ago I saw this early 20's over aggressive kid run like god in tournaments and cash games to the tune of about 20k in a short period of time. Well? He told me he was quitting his job and moving to Vegas to turn "pro".

I saw him with a defeated look on his face about 3 months later struggling to beat the 3-6 limit game here in Columbus. Very sad. What's worse is I'm sure that happens at an alarming rate.

My advice is to get a job and play what you can afford to lose a couple times a week, monitor your results for a year and if you have a 200 buy in roll?? Go be Phil Ivey, if not? There is nothing wrong with playing recreationally and responsibly.
very well said here!
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Old 06-09-2014, 03:42 AM   #24
cho84eva
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Re: Going broke....

i have gone broke many times due to lack of BMR. I am a winning player but i keep cashing out as soon as i win, leaving me underrolled for even the lowest cash games.
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Old 06-09-2014, 02:48 PM   #25
dadzorel
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Re: Going broke....

what amazes me more how do these people even get so damn lucky... they actually think they're good at the game but fail to aknowledge the fact that they always make hands at the right time and always end up on the right side of a cooler ... incredible how they manage this for 20k hands and + ...etc and end up with a profit that's in the thousands just to lose it all even faster.

Anyway if you can't play proper BRM then why even play poker, it's like one of the easiest thing to learn about it ... downswings are coming, lucky streaks are ending ... your lack of skill will be showing and your money will be going.
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