Tom Powling asked:
As WSOP season kicks off, legions of amateur poker hopefuls are gathering every bit of knowledge they can in order to break through to the top ranks.
The hopes of poker players who long to forego the dreaded nine-to-five work routine in favour of making their way through life as professional poker players certainly brim over this time of year. After all, what could be better than being your own boss, booting your alarm clock out the front door, experiencing unlimited travel opportunity and playing a game that most of us love as your occupation? If only life were that simple.
The explosion of poker tournaments has led to, as Mike Sexton often states, “The creation of a new millionaire on each World Poker Tour show.” Of course, viewers should realise the WPT victor emerges from a huge field where approximately 90 percent of the entrants lose their buy-in. In the ring game arena, only about 5 percent of all who embark down the path to becoming successful professional cash-game players will arrive at their destination.
Outside financial responsibilities, inability to handle one’s emotions during long dry spells and constant pressure are common roadblocks that derail even excellent players who attempt to live the poker dream. Let’s examine a few things to consider before turning pro.
The Good News
Should you choose to make a commitment to poker, it’s always reversible. Nothing says you can’t start with a small bankroll and give poker a shot. If your poker wallet begins to burst at the seams, stand back Phil Hellmuth Jr. If you experience diminishing returns over your designated test period, assuming you’re employable, at least you’ll have no regrets when you abandon the poker ship and return to playing recreationally and getting on those working-stiff shoes again.
Common Pro Attributes
I’ve discussed professional poker with more than 20 top players. Here are several common traits that I believe form the foundation of their success:
Intelligence—not all are book smart along the lines of Andy Bloch and Brandon Adams, but in general prosperous professionals display the ability to think logically and separate important details from actions that a second-rate player might deem more meaningful. Poker Students—a common thread that runs through accomplished players is a thirst for learning. None seems complacent when it comes to thinking about game strategy, amassing and studying written material and frequently discussing poker with peers. Most are consumed with self-assessment; determined to plug even the smallest leak in their games. Mental Preparation—having typically survived one or more fiscal chasms, thriving pros incorporate action plans that are designed to champion cerebral calmness and clarity. Risk Takers—as we know, poker often rewards aggressive, borderline dangerous play. Tournament announcers often say winners display ‘heart’. Playing poker as one’s livelihood involves being comfortable with moving meaningful amounts of chips and living a life of ups and downs emotionally and financially. Successful professionals have developed philosophical outlooks that enable them to ride these tidal waves.
Bankroll Needs
How much does one need to enter the starting gate? I recommend beginning with at least 250 times the big bet if you are playing limit games. For example, a $15-$30 Texas hold ‘em professional should be able to play comfortably with a $7,500 beginning bankroll. For no-limit players, I suggest 30 minimal buy-ins. So, for a $2-$5 no-limit hold ‘em game where the minimum starting stack is $200, I’d play behind a $6,000 bankroll. A super-aggressive player might increase these requirements since she will experience greater highs and lows than a more conservative competitor. Of course, if you keep accurate records (as you should), you would adjust these guidelines based on your historical performance. Most importantly, your poker grubstake should be separated from funds required for food, rent and other necessities (discussed below).
Normal Needs
When I worked nine-to-five (as a manager with a telecommunications company), my employer provided disability, medical and dental coverage. My company also funded my retirement pension and gave me a life insurance policy. My consistent, reportable income and lifestyle allowed me to obtain a good credit rating and a mortgage for a home purchase. Poker players must pay for insurance needs and fund their retirements from winnings, or go without these necessities. I have heard several sad stories about a professional’s life savings evaporating after encountering severe medical problems. Several have left their families on weak fiscal legs by eschewing life insurance, and then dying early. If poker becomes your chosen livelihood, you must implement contingencies to combat financial ruin for you and your family.
Cash Games versus Tournaments
I suggest beginning professionals forego tournament poker until accumulating a large bankroll.
Cash games offer control over your time commitment. When entering a tournament, you may play for 12 hours, or get knocked out during the first level. The longer one sits at a tourney table, the more difficult it becomes to maintain optimum focus. Coincidentally, at the end of long tournament days when the blinds and antes have escalated, players must often make critical decisions. Live game competitors handle stamina issues with ease; when fatigued they cash in and go home. Cash-game record keeping is simple and virtually audit proof. (Big government has no way of monitoring one’s wins and losses in ring games.)
While your tournament results will be highly erratic when compared to charting your ring game wins and losses, that doesn’t mean you won’t be subject to sustained losing periods when playing cash games. Your emotional stability and discipline will forever be tested during these slumps, as long as you pursue a career in poker.
Written for Online Gambling Magazine.
Skills of Poker
As WSOP season kicks off, legions of amateur poker hopefuls are gathering every bit of knowledge they can in order to break through to the top ranks.
The hopes of poker players who long to forego the dreaded nine-to-five work routine in favour of making their way through life as professional poker players certainly brim over this time of year. After all, what could be better than being your own boss, booting your alarm clock out the front door, experiencing unlimited travel opportunity and playing a game that most of us love as your occupation? If only life were that simple.
The explosion of poker tournaments has led to, as Mike Sexton often states, “The creation of a new millionaire on each World Poker Tour show.” Of course, viewers should realise the WPT victor emerges from a huge field where approximately 90 percent of the entrants lose their buy-in. In the ring game arena, only about 5 percent of all who embark down the path to becoming successful professional cash-game players will arrive at their destination.
Outside financial responsibilities, inability to handle one’s emotions during long dry spells and constant pressure are common roadblocks that derail even excellent players who attempt to live the poker dream. Let’s examine a few things to consider before turning pro.
The Good News
Should you choose to make a commitment to poker, it’s always reversible. Nothing says you can’t start with a small bankroll and give poker a shot. If your poker wallet begins to burst at the seams, stand back Phil Hellmuth Jr. If you experience diminishing returns over your designated test period, assuming you’re employable, at least you’ll have no regrets when you abandon the poker ship and return to playing recreationally and getting on those working-stiff shoes again.
Common Pro Attributes
I’ve discussed professional poker with more than 20 top players. Here are several common traits that I believe form the foundation of their success:
Intelligence—not all are book smart along the lines of Andy Bloch and Brandon Adams, but in general prosperous professionals display the ability to think logically and separate important details from actions that a second-rate player might deem more meaningful. Poker Students—a common thread that runs through accomplished players is a thirst for learning. None seems complacent when it comes to thinking about game strategy, amassing and studying written material and frequently discussing poker with peers. Most are consumed with self-assessment; determined to plug even the smallest leak in their games. Mental Preparation—having typically survived one or more fiscal chasms, thriving pros incorporate action plans that are designed to champion cerebral calmness and clarity. Risk Takers—as we know, poker often rewards aggressive, borderline dangerous play. Tournament announcers often say winners display ‘heart’. Playing poker as one’s livelihood involves being comfortable with moving meaningful amounts of chips and living a life of ups and downs emotionally and financially. Successful professionals have developed philosophical outlooks that enable them to ride these tidal waves.
Bankroll Needs
How much does one need to enter the starting gate? I recommend beginning with at least 250 times the big bet if you are playing limit games. For example, a $15-$30 Texas hold ‘em professional should be able to play comfortably with a $7,500 beginning bankroll. For no-limit players, I suggest 30 minimal buy-ins. So, for a $2-$5 no-limit hold ‘em game where the minimum starting stack is $200, I’d play behind a $6,000 bankroll. A super-aggressive player might increase these requirements since she will experience greater highs and lows than a more conservative competitor. Of course, if you keep accurate records (as you should), you would adjust these guidelines based on your historical performance. Most importantly, your poker grubstake should be separated from funds required for food, rent and other necessities (discussed below).
Normal Needs
When I worked nine-to-five (as a manager with a telecommunications company), my employer provided disability, medical and dental coverage. My company also funded my retirement pension and gave me a life insurance policy. My consistent, reportable income and lifestyle allowed me to obtain a good credit rating and a mortgage for a home purchase. Poker players must pay for insurance needs and fund their retirements from winnings, or go without these necessities. I have heard several sad stories about a professional’s life savings evaporating after encountering severe medical problems. Several have left their families on weak fiscal legs by eschewing life insurance, and then dying early. If poker becomes your chosen livelihood, you must implement contingencies to combat financial ruin for you and your family.
Cash Games versus Tournaments
I suggest beginning professionals forego tournament poker until accumulating a large bankroll.
Cash games offer control over your time commitment. When entering a tournament, you may play for 12 hours, or get knocked out during the first level. The longer one sits at a tourney table, the more difficult it becomes to maintain optimum focus. Coincidentally, at the end of long tournament days when the blinds and antes have escalated, players must often make critical decisions. Live game competitors handle stamina issues with ease; when fatigued they cash in and go home. Cash-game record keeping is simple and virtually audit proof. (Big government has no way of monitoring one’s wins and losses in ring games.)
While your tournament results will be highly erratic when compared to charting your ring game wins and losses, that doesn’t mean you won’t be subject to sustained losing periods when playing cash games. Your emotional stability and discipline will forever be tested during these slumps, as long as you pursue a career in poker.
Written for Online Gambling Magazine.
Skills of Poker
Posted by admin on December 30th, 2009
Filed under 2009 Wsop Information
No Comments »
