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Poker Blogs and Goals Post your threads logging your travels up the poker ladder as you achieve your poker goals and dreams. "Challenges" does NOT mean prop bets, wagers, etc.

View Poll Results: What do you think the outcome of the challenge will be?
You are clearly a poker god and will succeed with no problems. 20 14.60%
You appear to have your head screwed on. Stick to the rules and you'll do fine. 64 46.72%
$0-$600 isn't easy at all, and I don't think you have the cojones. 21 15.33%
Your history shows you suck at poker and will fail. 32 23.36%
Voters: 137. You may not vote on this poll

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Old 05-22-2010, 06:03 AM   #1
Magicman26
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Lightbulb Yet another rags to riches challenge

Not sure if anyone actually cares enough to read my story but what the hell - it might inspire newbie players to see that money REALLY can be made playing poker from NOTHING given a bit of patience and good br management.

A bit of history:

I'm a 21-year-old student just graduating in the UK. I've finally found a grad job (probably) so will be putting my poker career on hold for a while until I see whether real work is for me or not. I've been playing NL holdem for about 4 years now, 3 years seriously. I had some measured success at PKR (not realising how terribly slow it was as I had nothing to compare it to!) - see my sharkscope here (not a great sample size though):

http://www.sharkscope.com/?username=...26&network=pkr

I also played a LOT of cash as way out of my league as $15/$30 with terrible br management, and quit for 12 months and cashed out after losing half my br in a 36 hour period. How I didn't go broke I will never know, playing with 1/4 of your br on the table just to make up for losses at lower stakes is NEVER a good idea - trust me. Especially at stakes you are nowhere near good enough to play at.

On returning to the game after my years break I moved to FT and got pwned playing $20 mtts with what I thought was a sizeable $250 br and very little in the way of skill or knowledge. Been grinding it up ever since, reading books and talking with poker friends in my uni poker society and local casino.

So I've been meaning to signup to PS for ages ever since FT told me they would never ever let me have rakeback. So screw 'em I'll not be playing there ever again! Having little or no money to my name after paying out my FT br to pay student bills I don't have the br to deposit the full $600 signup bonus on PS, so I'm grinding the freerolls to build it up to $600, cash out, and then back in again with the bonus to build a healthy roll.

Rules:

I will be using Chris Ferguson's br management:
  • I will only ever use 5% of my br in any sng or cash table.
  • I will only ever use 2% in an mtt (45 players +)
  • I will cash out of a cash table if I have more than 10% of my br at the table.
  • Until my br hits $40 (20x buyins for 0.01/0.02) I am allowed to buy-in for the minimum on a 0.01/0.02 table (0.80) and I must cash out when I double up.

This appears to be the perfect time to start, as the UK Summer Festival has good-size freerolls every night until the 29th May. I'll be getting on that gravy train!

Wish me luck!

Last edited by Magicman26; 05-22-2010 at 06:27 AM.
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Old 05-22-2010, 04:28 PM   #2
Magicman26
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Re: Yet another rags to riches challenge

Dont know how many people care about this challenge but I'll keep it updated as a blog to monitor my own challenge progress if nothing else.

Entered 2 freerolls last night, cashed in both! Around $1.50 total for both cashes. Stuck $0.25 into a 45 man stt and came 5th for $1 and played some cash tables ($0.80 by-in on 0.01/0.02 tables, doubling up then leaving) and ground it up to a good $8.20! I'm psyked, very happy. Too bad my internet then died and lost me $1.20 in stt entries in one fell swoop.

Days played: 1
Current br: Exactly $7.00
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Old 05-23-2010, 04:00 AM   #3
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Re: Yet another rags to riches challenge

So my internet was down last night so I never got to play the freerolls . It's still down this morning (for the 3rd time this month, screw you O2!) so I tried setting up my HTC HD2 as a wireless router... it's fine for posting on here but PS doesn't like it so looks like it's gonna be a dry day. I might play some cash later if it'sback up but I'm revising for a couple of exams so doubt I'll have the time. It sucks most because I wanted to make the most of these freerolls while I could but never mind.

Days played:2
Current br: Still $7.00
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Old 05-23-2010, 01:59 PM   #4
MithrandirNY
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Re: Yet another rags to riches challenge

Chris Ferguson's BR rules are a little dangerous in terms of MTTs and sngs. Some would say you should only pay up to 2% for sngs, and 1% for MTTs. But if you're a really good player, or you're not afraid to bust, then go for it . It worked out for me when I first started.
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Old 05-23-2010, 04:19 PM   #5
Magicman26
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Re: Yet another rags to riches challenge

Quote:
Originally Posted by MithrandirNY View Post
Chris Ferguson's BR rules are a little dangerous in terms of MTTs and sngs. Some would say you should only pay up to 2% for sngs, and 1% for MTTs. But if you're a really good player, or you're not afraid to bust, then go for it . It worked out for me when I first started.
Very true, I'd always advocate having at least 30-40 buy-ins for any game you play, however starting from $0 means I have to take some element of risk if I'm gonna finish this century! Winning $1.50 means I have to put at least 7% into a tourney unless I'm playing the $0.02 hyperturbo 990-mans which I refuse to do.
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Old 05-23-2010, 05:55 PM   #6
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Re: Yet another rags to riches challenge

Internet was back up after all this evening. However I went out of both freerolls AK<AT and AA<TJ, oh well. So I played in some $0.25 45-man sit-n-gos, inspired by Lipo's Well video I watched the other day. I knew I'd been struggling mid-game with these and other mtts and was thrilled with the results when I used a much looser, more aggressive approach like the one he was advocating. I know its a miniscule sample but i'm bloody pleased with myself.

3 entries, 2 x 1st, 1 x 2nd. Net win $8.70 - thats 1160% ROI. Bet I can't keep that up lol.

Days played: 2
Bankroll currently $15.70
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Old 05-23-2010, 10:11 PM   #7
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Re: Yet another rags to riches challenge

Just wanna say that I will be keeping up with your posts as a sort of inspiration. I recently decided to move out and now have a wonderful amount of bills and am basically broke. Without money to play live, I was pleased to find $12 on my PS account. I used to play a ton but recently became re-invigorated. Like you, I am playing the lowest stakes as I'm not a very high risk guy. Stud is my game..so the lowest stakes are 4c/8c. I've managed to grind that initial $12 on 5/17 to $30 today. I'm very pleased with this progress but I've got a while before I can move up to the big boy game at 10c/20c.

Good luck to us both. I look forward to your updates.
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Old 05-24-2010, 03:35 AM   #8
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Re: Yet another rags to riches challenge

Quote:
Originally Posted by jerseylimit View Post
Just wanna say that I will be keeping up with your posts as a sort of inspiration. I recently decided to move out and now have a wonderful amount of bills and am basically broke. Without money to play live, I was pleased to find $12 on my PS account. I used to play a ton but recently became re-invigorated. Like you, I am playing the lowest stakes as I'm not a very high risk guy. Stud is my game..so the lowest stakes are 4c/8c. I've managed to grind that initial $12 on 5/17 to $30 today. I'm very pleased with this progress but I've got a while before I can move up to the big boy game at 10c/20c.

Good luck to us both. I look forward to your updates.
That's one game I never learned to play - good luck with it buddy!

I have my last 2 exams (ever! ) in the next 2 days so I'll be taking a forced break from the challenge. Have put a self-exclusion on my PS account so I can't get distracted. After that it's all systems go as I have buckets of time.
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Old 05-24-2010, 08:06 AM   #9
CliffLee
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Re: Yet another rags to riches challenge

Why are you starting from nothing? It will just waste soo much of your time. Why not just start from $50/$100 and skip 2NL?
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Old 05-24-2010, 12:55 PM   #10
Magicman26
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Re: Yet another rags to riches challenge

Quote:
Originally Posted by CliffLee View Post
Why are you starting from nothing? It will just waste soo much of your time. Why not just start from $50/$100 and skip 2NL?
Like I said in the OP - I havn't made my initial deposit into PS yet and don't want to deposit until I have $600 because then I can withdraw and redeposit for the max signup bonus. And it's a challenge, and I'd like to show people that it CAN be done going from nothing to something playing poker.
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Old 05-28-2010, 05:23 AM   #11
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Re: Yet another rags to riches challenge

Been playing a bit of cash with my usual buy-in strategy. Donks hitting 3-outers almost counteracted by donks not hitting 3-outers lol. Down 42c total but could have been up a few more $$$ if I'd had a little less bad luck.

Days played: 7
Current bankroll: $15.28
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Old 05-28-2010, 05:37 PM   #12
jerseylimit
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Re: Yet another rags to riches challenge

better luck next session. at these stakes you just gotta smile when you get sucked out on. keep going.

I'm following this thread as a way to sorta keep my own goals on track.

gl sir
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Old 05-28-2010, 09:38 PM   #13
Magicman26
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Re: Yet another rags to riches challenge

Some poor performance in some $0.25 45 and 90 mans put a bit of a dent in the bankroll (down $1.50) but some good luck and good sensible poker in some cash games has me up $2.50 on yesterday to a new maximum so far.

Days played: 8
Current bankroll: $17.78
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Old 05-30-2010, 10:23 PM   #14
Magicman26
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Re: Yet another rags to riches challenge

Only played a little in the last few days. Not much luck over 14x 25c 45 mans but up a bit. Cant wait to get over $40 so I can start playing higher.


Days played: 10
Current BR: $19.04
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Old 05-31-2010, 04:05 AM   #15
jerseylimit
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Re: Yet another rags to riches challenge

Even though it doesn't feel like much cuz it's only a couple bucks, it's a nice step in terms of percentage. I'm in the same boat at the moment. Keep it up.

gl
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Old 06-08-2010, 02:48 PM   #16
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Re: Yet another rags to riches challenge

Been mega busy leaving uni and sending my gf off to Peru for 2 months (*sniff*), and off to Spain for a week, so hardly had any time to play at all. As this whole thing is going to be more stretched out than I originally intended I'm gonna post less regular updates, and the number of days played is going to be the actual no. of days played (no matter how long for), not the no. of days since starting the r2r challenge.

Anyways played a bit today, hit some cash games and got absolutely doomswitched. Managed to drag it back to a slight positive at the end of a 3 hour session on 1c/2c.

Days played: 8
Bankroll: $19.81
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Old 06-19-2010, 03:29 PM   #17
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Re: Yet another rags to riches challenge

Still busy and not concentrating as I should be on this challenge but hopefully it should settle down soon and then I can put in some hours.

Played 6 $0.25 mtsngs (all I had time for) and came 1st in one of them, sucked out on or played terribly the rest. In fact I'm not even sure how I got knocked out of a couple of them, it just seemed to make my stack disappear and close the table...

Anyway.

Days played: 9
Bankroll: $25.70
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Old 06-23-2010, 09:48 AM   #18
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Re: Yet another rags to riches challenge

Played the last couple of days a bit, but hit the truly terrible side of variance. Waiting for doomswitch->boomswitch int he next couple of days though, it's due.

Played around 40 $0.25 mtsngs, cashed very little and only in a few of them. Played like cr*p and got worse luck. Every overpair beat by set, every opponent draw hitting.

Played some cash with min buy-in as before, again played like cr*p and got bad luck. Thinking about changing my strategy for playing these, will try it out in the next few days and see what happens.

Days played: 11
Current bankroll: $21.00
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Old 06-23-2010, 01:45 PM   #19
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Re: Yet another rags to riches challenge

Ul man, stick with it and good luck
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Old 06-23-2010, 04:57 PM   #20
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Re: Yet another rags to riches challenge

Cheers man, and thanks for the pm, might well take you up on that.

But i was right. Doomswitch -> Boomswitch got a bit unlucky still (QQ<KJo for 150BB) aipf) but had some success 10-tabling short-stacked cash with my new strategy. Played for approx 1.5 hours at ~75 hands / hour = 1100 hands, up a little over 300BB this session which more than makes up for earlier.

Days played: 11
Bankroll: $27.74
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Old 06-23-2010, 10:47 PM   #21
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Re: Yet another rags to riches challenge

good luck man
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Old 06-23-2010, 10:50 PM   #22
Magicman26
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Re: Yet another rags to riches challenge

Quote:
Originally Posted by mrcringles View Post
and also on the poll it says "stick to the rules" you havent made any rules?
The bankroll management rules in the OP?

And thanks, needing it ATM lol, doomswitch looming.
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Old 06-23-2010, 11:54 PM   #23
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Re: Yet another rags to riches challenge

How did I miss?

Solid progress these past 11 days, will be rooting for you and looking forward to reading your updates!

Quote:
Originally Posted by MithrandirNY View Post
Chris Ferguson's BR rules are a little dangerous in terms of MTTs and sngs. Some would say you should only pay up to 2% for sngs, and 1% for MTTs.
Yeah this sounds like good advice. Even for cash Chris has suggested his 5% rule might be a bit off.

When someone asked him how much of your bankroll you should play cash with at any one time he said: -

Quote:
FROM Chris Ferguson: I have reccomended 5%, but I think less would be better, maybe 4% or 3%
(source FTP pro chat archive)
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Old 06-27-2010, 06:11 PM   #24
Magicman26
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Re: Yet another rags to riches challenge

Quote:
Originally Posted by IwillSucceed View Post

FROM Chris Ferguson: I have reccomended 5%, but I think less would be better, maybe 4% or 3%

(source FTP pro chat archive)
Sorry it took me so long to reply man, and thanks for your support.

You're right about this, but I have to consider that as the games are so soft at the micro stakes, you can play super-tight aggressive and show profit, you can definitely go for 5% rather than 3%. I agree at higher limits however.

No updates atm, looking for a full time job is a full time job in itself Might play a bit when I have a chance later or tomorrow.
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Old 07-01-2010, 07:25 AM   #25
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Re: Yet another rags to riches challenge

Played some more $0.25 45 and 90 man sitngos, not much to report. Played badly and ran worse but still managed a couple of cashes. $10 to $1 cash and sng freedom!

Days played: 12
Current bankroll: $30.52
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