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Old 05-18-2016, 07:50 PM   #14651
spikeraw22
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re: Winrates, bankrolls, and finances

I usually go all in with draws for max FE. No variance that way.
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Old 05-18-2016, 08:03 PM   #14652
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Can I ask for some tax advice concerning tourneys? In 2014, I took 2nd in the WSOP daily deepstack at the Rio but my friend and I had a deal to split the profits. I actually forgot about it and didn't file it last year so now IRS sent me paperwork stating that I owe for this win. My friend said that he will take responsibility for half the cost but how do I split this win and send him a tax form for half the earnings? I bought a piece of a player in the past and when he cashed big in the main, I received tax paperwork for my share and wanted to do the same. Thanks in advance.
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Old 05-18-2016, 08:30 PM   #14653
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by johnnyBuz View Post
This is the same downswing. I dropped down after the 12 successive losses in early March. Since then I have cherry picked the softest of soft berry patches at 2/5 and have still lost 7 of 8.

So I decided to drop 2/5 entirely until my BR is back to allowing 3 bullets at $500-700 a pop. I imagine this will take me through mid-end June.

And yes I hate my situation and am incredibly salty and bitter and wondering "why meeeeeeeeee?"
Time to quit your soul crushing job and turn pro?
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Old 05-18-2016, 08:37 PM   #14654
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Quote:
Originally Posted by bwslim69 View Post
yeah this...variance comes in upteen forms and you choose to track 1 of them t hat really isn't that important
umpteen

Spoiler:
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Old 05-18-2016, 08:39 PM   #14655
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Quote:
Originally Posted by urDONEson79 View Post
Can I ask for some tax advice concerning tourneys? In 2014, I took 2nd in the WSOP daily deepstack at the Rio but my friend and I had a deal to split the profits. I actually forgot about it and didn't file it last year so now IRS sent me paperwork stating that I owe for this win. My friend said that he will take responsibility for half the cost but how do I split this win and send him a tax form for half the earnings? I bought a piece of a player in the past and when he cashed big in the main, I received tax paperwork for my share and wanted to do the same. Thanks in advance.
Move to Costa Rica imo

Signed,
bwslim's petronus
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Old 05-18-2016, 09:13 PM   #14656
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Quote:
Originally Posted by urDONEson79 View Post
Can I ask for some tax advice concerning tourneys? In 2014, I took 2nd in the WSOP daily deepstack at the Rio but my friend and I had a deal to split the profits. I actually forgot about it and didn't file it last year so now IRS sent me paperwork stating that I owe for this win. My friend said that he will take responsibility for half the cost but how do I split this win and send him a tax form for half the earnings? I bought a piece of a player in the past and when he cashed big in the main, I received tax paperwork for my share and wanted to do the same. Thanks in advance.

I think you need to 1099 him but wtfdik? Go see a gambling tax accountant... Seriously.
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Old 05-18-2016, 10:38 PM   #14657
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Time to quit your soul crushing job and turn pro?

Kid saves and grinds more than you ever will. Takes a shot with perhaps a bit of naďveté but does it right with life roll and bank roll.... And you take the easy shot? I thought you were a pro troll.
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Old 05-18-2016, 10:52 PM   #14658
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Why is the entire poker world allergic to having a side job?
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Old 05-18-2016, 11:00 PM   #14659
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Originally Posted by RobFarha View Post
Why is the entire poker world allergic to having a side job?
Is the "entire poker world" allergic to having a side job? I actually know a lot of LA people who have a side job in addition to playing poker professionally/semi-professionally.

Maybe you are talking about the online poker scene and/or the Vegas poker scene?
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Old 05-18-2016, 11:21 PM   #14660
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Is the "entire poker world" allergic to having a side job? I actually know a lot of LA people who have a side job in addition to playing poker professionally/semi-professionally.

Maybe you are talking about the online poker scene and/or the Vegas poker scene?
In reality im talking about 2+2.
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Old 05-18-2016, 11:31 PM   #14661
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Why is the entire poker world allergic to having a side job?
Side cars ok tho

sent from my secret chat thread
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Old 05-18-2016, 11:52 PM   #14662
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Time to quit your soul crushing job and turn pro?
The downswing hasn't altered my perception of what I believe to be attainable goals from poker in the short term and long term, merely given me a newfound respect for how bad short term variance can truly be.

It also provided an untimely but necessary lesson in bankroll/risk management. My current state is more due to bankroll illiquidity rather than bankroll insolvency as I moved too much of my profits too quickly from my bankroll to my life roll/investments.

I'm not going to say I'm glad this downswing happened, but I did spend a year positioning myself for the opportunity to pursue this and I have been able to weather the storm and dig out of it relatively stress free and with an extremely long runway. It has also given me valuable insight into how to plan for the short, intermediate and long term WRT bankroll and variance.

So yah, all things considered, I am still extremely happy with my decision to leave the corporate world behind and make a go at it on my own terms. And the subsequent uptick in my health and well being since then is gravy on top.
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Old 05-18-2016, 11:54 PM   #14663
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People play poker so they don't have to work hard, ldo.

Side job is a bit on the working too hard side.
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Old 05-19-2016, 08:37 AM   #14664
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by t_roy View Post
Fwiw, I've talked to multiple recs at MDL that play 2/5 over 5/10 because they don't like playing with all of the silent pro types at 5/10.





Higher stakes PLO is by far the most fun environment imo.

Not true in my experience

I play in that player pool

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I've told people and I'll stand by it that 2/5 is the WOAT player pool ever. At least at most 1/2 tables there are plenty of people donating and out for a good time. At 2/5 a lot of the dip****s actually think they are good in spite of the fact that most of them are turrible.

+3.50
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Old 05-19-2016, 08:41 AM   #14665
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[QUOTE=johnnyBuz;50051433]I think the edge is still there and just as big as it was. During my sessions I still saw the same mistakes, made the same reads as normal, etc., but I found myself getting involved in all-in pots (made hand vs. draw) at a much higher frequency, like 2-3x per session (right tail event), and losing pretty much every single one (left tail event). It's comical to me at this point but I've lost about 24/25 all-in pots during this time ranging from 2:1 to 4:1 favorites. QUOTE]

Has anyone else experienced anything like this? The top 2-5 crushers on here say their biggest downswing was in the 5-6k range. Yours being at 16k is way past that. MikeStarr says his biggest losing streak is 3 sessions in a row.

If you can lose 19-20 sessions at 2-5 having an edge over the field then you could just as easily lose 19-20 at 1-2. I'm a crusher at 1-2 and can tell you that is not even remotely possible. Similar to Mike, the max amount of losing sessions Ive booked in a row is 3, and my biggest downswing was 2k, which could have been easily reduced down to 1500 if it wasn't due to spewy play from being on tilt for "running bad".
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Old 05-19-2016, 09:21 AM   #14666
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Gonna go out on a limb here and guess he isn't playing 100bb Max games
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Old 05-19-2016, 09:26 AM   #14667
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With that being said, that type of swing would be absurd for a crusher in most 2/5 games.
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Old 05-19-2016, 09:50 AM   #14668
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*** Official Winrates, bankrolls, and finances ***

[QUOTE=bodybuilder32;50056630]
Quote:
Originally Posted by johnnyBuz View Post
I think the edge is still there and just as big as it was. During my sessions I still saw the same mistakes, made the same reads as normal, etc., but I found myself getting involved in all-in pots (made hand vs. draw) at a much higher frequency, like 2-3x per session (right tail event), and losing pretty much every single one (left tail event). It's comical to me at this point but I've lost about 24/25 all-in pots during this time ranging from 2:1 to 4:1 favorites. QUOTE]



Has anyone else experienced anything like this? The top 2-5 crushers on here say their biggest downswing was in the 5-6k range. Yours being at 16k is way past that. MikeStarr says his biggest losing streak is 3 sessions in a row.



If you can lose 19-20 sessions at 2-5 having an edge over the field then you could just as easily lose 19-20 at 1-2. I'm a crusher at 1-2 and can tell you that is not even remotely possible. Similar to Mike, the max amount of losing sessions Ive booked in a row is 3, and my biggest downswing was 2k, which could have been easily reduced down to 1500 if it wasn't due to spewy play from being on tilt for "running bad".


You saying that kind of variance "is not even remotely possible" shows how little you understand variance. And obv all 2/5 games are not the same. 2/5 closest to me is uncapped. Some are 100bb cap and most 3/5 in LA are actually 40bb cap games. Pretty huge difference from sitting 500+ bbs deep vs 100bb cap. Pretty much most 1/2 games have 150bb max. And most of those guys sit with 50bbs or less anyways. Pretty unfair comparison imo.

Last edited by Pots-For-Sale; 05-19-2016 at 09:56 AM.
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Old 05-19-2016, 10:46 AM   #14669
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Quote:
Originally Posted by Richard Parker View Post
People play poker so they don't have to work hard, ldo.

Side job is a bit on the working too hard side.

There is a reason the old guys said it's a tough way to make an easy living.
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Old 05-19-2016, 11:25 AM   #14670
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Quote:
Originally Posted by Richard Parker View Post
People play poker so they don't have to work hard, ldo.

Side job is a bit on the working too hard side.


It's just not that hard to be middle class++ if one uses their brains a bit and work a little. Prob is many people look for shortcuts
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Old 05-19-2016, 11:26 AM   #14671
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There is a reason the old guys said it's a tough way to make an easy living.


When I was playing old hustlers used to say this about golf too. Most of them were losers
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Old 05-19-2016, 12:11 PM   #14672
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Originally Posted by RobFarha View Post
Why is the entire poker world allergic to having a side job?
And they take it as some kind of personal insult if you suggest they need one.
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Old 05-19-2016, 12:36 PM   #14673
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Speaking of BRM issue:

Poll: Two-thirds of US would struggle to cover $1,000 crisis

http://bigstory.ap.org/article/965e4...d315f83e01b6a2
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Old 05-19-2016, 12:54 PM   #14674
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Quote:
Originally Posted by urDONEson79 View Post
Can I ask for some tax advice concerning tourneys? In 2014, I took 2nd in the WSOP daily deepstack at the Rio but my friend and I had a deal to split the profits. I actually forgot about it and didn't file it last year so now IRS sent me paperwork stating that I owe for this win. My friend said that he will take responsibility for half the cost but how do I split this win and send him a tax form for half the earnings? I bought a piece of a player in the past and when he cashed big in the main, I received tax paperwork for my share and wanted to do the same. Thanks in advance.
This is not tax advice. I am not a professional. You should ask someone who knows better.

When I was in a similar situation, the guy gave me a W9 form. I gave him a 1099-MISC form. Find those forms at the U.S. taxing authority web site.
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Old 05-19-2016, 01:19 PM   #14675
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This is not tax advice. I am not a professional. You should ask someone who knows better.

When I was in a similar situation, the guy gave me a W9 form. I gave him a 1099-MISC form. Find those forms at the U.S. taxing authority web site.
thanks, for your reply and for the others. I'll go check out the site and ask around.
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