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re: Playing Poker Professionally
Posted on 7/1/15 at 3:04 pm to Bonck1987
Posted on 7/1/15 at 3:04 pm to Bonck1987
Shake the haters. here is what I would do if I were to really give it a go. First, get a roommate or move to somewhere to get a roommate. Second, Dont be stupid and quit a good job, rarely should a job only making 55k require more than 40 hours per week meaning you should never be taking work home at the rate you are earning, so go to the casino and play every night and on the weekends. Take 300 double your money and walk away. Some nights you might bust. Take that and start saving it. Here is a fact. you are going to go bust (every poker player does at some point) so best to work a day job and work the casino at night. Thats what i would do. Once I have 30k saved then give it a go
This post was edited on 7/1/15 at 3:18 pm
3
Posted on 7/1/15 at 3:31 pm to carlsoda
I agree with everyone else about not cashing in your 401k. You don't want to pay penalty and tax. If you want more money, just don't contribute but whatever your company matches to your 401k. Before I would ever quit a job to try to do it professionally, I would play everyday after work and on weekends in cash games to see how you do. That alone should let you know how good you are and if you are really good, it should give you some disposable income as well.
Also, I would keep track on a spreadsheet how much you win and lose.
Also, I would keep track on a spreadsheet how much you win and lose.
Posted on 7/1/15 at 3:32 pm to carlsoda
quote:
Take 300 double your money and walk away.
This is the biggest fallacy I hear from poker players. This only applies if you are going to the casino once in your life. Gambling is a numbers game, the more you play, the more you make (or lose depending how good you are) If he wants to make a living he should be playing as much as possible(assuming he's got a good enough game going)
Posted on 7/1/15 at 3:39 pm to Bonck1987
quote:
my rent, that's still 1250 a month right out the door,
Thats an insane amount of rent for someone making 55k a year.
Thats a 250k house note. I would be living with a roomate or renting a 1BR place at the worst paying maybe 700-800 a month
This post was edited on 7/1/15 at 3:40 pm
Posted on 7/1/15 at 3:40 pm to carlsoda
Yeah I don't really take home work. After I leave the office it's on the next day. I like that idea except I'm about an hour from the casino right. Just gotta try to straigthen out my financial situation some more
Posted on 7/1/15 at 3:41 pm to TheIndulger
quote:
you accuse him of buying a gas guzzling truck or large suv, then make fun of him for buying a civic ?
I'm sorry. I just assumed it would be. I drive a Camry and I love it. It's my second Camry, but I would never consider it my dream vehicle. The Civics and Camry's of the world just aren't glamorous at all.
Posted on 7/1/15 at 3:42 pm to barry
His rent is only 800. That 1250 figure includes his car note.
Posted on 7/1/15 at 3:48 pm to barry
I think you missed how this is supposed to help build a bank roll..
Posted on 7/1/15 at 3:54 pm to carlsoda
quote:
I think you missed how this is supposed to help build a bank roll..
Still applies. You are just as likely to make money or lose money(all things equal) if you keep playing another hour after you double up or the first hour of your next poker trip.
You build a bankroll by playing a lower limits and then moving up.
This post was edited on 7/1/15 at 3:56 pm
Posted on 7/1/15 at 3:57 pm to barry
quote:
bankroll
The #1 reasons why players fail at poker. By far. Poker is a long term game with high levels of variance. High stakes players can easily go on 50+ BI downswings
Posted on 7/1/15 at 3:59 pm to TheIndulger
quote:
you accuse him of buying a gas guzzling truck or large suv, then make fun of him for buying a civic ?
its pretty clear he made fun of him for calling it his dream car that he couldnt pass on and decided to make a poor financial choice to get because he loved it so much.
Posted on 7/1/15 at 3:59 pm to barry
quote:
Still applies. You are just as likely to make money or lose money(all things equal) if you keep playing another hour after you double up or the first hour of your next poker trip.
I disagree but maybe that is because that is my experience. I double up quick but it causes me to play looser... I guess I know I could never be a pro. 1-2 or 2-5 no limit are the games that are worth playing where it is less difficult to get sucked out on ime
Posted on 7/1/15 at 4:00 pm to TheOcean
This thread has failed the OP. Probably because the OP doesn't see any problem with what he's done and what he plans on doing and how he's planning on doing it.
Best laid plans...of mice and men...
Best laid plans...of mice and men...
Posted on 7/1/15 at 4:04 pm to GFunk
Oh yea I forgot to mention. This is an awful idea. Playing professional poker is a griiiiiind. You will go bust and the best players utilize their marketability to stabilize their income.
It's not a skill you will be able to parlay in any meaningful capacity to a future job.
It's not a skill you will be able to parlay in any meaningful capacity to a future job.
Posted on 7/1/15 at 4:11 pm to barry
The type of person who is successful at poker isn't the type of person who comes to a message board and asks if they should do it.
There are people in this world that have a natural inclination and talent for risk. These people just do it. Those of us who aren't of the type will never be able to point out who is capable. We're not built the same way. Hell, the type of person who does do it still has a high percentage of failure, thats why the reward is so lucrative, it wouldnt be otherwise. OP already "knows" they aren't good enough and should focus on their career.
There are people in this world that have a natural inclination and talent for risk. These people just do it. Those of us who aren't of the type will never be able to point out who is capable. We're not built the same way. Hell, the type of person who does do it still has a high percentage of failure, thats why the reward is so lucrative, it wouldnt be otherwise. OP already "knows" they aren't good enough and should focus on their career.
This post was edited on 7/1/15 at 4:14 pm
Posted on 7/1/15 at 4:29 pm to Teddy Ruxpin
If anything it's been a great discussion, and I've learned a lot and there has been a lot of great advice. I know my game is strong, I just haven't had the time or resources to showcase. I did go on a three week bender once in college and banked around $2500.
Posted on 7/1/15 at 4:57 pm to Bonck1987
quote:
If anything it's been a great discussion, and I've learned a lot and there has been a lot of great advice. I know my game is strong, I just haven't had the time or resources to showcase. I did go on a three week bender once in college and banked around $2500.
Then I would keep this thing semipro and keep your day job. No reason not to continue to refine your craft. Just don't make it the only income you have.
Posted on 7/1/15 at 5:38 pm to barry
quote:
You will go bust and the best players utilize their marketability to stabilize their income.
You're thinking of negreanu and hellmuth. There are many grinders in LA and Vegas at 5/10 making 200k a year that you've never heard of. I would even say these guys are more skillful than the "TV pros". These guys rarely play tournaments so you've never heard of them.
quote:
It's not a skill you will be able to parlay in any meaningful capacity to a future job.
If you're successful then you don't need another future job because poker is your job. But poker players need to expand their horizons(real estate, investments, other business) as they get older.
Posted on 7/1/15 at 5:40 pm to PeteRose
quote:
If you're successful then you don't need another future job because poker is your job. But poker players need to expand their horizons(real estate, investments, other business) as they get older.
What are the odds he would be a successful poker professional.
Posted on 7/1/15 at 5:45 pm to Bonck1987
quote:
I did go on a three week bender once in college and banked around $2500.
That doesn't say much. I've seen guys run hot and win 10k in a week, only to lose it all next week. Having a nice run doesn't mean you're a winning player. It doesn't say anything about your discipline. It doesn't say anything about your dedication to the game.
quote:
I know my game is strong
Do you know about floating, fold equity, light 3 betting?
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