Monday, 26 January 2009

Numbers

I don't know why but I'm having trouble relating "real life" money and the money in my poker balance. Of course this is a big problem! Related to this has been my recent increase in online play. This saw me losing £170 one day and making £300 the next wilst on holiday. As a student this is a lot of money to me and although I was on holiday at the time this is becoming a more common theme.

My biggest difficuly is I get bored very quickly when grinding either cash games or SNG's. This inevitabely sees me chasing MTT's of varying sizes and buy-ins as the potential immeadiate results are far more appealing. This tends to have the effect of decimating my hard earned cash through SNG's or cash tables.

What am I trying to say? Well... It's a New Year and I have just got out of debt thanx to some poker success :D This calls for a new plan and unfortuneately a new bankroll as I needed the last one to pay off the debt. I hven't made this plan yet but I know it's gunna have to be somehow diciplined and at the same time keep things relatively interesting for me. Any suggestion are welcome!!! My roll is £100.

3 comments:

  1. relating real life money to poker money is hard, especially with online poker. this is one of the reasons i think it's a good idea to keep your bankroll very separate from the money you live on (and your savings, if you have them).

    The problem with MTTs (especially big MTTs) is that even though there's definitely money to be made, the variance is so high that even if you're good at them, they're not really a reliable source of income, and you need a much bigger roll to be able to play them safely.

    My advice would be to stick the £100 online, and stick to mainly cash games and SNGs never buying in for more than 5% of your roll (so being prepared to move down if things go badly). if you wanna play the odd MTT, that's fair enough, but don't do it for more than 2% of your roll (the variance really is that much higher).

    I actually wouldn't keep a roll for live play at aspers (not just yet, anyway), but instead pay for that out of your living expenses. so you'd be thinking "i've got £20 to spend. i could go to the pub, or i could go to aspers". sometimes you'll do one, sometimes you'll do the other, it's not worth worrying about at this stage. when you lose, you've already accounted for it out of your living expenses, so it doesn't present a problem, and when you win, because your entry fee was accounted for as expense, you shouldn't need to use the money to pay for anything, so you can use it to start building up a roll for live play.

    i'd keep your online and live rolls separate, mainly for ease of accounting and because your live buy-ins will tend to be higher, for now at least, but there's no sound theoretical reason to do this. if your live play goes well and your online play goes badly, or vice versa, you could think about transferring some money between rolls

    this is just off the top of my head, and could probably do with some fine tuning (or you might want to go down a different route altogether). you can give me a should if you wanna discuss it

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  2. Thanx Cheech, really appreciate this advice! Will give you a shout to discuss it :)

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