Quote:
Originally Posted by Jon_locke
If it's that easy to make $200k a year with little to no variance, why don't more people do it? That seems like a very good living
Most people don't have a high enough IQ as my friend who also owns 2 companies with 90%+ ROI that he just outsources everything except for things he needs to do so he has no fixed costs that he needs to pay to employees.
The discretionary income he earns from his companies doesn't require him to work more than 20 hours a week on his own schedule so he plays poker for fun/additional discretionary income. He does however, play Live Poker about 40 hours a week and has done so for the last 3 years and NL poker for about the last 10 months.
Playing poker for a living is a grind and most people can't really do that for longer than a couple years.
To answer your question, more people don't do that because they can't handle the variance they put themself through by playing bad (not adjusting gears, etc), not game selecting, and/or just being too confident and/or being too timid.
Biggest factor that I would say is the reason most people don't do that is because they have psychological issues when they play poker for an extended period of time and they start to play like a robot, play long hours, or play too short of hours in order to make a living.
On another note, having phenomenal bankroll management is one of the most important skills in Poker once you get to the level where you can at least exploit the fish in my biased opinion having played Online Poker professionally as a prop player and having played Live Poker professionally part time while I was going to school after Black Friday. Having a low bankroll really gets to your head psychologically and I would not recommend playing 20/40 if OP's main game has been NL and has not played LHE in awhile.
My small group of about 3 players including myself play LHE decently (not as well as ZOMG, NinaWilliams, OnTheRail, or DeathDonkey) and all 3 of us are winning players but even my best friend who wins about 2BB/100 in the soft Live games we play have a relatively high standard deviation/variance. This is over a small sample size of about 3 years playing couple times a week but my friend finished calculus 4 (discrete math) when he was in 8th grade and can calculate Variance mathematically even with a small sample to make it normally distributed utilizing a mathematical model that he made with an IBM software that he had access to through work/school.
Last edited by maka2184; 03-05-2016 at 01:10 PM.