Post by Wendell B on Jan 10, 2007 15:33:10 GMT -4
Hi All at PPZ!
My name is Wendell and I am a semi-professional poker player for the past 3 years. Randy asked me to write a little something on this forum for you folks and it's my pleasure to do so. I read over many of the past threads and it seems that one of the most important topics that Randy has tried to implore upon you all is the importance of bankroll building. I cannot agree more with Randy on how very important this is to a poker player. Whether you are a seasoned pro or a weekend warrior, building and maintaining a bankroll is of the utmost importance.
"The only point that I disagree with Randy is the method of building a bankroll. While his strategy is clearly a very sound and reasonable method for building a bankroll for an online player, in my opinion, it's only a piece of the pie for a player whose ambition is building a bankroll to play major events.
For the casual player, a few hundred bucks can last a weekend for someone whose stakes are low, and can range to a few thousand for those whose stakes are a bit higher. There will be times when you will have swings or streaks up and down. Some weeks you will win, while others you won't be able to win to save your life. Such is the life of a poker player, and if you cannot handle those swings with a sense of humor and dignity, might I suggest gin rummy for nickel/dime? If you're a casual player, if you lose, then there will be more paychecks to come to save up for another weekend, and if you are on the winning end of things, then you'll have some extra money to spend.
For the Semi Pro/Pro Poker player, then none of the above is true. Your money is your inventory. Lose it - and your plum out of work. You MUST keep your playing bankroll sacred - and it has to be large. Large enough to sustain those sweeping swings of highs and lows, and they surely do come and go. I have seen swings or streaks that have lasted both weeks and in some extreme cases, months! Ultimately, your bankroll has to be large enough to withstand weeks and/or months of losses because losing streaks of this magnitude can and do happen. It's the very nature of poker itself, and if what you're striving for is to become a pro or semi pro poker player, then these are the harsh realities that must be considered before taking that step, and BOY it's a big one!
The next obvious question is how large your bankroll should be? Let's just say "pretty large". I really have no idea what kind of stakes most of you ae used to playing, but I'll try and give a few low end and high end examples, ok?
Game Limit:----Potential Hourly Earnings:---Recommended Bankroll:
------------------------------Lo / Hi
$1/$2---------------------$10/$20/hr-------------------$750
$3/$6 --------------------$30/$60/hr-------------------$1500
$5/$10-------------------$50/$100/hr------------------$2000
$10/$20-----------------$100/$200/hr-----------------$6000
$20/$40-----------------$200/$400/hr-----------------$15,000
$60/$120---------------$600/$1200/hr----------------$45,000
Obviously some of these numbers are astronomical looking to the casual player, but if you are a pro/semi pro, or headed in that direction, then these numbers are what you NEED to be looking at in order to take a serious stab at the profession.
And while we're on the topic of poker as a profession, let me remind you folks that poker for a living is not all glitz and glamor as the TV projects. There's a reason why I am semi pro, and not fully pro. I have a second job, and THANK GOD for that! Because there's weeks and months when poker simply will NOT pay the bills. I highly recommend turning semi pro before turning pro, because I know of dozens and dozens of bankrupt poker players, and even more headed in that direction. Playing poker for a living is NOT what most believe it to be. While I'll be the first to agree that there's a fair number of successful poker players making a decent living out there, for every one that is successful, I can point out 20-30 who are either barely eeking by, or failing miserably in their quest.
Well, by now, if I haven't discouraged you yet, then you're probably pretty serious. So, the next consideration is money managing. This includes living expenses, hotel, airfare, meals, transportation are all things that must be factored in. You must run your poker career as a business. And remember, Uncle Sam gets his share, too! He's the "consumate house rake" after the other house takes their rake! So, a little here and a little there adds up, and quickly, too! My overall recommendation for living expenses alone is that you should have one year's living expenses in reserve at ALL TIMES. Once you start tapping into those funds for playing, you are in serious trouble and you better be hitting the lower stakes tables to be getting that money back up to where it should be. So, above and beyond what your bankroll for playing is, you should have about $20K-$45K specifically for living expenses.
I have my own approach to bankroll building similar to Randy's, but with a scientific twist. I weigh my potential risks of losses (stake/limits) over my potential gains. If my risks of ruination is greater than my potential gains, then I decrease my stakes/limits in accordance with the table above and how much I have in my bankroll. Maintaining a balance is crucial. Play too little stakes, and you are not realizing or capitalizing on your true earning potential. Play too high of stakes, and your risk of ruination multiplies exponentially. I cannot stress this point strongly enough. And to be perfectly honest, the table I gave you above is nothing more than an example of what I need MY bankroll. Your's may be completely different and it will largely depend on your style of play. This will be entirely up to you, and should be based on a trial and error basis. My only other piece of advice is to be sure, ABSOLUTELY sure that you maintain a solid balance between your bankroll, living expenses and other miscellaneous factors.
Now we get to the crux of this entire article. I like Randy's bankroll builder strategy's concept. Very simple! However, the point of contention I have is that you should play whichever game is best suited to your individual style. If you are a ring game player, then build there using exactly his method. If you like sit and goes, then by all means, play those. If you're a tourney specialist, then play those. Everyone is different and some folks are just more suited to one game vs. another. I play Hold Em' in a variety of styles, but I play cash games (ring) and that's where I am successful. Randy is a great tourney and sit and go player because that's where he is most successful and then there's my best friend Lou who is an Omaha Hi/lo player. That's where he makes money and that's where he should build his bankroll.
All poker players by their very nature are gamblers, con men and fandanglers. We are a strange breed. many of us don't know the first thing about the politics of the world, the current price of pork belly stocks, or even how to keep a spouse, but if you ask us anything about poker, including our worst beats, we'll rattle on for hours. Just as I have with you right here. Poker is in our blood and if you truly want to be a pro or semi pro, then nothing that I said above will dissuade you I am sure. But if there is one thing that I have said here that I want you to take away more than anything else is that you must treat your poker career as a business and balance it proportionately.
I wish you all the very best of luck, and I really like what you folks are doing here. It's different from anything I'm used to, but you all seem to have a good bit of direction. Hope to see you all at a table someday.
In Poker We Trust,
Wendell
My name is Wendell and I am a semi-professional poker player for the past 3 years. Randy asked me to write a little something on this forum for you folks and it's my pleasure to do so. I read over many of the past threads and it seems that one of the most important topics that Randy has tried to implore upon you all is the importance of bankroll building. I cannot agree more with Randy on how very important this is to a poker player. Whether you are a seasoned pro or a weekend warrior, building and maintaining a bankroll is of the utmost importance.
"The only point that I disagree with Randy is the method of building a bankroll. While his strategy is clearly a very sound and reasonable method for building a bankroll for an online player, in my opinion, it's only a piece of the pie for a player whose ambition is building a bankroll to play major events.
For the casual player, a few hundred bucks can last a weekend for someone whose stakes are low, and can range to a few thousand for those whose stakes are a bit higher. There will be times when you will have swings or streaks up and down. Some weeks you will win, while others you won't be able to win to save your life. Such is the life of a poker player, and if you cannot handle those swings with a sense of humor and dignity, might I suggest gin rummy for nickel/dime? If you're a casual player, if you lose, then there will be more paychecks to come to save up for another weekend, and if you are on the winning end of things, then you'll have some extra money to spend.
For the Semi Pro/Pro Poker player, then none of the above is true. Your money is your inventory. Lose it - and your plum out of work. You MUST keep your playing bankroll sacred - and it has to be large. Large enough to sustain those sweeping swings of highs and lows, and they surely do come and go. I have seen swings or streaks that have lasted both weeks and in some extreme cases, months! Ultimately, your bankroll has to be large enough to withstand weeks and/or months of losses because losing streaks of this magnitude can and do happen. It's the very nature of poker itself, and if what you're striving for is to become a pro or semi pro poker player, then these are the harsh realities that must be considered before taking that step, and BOY it's a big one!
The next obvious question is how large your bankroll should be? Let's just say "pretty large". I really have no idea what kind of stakes most of you ae used to playing, but I'll try and give a few low end and high end examples, ok?
Game Limit:----Potential Hourly Earnings:---Recommended Bankroll:
------------------------------Lo / Hi
$1/$2---------------------$10/$20/hr-------------------$750
$3/$6 --------------------$30/$60/hr-------------------$1500
$5/$10-------------------$50/$100/hr------------------$2000
$10/$20-----------------$100/$200/hr-----------------$6000
$20/$40-----------------$200/$400/hr-----------------$15,000
$60/$120---------------$600/$1200/hr----------------$45,000
Obviously some of these numbers are astronomical looking to the casual player, but if you are a pro/semi pro, or headed in that direction, then these numbers are what you NEED to be looking at in order to take a serious stab at the profession.
And while we're on the topic of poker as a profession, let me remind you folks that poker for a living is not all glitz and glamor as the TV projects. There's a reason why I am semi pro, and not fully pro. I have a second job, and THANK GOD for that! Because there's weeks and months when poker simply will NOT pay the bills. I highly recommend turning semi pro before turning pro, because I know of dozens and dozens of bankrupt poker players, and even more headed in that direction. Playing poker for a living is NOT what most believe it to be. While I'll be the first to agree that there's a fair number of successful poker players making a decent living out there, for every one that is successful, I can point out 20-30 who are either barely eeking by, or failing miserably in their quest.
Well, by now, if I haven't discouraged you yet, then you're probably pretty serious. So, the next consideration is money managing. This includes living expenses, hotel, airfare, meals, transportation are all things that must be factored in. You must run your poker career as a business. And remember, Uncle Sam gets his share, too! He's the "consumate house rake" after the other house takes their rake! So, a little here and a little there adds up, and quickly, too! My overall recommendation for living expenses alone is that you should have one year's living expenses in reserve at ALL TIMES. Once you start tapping into those funds for playing, you are in serious trouble and you better be hitting the lower stakes tables to be getting that money back up to where it should be. So, above and beyond what your bankroll for playing is, you should have about $20K-$45K specifically for living expenses.
I have my own approach to bankroll building similar to Randy's, but with a scientific twist. I weigh my potential risks of losses (stake/limits) over my potential gains. If my risks of ruination is greater than my potential gains, then I decrease my stakes/limits in accordance with the table above and how much I have in my bankroll. Maintaining a balance is crucial. Play too little stakes, and you are not realizing or capitalizing on your true earning potential. Play too high of stakes, and your risk of ruination multiplies exponentially. I cannot stress this point strongly enough. And to be perfectly honest, the table I gave you above is nothing more than an example of what I need MY bankroll. Your's may be completely different and it will largely depend on your style of play. This will be entirely up to you, and should be based on a trial and error basis. My only other piece of advice is to be sure, ABSOLUTELY sure that you maintain a solid balance between your bankroll, living expenses and other miscellaneous factors.
Now we get to the crux of this entire article. I like Randy's bankroll builder strategy's concept. Very simple! However, the point of contention I have is that you should play whichever game is best suited to your individual style. If you are a ring game player, then build there using exactly his method. If you like sit and goes, then by all means, play those. If you're a tourney specialist, then play those. Everyone is different and some folks are just more suited to one game vs. another. I play Hold Em' in a variety of styles, but I play cash games (ring) and that's where I am successful. Randy is a great tourney and sit and go player because that's where he is most successful and then there's my best friend Lou who is an Omaha Hi/lo player. That's where he makes money and that's where he should build his bankroll.
All poker players by their very nature are gamblers, con men and fandanglers. We are a strange breed. many of us don't know the first thing about the politics of the world, the current price of pork belly stocks, or even how to keep a spouse, but if you ask us anything about poker, including our worst beats, we'll rattle on for hours. Just as I have with you right here. Poker is in our blood and if you truly want to be a pro or semi pro, then nothing that I said above will dissuade you I am sure. But if there is one thing that I have said here that I want you to take away more than anything else is that you must treat your poker career as a business and balance it proportionately.
I wish you all the very best of luck, and I really like what you folks are doing here. It's different from anything I'm used to, but you all seem to have a good bit of direction. Hope to see you all at a table someday.
In Poker We Trust,
Wendell
