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Tuesday, 06 May 2008

Bankroll Management Post No.8

Well I have been writing this blog for about 6 months now. Using the Bankroll Management I have layed out I have successfully been able to turn $50 to $300 on PKR. $10 to $90 on Poker Stars and now I have money down on Full Tilt which is increasing rapidly because of the signup bonus. I have decided to finish up this blog by saying it goes to show that good dicipline, solid poker and Bankroll Managment are the 3 keys to making money online and possibably turning what you have as a hobbie into a job. All I need to do now is continue my Positive EV play and keep steping up the stakes as my Bankroll will alow and I will adventually be at the right level to pull off this challenge. As far as writing this blog goes though I'm done. Good Luck with your game and I hope you found reading this blog worth while.

Thursday, 24 April 2008

Bankroll Management Post No.7

Lately I have been playing on Poker Stars. I decided for a change to try playing $1 Sit & Go Tournaments. Over the period of a week my Bankroll slowly went down to about $68 then I started making a lot of back to back second place winnings. Goes to show I still have a lot to learn about playing Sit & Goes online but I think my strength is playing Ring Table. I just played 9 windows 2cent 5cent stakes for 30mins buying in for $5 on each window. I brought my Bankroll back up to $81. I said it once before in my blog and I'l say it again I think my way to take on this challenge is to just play NoLimit Texas Holdem Ring Table. Seems to be what I'm best at. I'l make my next post when I get my bankroll above $100.

Saturday, 15 March 2008

Bankroll Management Post No.6

Well just a quick update its been 5 months now and on Poker Stars i'm on about $80, PKR is on about $180, I'm almost ready to to step up a level on PKR which is about the level I really want to be at, its been months but I'm finally going to make it there.
By the way I have been playing a bit of Lowball on Stars and its doing my bankroll good.
I'm flat out studying at the moment so I can't put as much time into playing online as I was used to while on holidays. I'm also doing a few things live, practicing for a 2 day live event which will win me a seat into the WSOP if I make it. Another reason why I can't play online as much. I'm just starting to realise how much time you really need to put into completing this challenge. I'm so busy I'm thinking of giving up but I'm pushing on for now.

Wednesday, 13 February 2008

Bankroll Management Post No.1

Recently a professional poker player Chris Ferguson set himself a challenge and that was to turn $1 into $20 000 on Full Tilt Poker. He was demonstrating that when trying to make money playing poker online if you use strict dicipline, a good bankroll method and lots of patients you can eventually make a lot of money playing poker online. He eventually reached his goal sucessfully using the following Bankroll Management.
Here are some of his guidelines:
* He never buys into a cash game or a Sit & Go with more than 5 percent of his total bankroll (there is an exception for the lowest limits: he is allowed to buy into any game with a buy-in of $2.50 or less).
* He doesn buy into a multi-table tournament for more than 2 percent of his total bankroll, but he allowed to buy into any multi-table tournament that costs $1.
* If at any time during a No-Limit or Pot-Limit cash-game session the money on the table represents more than 10 percent of his total bankroll, he must leave the game when the blinds reach him.

I think Chris Ferguson was also showing that you can start with little money online and then make enough money to be able to use your whole bankroll to buy in to the WSOP Main Event, $10 000 buy in.

This challenge has made me think about trying it out. There are some things to consider like for example Chris Ferguson is a Professional poker player so what realistic chance do I have in doing the same thing?

I don't know. I would like to try it out, at the very least I am going to learn something in the process and anything I report someone else may learn something from it also.

Something else to consider is what program am I going to do this on?

Well studying the reviews on http://www.thepokerbank.com/ I have found that its possible to choose a poker program where your more likely to make money because of the donkey factor. The program I have chosen is Titan Poker. It scores pretty high and has good Freerolls on there that give me a good chance to do this challenge starting with nothing. Yes I'm going to start with $0 and see how far I go using a good bankroll method.

What is my bankroll aim to get to?

Well, I don't have one, but this is an experiment to see the potential an amature poker player has of actually making a decent amount of money online starting with nothing. I'm primarily trying to discover what I can learn from this process from the beginning to the end.

A little about me:

I am 27 years old from Australia, have been playing poker for 1.5 years and have just recently put real money down on PKR. My bankroll is fluctuating but not really loosing any money. Being the first time I've tryed to play online with real money this has shown me that I'm doing something wrong and trying out this challenge may help me figure out the best way to make money online playing poker. I like playing Deep Stack NoLimit Texas Holdem Tournaments, PLOHL Ring Tables, 7 Card STUD H/HL, HORSE Tournaments and PLO STT.
Bankroll Management Post No.2

I have decided on how I am going to manage my bankroll. Although it will be some time untill I actually have the money to do so, I will need at least $40 - $100 for the 0.02/0.04 Ring Tables before I can start applying bankroll management. When I buy in to a NoLimit or Pot Limit Ring Table I am going to buy in for 50x the size of the Big Blind (which is usually half the size of the Max Buy In). I have seen my brother do this and I think its a good idea it will prevent big losses when I end up going all in against someone in a hand. The following is my bankroll managment rules I have set out:
1. Buy in to a 9 or 10 seater NoLimit or Pot Limit Ring Tables with at least 20x the big blind amount. With the exception of the lowest NoLimit Ring Tables where the limit is 0.01/0.02, I can play when ever I'm ready to.
2. Buy in to 6 seater NoLimit or Pot Limit Ring Tables with at least 25x the big blind amount.
3. Buy in to a Limit Ring Table with at least 300x the Big Blind amount. With the exception of the lowest limit tables, I can play when ever I'm ready to.
4. Buy in to Tournaments with at least 40x the big blind amount. With the exception for the lowest buy in for Single Table Tournaments and Multi Table Tournaments, I can play when ever I'm ready to but I am only going to play them as a reward for good Ring Table positive expected value on my bankroll.
I also have what I call Cold Deck & Bad Beat Protection Methods in place which are as follows:
1. At any time if I think that being cold decked is effecting my game walk away. This will give me a chance to think about those hands I was folding that would have won and realise if it was a good fold or not, I may learn something from doing this.
2. At any time if I end up all in with another player and I get felted walk away. This will give me a chance to think about the hand if it was really a bad beat, I was out played or if I did something wrong and can learn from my mistakes and it can avoid me losing more money because I'm on tilt. When a good poker player makes a mistake, he analyses the situation, learns from the mistake, and moves on. I don't think I can instant rebuy for the moment after I get felted and still learn from my mistake. So for now, walking away is a good idea.
3. Never play poker online when I'm tired, hungry or feeling run down Basically anything that is stopping me from playing a +EV game, best thing to do is to stop playing.
4. If I'm not enjoying taking on this challenge then I should quit. However, right now I don't think its going to happen. We shall see.
The reason for buying in to 6 seater tables for 25x the big blind amount instead of 20x is to allow for varience, I'm going to play more hands and the big blind is going to hit me quicker than on a 9 or 10 seater table. I'm sure this bankroll managment technique will be enough to handle the future cold decks and losses I will suffer in the future and I will not lose all my money in one hit. I realise that by following such bankroll management rules its going to require a good level of patients and dicipline to pull this challenge off. Instead of say aiming for $10 000 I think I will break down my goals and start with aiming for $200. If I reach that goal then I will reconsider if I want to go further and set the next goal if I want to continue.