Playing Poker, Then What?

Monday, September 20, 2010

(the following is an excerpt from response to Vestvik at www.badbeatspoker.net)
http://www.badbeatspoker.net/forum/lounge/9611-playing-poker-then-what.html

Personally, I feel that most of the characteristics that make someone a successful, long term poker player are the same characteristics that make someone successful in just about any other career.

Any successful poker is going to have to play his best game at least 95% of the time in order to really succeed long term. It is not like the upper echelon of players are just logging on to Full Tilt and playing with a 50% effort. So I would argue that poker is still 'work' because you are definitely going to get out of it what you put in to it. You have to be focused every time you log on to play, you have to more or less detach yourself from the joys of winning and frustration of not winning, and to really succeed long term (more than just a year or two), you have to put a constant effort into researching your own playing style as compared to the constantly evolving style of the game. For most people, this means putting together some sort of organized day to day schedule.

I would compare a successful professional poker player to a professional athlete in a few regards:

1. Only a small segment of the population possesses the raw ability to be successful, regardless of how much effort they contribute.

2. Of the gifted segment of the population, an even smaller amount will have the inclination to put in the required effort to succeed.

3. The variability of income within those who are successful varies WIDELY between those who are simply successful, and those in the top 50 or 100 of their profession. (Only the top 50 or 100 poker players (at most) can consistently hit over 250k per year, the same thing goes for most professional sports.

4. The risk of income being substantially reduced or completely lost is far greater than most of other career paths. (A football player can become injured, a poker player can be adversely effected by legislative changes, poker training sites, an evolving player pool, changes in rake structures, etc)

As far as myself personally... It is hard to be objective, but I would say that I played poker long enough to realize that my upside potential was most likely limited to being mildly successful to moderately successful, at best. To me, poker was not enjoyable enough, and there were too many other risks to invest my time into being, at best, moderately successful.

(I am considering moderately successful as a gross profit of anywhere from 50-100k per year once playing full time, mildly successful is anything less)

There was no point in my life in which I contributed more than 10 hours per week to online poker, and I did spend about 15 hours per week hosting games in college, but this was as much for the social aspect as the small income it produced.

Regardless, though, winning in poker was fun, and I had amassed a small amount of money from live and online poker from 2005 to 2009, since I never spent any money from poker. I figured it would make the most "life-sense" to do something I would truly enjoy by using the money for poker (the same place it came from) as well as have a fun time in Vegas.

The 270k win did not change the fact, though, that I still felt poker was not for me, for the reasons listed above. I appreciate the security of a constant income (that I can reasonably expect to perpetually increase over time) and I really never obtained much enjoyment from online poker. The win did give me a huge head start in my life finances, though.

With that being said, I do still play as a small part-time hobby, because it is hard to get away from the near-100% rakeback that I get from Full Tilt for 36+ month iron.

-otbdave

Moving Without a Job

Wednesday, July 8, 2009

I found it ironic how much this article may apply to my situation...

Moving Without a Job?
Try These 5 Strategies
By Allan Hoffman, Monster Tech Jobs Expert

When looking for a position in a new location, job seekers typically look for work sooner rather than later. By the time you pack up to move, you want to know your salary, your new boss and even the date you'll be returning.

But not everyone is compelled to have a job lined up when moving to another part of the country. For some, especially for workers without established careers or who are merely eager to move, a just-do-it philosophy takes hold. Caution is thrown to the wind, career goals are put on hold and the overriding desire for a new experience motivates the job seeker to find some sort of work in a new home.

"There is no time like the present," says Mary Mader, who moved for her job. "If anyone has had ideas about doing something like this, I really encourage them to just go for it."

Here are five tips for anyone planning to take the bold step of moving without a job lined up:

Research Your Destination

Embracing an action-oriented philosophy doesn't mean packing your bags without knowing where you're going. If anything, moving without a job lined up requires additional planning, as your knowledge of your new home will likely play a role in your success there. In particular, scout out the options available there. Find the relevant contacts before you leave, rather than while you're trying to navigate a new city.

Network in Advance

By the time you depart, your Palm Pilot should have the names of five people, at the very least, to contact once you arrive. These need not be professional contacts -- just individuals with whom you can meet in a cafe, learn the names of other contacts and start meeting people to help you locate job opportunities. Contacts matter in any job search, but they're essential when you're in a strange place.

Know How Long Your Money Will Last

Unless you're certain you've got in-demand skills, plan on a minimum of three months without a paycheck. You would be wise to plan for six months. Unless you can embark on the trip feeling your funds will be well-spent no matter what comes of it, don't do it.

Be Ready for Anything

In order to get the job you really want, depending on the market, you may have to be willing to accept all different sorts of assignments in the interim -- child care, dog-walking, bartending. That's part of the reason relocating without a job is typically more attractive to people in their 20s. You may not have to walk dogs for months, but opportunities tend to multiply, and if you begin to accept one or two jobs -- however far from the ideal -- you're likely to find others in the future.

Have an Exit Strategy

Things not working out in your new home? You need to have an exit strategy. More than anything, that means keeping channels open with friends, colleagues and former bosses. With email and the Internet, that's easier than ever. Store your resume somewhere online, like on Monster, for easy reference, and have it ready to go when you decide to return. You'll even be able to apply for jobs before you get back.

Final Table 1st Break

Tuesday, June 30, 2009

Two go busto so seven left. I am at 1,125,000 chips. A little below average but not the short stack either. Guaranteed $97,000 at this point.
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Day 3 First Break

Monday, June 29, 2009

What a roller coater. First hand I sit down I jam ATs from the button and get blinds. Very next hand I pick up JJ and cram again for blinds.

Then we hit 27 left for the redraw and I got Alex Jacobs table. I made one steal one resteal and then lost when I pushed A6 from the big blind in to 66 in the small.

About five hands later Alex jams about eight big blinds from under the gun and I reship over top with 88. He tables 22 I hold and he goes home.

I am at about 380,000 now so I need another double up soon to get back to average.

16 left so 6 more until the final table.

ONE TIME!
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Final Day

After buffet and a chair massage I am ready for what will hopefully be one last twelve hour day.

Time to do the double up dance. Ship the bracelet.
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End of Day Two

Well I will be making the third and final day. That's the good news. The bad news is I am hurting.

There are 30 pepole left and the average is 417,000. I have 211,000.

Blinds will be 16000/8000/1000 in the morning.

Basically I will be in need of a double up pretty early in the day. The final table for event 51 will be a tv table so if I make top 9 its ESPN time.

Run good one more session please!

Cards in the air at 1PM vegas time.
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