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Old 02-01-2014, 09:28 PM   #6276
yaheardbish
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re: Winrates, bankrolls, and finances

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Originally Posted by HappyLuckBox View Post
2-5? 5-10?
most 2/5 ... some 1/2 waiting for a 2/5 table
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Old 02-01-2014, 09:49 PM   #6277
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re: Winrates, bankrolls, and finances

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Originally Posted by HappyLuckBox View Post
On a side note, what kind of standard deviation per hour are you guys getting forom poker journal? Is a std of 285/hour at 2-5 considered low? I see alot of people have closer to 500/hr

I understand having a lower std means i can be more confident regarding my winrate, but its kind of weird having such a low std compared to others. I guess ive got a pretty low variance style.
Seems pretty low. My standard deviation at 1/2 is $265 over about 250 hours tracked. 2/5 is around $420
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Old 02-01-2014, 11:31 PM   #6278
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Originally Posted by HappyLuckBox View Post
On a side note, what kind of standard deviation per hour are you guys getting forom poker journal? Is a std of 285/hour at 2-5 considered low? I see alot of people have closer to 500/hr

I understand having a lower std means i can be more confident regarding my winrate, but its kind of weird having such a low std compared to others. I guess ive got a pretty low variance style.
Prolly a bit depends on buy in rule where u play...so far as I know a common 2-5 game has a 1k buyin but some places like where I live have a 500 max buyin so my std deviation is generally gonna be lower compared to someone who plays with a 1k or even a no max buyin rule like they have 2 hours north from me and so on and so forth
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Old 02-02-2014, 06:49 AM   #6279
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re: Winrates, bankrolls, and finances

My standard deviation is $143/hour at $1-$2 (BI = $50-$200), over about 200 hours. Agree with the statement about max buyin (or standard buyin) mattering a ton. The range of "how big" a game plays is pretty wide given that we tend to call $1-$2 the same game no matter where it is.
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Old 02-03-2014, 12:21 AM   #6280
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Std $322/hr @ 500 max 2/5. Do you guys have any links to useful reads regarding taxes for poker players? Do people actually report earnings accurately?
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Old 02-03-2014, 12:38 AM   #6281
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Std $322/hr @ 500 max 2/5. Do you guys have any links to useful reads regarding taxes for poker players? Do people actually report earnings accurately?
Use turbo tax and say you want to report gambling income, report all your winnings which makes agi lol high then deduct your losses.

It is a felony to not report income correctly and if you are depositing/withdrawing large sums of cash from the bank the government is watching you.
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Old 02-03-2014, 04:24 AM   #6282
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re: Winrates, bankrolls, and finances

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Use turbo tax and say you want to report gambling income, report all your winnings which makes agi lol high then deduct your losses.

It is a felony to not report income correctly and if you are depositing/withdrawing large sums of cash from the bank the government is watching you.
Haha, winnings and losses numbers would look ludicrous to a random tax worker.

Anybody here live straight out of deposit boxes stu unger style? How functionally can you survive using cash only and a tiny bank account for credit card specific purchases?
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Old 02-03-2014, 07:01 AM   #6283
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re: Winrates, bankrolls, and finances

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Haha, winnings and losses numbers would look ludicrous to a random tax worker.

Anybody here live straight out of deposit boxes stu unger style? How functionally can you survive using cash only and a tiny bank account for credit card specific purchases?

Not a good idea imo, if you ever want to buy nice expensive things like a car or house.
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Old 02-03-2014, 09:26 AM   #6284
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Yeah like you will still have to file taxes and the government isn't morons. Also if you make large cash purchases they can be reported to the irs. Furthermore you've posted your graph online and you can't put that tooth paste back in.

But as a professional poker player you can declare your net income as a business income and then deduct all travel expenses which is good but you need receipts.
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Old 02-03-2014, 11:13 AM   #6285
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re: Winrates, bankrolls, and finances

One easy way to do your taxes right regarding poker and life in general is to just hire Russ Fox as he specializes in that. Or, you could do a little research and do it yourself. It's not rocket science, but it's also not particularly straightforward either imo. It's NOT just the sum of all your wins and losses for the year plus there's two different categories that are judgment calls I believe if you are a professional or amateur and one of those two can make your taxes better or worse.
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Old 02-03-2014, 11:34 AM   #6286
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If you file as an amateur you report the sum of your wins in one column and deduct the sum of your losses in another. You might be able to file as a professional if you have a day job but I would consult a professional.
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Old 02-03-2014, 12:06 PM   #6287
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re: Winrates, bankrolls, and finances

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Originally Posted by 11t View Post
Use turbo tax and say you want to report gambling income, report all your winnings which makes agi lol high then deduct your losses.

It is a felony to not report income correctly and if you are depositing/withdrawing large sums of cash from the bank the government is watching you.
This is a great podcast, but the relevant part starts at about 26minutes in.

RadioLab Numbers

They talk about one aspect of how the IRS watches "numbers" in your reporting to see if your tax return looks weird enough to audit you.
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Old 02-03-2014, 01:07 PM   #6288
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re: Winrates, bankrolls, and finances

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Has anyone ever posted a losing graph in here over a statistically meaningful sample?
Doubt it, due to posting bias. Most long time posters in this forum tend to be long time winners, plus it's unlikely long time losers will pop into this forum/thread just to post their horrible graph.

GcluelessNLnoobG
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Old 02-03-2014, 01:09 PM   #6289
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I've posted some hideous graphs itt
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Old 02-03-2014, 01:18 PM   #6290
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re: Winrates, bankrolls, and finances

I have a really cool analysis that is months in the making called "Anatomy of a Downswing"

Will get to actually posting something meaningful in the next year or so.

But yea I would not give graphs/results of others much merit at all. For so many reasons.
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Old 02-03-2014, 01:29 PM   #6291
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re: Winrates, bankrolls, and finances

Also anyone who doesn't want to get anal raped by the US Goverment should probably follow 11t's advice.

Paying your taxes is very simple and straightforward via Turbo Tax.
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Old 02-03-2014, 05:20 PM   #6292
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All regs on here should post their biggest downswing.
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Old 02-03-2014, 06:01 PM   #6293
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re: Winrates, bankrolls, and finances

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Originally Posted by Avaritia View Post
I have a really cool analysis that is months in the making called "Anatomy of a Downswing"

Will get to actually posting something meaningful in the next year or so.

But yea I would not give graphs/results of others much merit at all. For so many reasons.
i look forward to seeing this. Also, 2+2 needs to learn from you in a PG&C thread. Where is it? Where is it!!
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Old 02-03-2014, 06:41 PM   #6294
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Originally Posted by ECGrinder View Post
Haha, winnings and losses numbers would look ludicrous to a random tax worker.

Anybody here live straight out of deposit boxes stu unger style? How functionally can you survive using cash only and a tiny bank account for credit card specific purchases?

Its not safe to always carry lots of cash. I prefer to buy wal mart money cards. It acts just like a debit card. Its accepted everywhere. And its not linked to your personal checking. You can reload it at any wal mart and its way safer than a pocket full of cash. You set up a pin and you're done. I believe green dot is the bank issuing the card and visa/MasterCard is the brand.
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Old 02-03-2014, 07:06 PM   #6295
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re: Winrates, bankrolls, and finances

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Its not safe to always carry lots of cash. I prefer to buy wal mart money cards. It acts just like a debit card. Its accepted everywhere. And its not linked to your personal checking. You can reload it at any wal mart and its way safer than a pocket full of cash. You set up a pin and you're done. I believe green dot is the bank issuing the card and visa/MasterCard is the brand.
Are there fees associated with this?
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Old 02-03-2014, 07:57 PM   #6296
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re: Winrates, bankrolls, and finances

Western union has lower fees, and is able to load at 7-11 I think. I havent used either as a "checking/ATM account"
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Old 02-03-2014, 10:50 PM   #6297
nutinsider
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Are there fees associated with this?
No reload fees. And the monthly fee is waived if you deposit 500 per month. Which is really easy. I've used it for a while and haven't paid any fees. I don't know if there are ATM fees since I never use it at ATM. The initial fee to buy the card is 5 or 6 dollars.
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Old 02-04-2014, 01:00 AM   #6298
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by Avaritia View Post
I have a really cool analysis that is months in the making called "Anatomy of a Downswing"

Will get to actually posting something meaningful in the next year or so.

But yea I would not give graphs/results of others much merit at all. For so many reasons.


When i first started my poker journal i was a very bad player with a poor mindset and a ton of leaks. I lost alot of money, and then i took some time off to really work on my game off the tables.

Im now beating the game for a substantial amount, i might post up all my graphs one day, maybe even talk about what it took to get me to become a winning player, my journey, etc.

Maybe ill save it for my 1000 post haha
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Old 02-04-2014, 02:44 AM   #6299
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re: Winrates, bankrolls, and finances

happy that would be dope man. You should do it sooner than later
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Old 02-04-2014, 10:37 AM   #6300
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re: Winrates, bankrolls, and finances

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i look forward to seeing this. Also, 2+2 needs to learn from you in a PG&C thread. Where is it? Where is it!!
Lol, my PG&C would be mostly about how much I love food and tons of philosophy gibberish...with the occasional hand history of me jamming 150bbs with 8 high into the tightest player at the table because "he can only call with the nuts and he never has it"

Spoiler:
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