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Playing Poker for a Living

mickgreenmickgreen
edited February 2010 in Poker Chat
Okay guys following a recent post on how to build my bankroll i am now seeking some other advice. I am looking to start playing poker for a Living, i have a bankroll of £500. I am just looking for advice on how i can get started and maybe make a living from Poker? I recieved some great help last time and hopefully i can recieve some great feedback again.

Thanks guys

Michael 
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Comments

  • unknown_usernameunknown_username
    edited February 2010
    1. Use BRM
    2. Get Good
    3. ????
    4. Profit!
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  • ChirpyChipChirpyChip
    edited February 2010
    Well for a start you need to be stress free and have the ability to go to bed at night after losing a large quantity of your bankroll.... brush it off then wake up fresh and ready to re start lol


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  • Mr_MiyagiMr_Miyagi
    edited February 2010

    Download Lady GaGa - Poker Face.

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  • FlashFlushFlashFlush
    edited February 2010
    You need a MUCH biger bankroll that 500, you need to be prepared to sit at a table with 500 therefore you dont want to consider it until you are up to around 10k minimum. My advice would be stick to the day job and just play in the evenings, this way your get your regular income and can still play poker when the tables are at their busiest. There isn't really alot of poker happens in the daytime so your not missing out on alot.
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  • loonytoonsloonytoons
    edited February 2010
    In Response to Playing Poker for a Living:
    Okay guys following a recent post on how to build my bankroll i am now seeking some other advice. I am looking to start playing poker for a Living, i have a bankroll of £500. I am just looking for advice on how i can get started and maybe make a living from Poker? I recieved some great help last time and hopefully i can recieve some great feedback again. Thanks guys Michael 
    Posted by mickgreen
    No way should you even think of doing this with only that bankroll, unless you gonna be very lucky at the start, i mean what sort of living do you want? £200 per week, £500, £1000+, even if you make say £250 every week profit, i reckon there are easier ways without grinding at the tables, and what if you have a downswing, hope you havn't got a family, mortgage etc, loads of stress. Anyway if your sure GL
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  • Penny_LessPenny_Less
    edited February 2010
    You may mock, but i've definitely seen an advert before that you can make 300/week for an initial 500 outlay...i assume it was poker related
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  • loonytoonsloonytoons
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    You may mock, but i've definitely seen an advert before that you can make 300/week for an initial 500 outlay...i assume it was poker related
    Posted by Penny_Less
    Who is mocking? i cant see anyone mocking the OP, people just giving there opinions which was asked for, i havn't seen one sarcastic or flippant remark. The advert you were probably thinking of was the one where you work from home licking envelopes all day lol
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  • Penny_LessPenny_Less
    edited February 2010
    If you're sticking to 5% BRM, I suggest moving to Iraq first would be a good start ;-)
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  • jakallyjakally
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    You may mock, but i've definitely seen an advert before that you can make 300/week for an initial 500 outlay...i assume it was poker related
    Posted by Penny_Less

    Even if you can make £300/week, it's not a great wage, you are not building your bankroll, and are 1 bad session from going broke.

    To consider going FT (if you are giving up a job), I think you need :

    at least 6 months proven profitability to a level that indicates you can make plenty to live on
    at least 4 - 6 months living expenses separate from your poker roll, to give you the confidence to play your A game consistently
    at least 80 buy ins if you intend to play cash (i.e. £16k if you are playing £1/£2).

    GL.


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  • mickgreenmickgreen
    edited February 2010
    haha im in the RAF lol, spent enough time in that place!?
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  • OMahonyOOMahonyO
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    In Response to Re: Playing Poker for a Living : Even if you can make £300/week, it's not a great wage, you are not building your bankroll, and are 1 bad session from going broke. To consider going FT (if you are giving up a job), I think you need : at least 6 months proven profitability to a level that indicates you can make plenty to live on at least 4 - 6 months living expenses separate from your poker roll, to give you the confidence to play your A game consistently at least 80 buy ins if you intend to play cash (i.e. £16k if you are playing £1/£2). GL.
    Posted by jakally

    wow, thats an eye opener
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  • cottladcottlad
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    In Response to Re: Playing Poker for a Living : Even if you can make £300/week, it's not a great wage, you are not building your bankroll, and are 1 bad session from going broke. To consider going FT (if you are giving up a job), I think you need : at least 6 months proven profitability to a level that indicates you can make plenty to live on at least 4 - 6 months living expenses separate from your poker roll, to give you the confidence to play your A game consistently at least 80 buy ins if you intend to play cash (i.e. £16k if you are playing £1/£2). GL.
    Posted by jakally

    This^^^^^^
    altho 80 buyins is on the very safe side.
    As long as you have living expenses covered i think at least 30 buyins is a good figure.... ofc 80 would be great.
    with £500 you can forget it ........ need at least £8k to even consider having a go.

    Oh/,,,, and playing for a living can really suck at times.......  it's a miniscule percentage that make the mega wads... for the rest it's real hard work grinding with a lot of pressure and necessity to succeed.
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  • CowgomooCowgomoo
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    In Response to Re: Playing Poker for a Living : This^^^^^^ altho 80 buyins is on the very safe side. As long as you have living expenses covered i think at least 30 buyins is a good figure.... ofc 80 would be great. with £500 you can forget it ........ need at least £8k to even consider having a go. Oh/,,,, and playing for a living can really suck at times.......  it's a miniscule percentage that make the mega wads... for the rest it's real hard work grinding with a lot of pressure and necessity to succeed.
    Posted by cottlad
    yeh agree 80 is a bit safe, id suggest at least 50 though
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  • BrownnDogBrownnDog
    edited February 2010
    Please think carefully about what you are doing. I've seen the same thing before many times. This could easily end in misery.




    Browndog
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  • monkey123monkey123
    edited February 2010
    In Response to Playing Poker for a Living:
    Okay guys following a recent post on how to build my bankroll i am now seeking some other advice. I am looking to start playing poker for a Living, i have a bankroll of £500. I am just looking for advice on how i can get started and maybe make a living from Poker? I recieved some great help last time and hopefully i can recieve some great feedback again. Thanks guys Michael 
    Posted by mickgreen

    Hi i agree with the rest first you need to prove u can make a profit monthly before even thinking about going full time !! and at the moment its not happening for you , your stats are like mine and your roi is -16% hope all works out for you tho just be carefull,
    monkey123
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  • jakallyjakally
    edited February 2010

    80 BI's is v safe I agree, but if you are giving up a job, and have a decent level of expenses to cover (i.e. not still living with parents) you want the chances of going broke to be minimal.

    I have had a 20 BI downswing before - if you only start with 50, and are playing at the lowest level that you can live off, what do you do then? Play scared? 

    I know of too many people who have had the dream, not prepared properly, and been forced to quit after a few months.

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  • BrownnDogBrownnDog
    edited February 2010
    I understand what you mean Jakally. If you are begining at the lowest level that will sustain your lifestyle then you will naturally need a bigger bankroll in terms of BI's, as you will be unable to move down a stake level if you suffer a significant downswing. If, however, you are not playing at the lowest level necessary, but instead playing 2-3 stakes higher then I think 80 BI's to be on the very cautious side. I think 40-60 BI's is a sufficient bankroll level if you are able to move down stakes if you experience a losing streak. Also, when deciding on bankroll managment it is also important to consider your relative skill advantage over the field you will be playing. Naturally if you consider yourself to have a significant edge over the field then you would not have to be as cautiosuly rolled as if the opposite was the case.




    Browndog
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  • jakallyjakally
    edited February 2010

    I'm just a bankroll nit!

    Not many people when they first go FT have a great edge.
    Most people jump to FT at the first opportunity - i.e. when they are making just enough / not quite enough, and are at the lowest sustainable limits.

    Many of the people who have to go back to RL jobs, have the poker ability, just not the ability to plan and prepare.

    If the risk is low - i.e. you haven't got a current career, and are living at home etc..., then you can take a chance at a much lower starting roll, knowing that if it all goes wrong it's not that big a deal.

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  • OMahonyOOMahonyO
    edited February 2010
    I couldnt even contemplate playing for a living.  Firstly because I am not good enough, secondly, the stress of knowing this is my only income would be too much.

    For it not to be scared money for me, I would probably need enough money to withdraw 2k a month for 1 yr without even touching my roll which would hav to be around 50 bi`s.  Never going to happen.

    I just cling to the dream of building a small roll that would enable me to satellite in to a major tourney, running like god and taking down a 100k payday and pay off my mortgage. lol gl me.

    If I was in a different position, ie younger, living with parents or w/e with no overheads and commitments or career or study sacrifices, then yeah, id give it a go.

    gl
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  • UnknownUnknown
    edited February 2010

    Jakally is not conservative with his BI estimate, for a full-time profession you have to be able to last out the short term swings, which CAN and WILL sometimes be over 50buyins. I have never felt happier playing poker as I did the day I began playing with 100 BI for my stake level, where none of my decisions were influenced by what money I had on the table (which some of you may say does not happen to you... wait until you have played a multitude of 1000-1600bb pots, every grey hair on my youthful head I can account as a missed combo draw or getting set over setted for 6 buyins).

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  • BrownnDogBrownnDog
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    Jakally is not conservative with his BI estimate, for a full-time profession you have to be able to last out the short term swings, which CAN and WILL sometimes be over 50buyins. I have never felt happier playing poker as I did the day I began playing with 100 BI for my stake level, where none of my decisions were influenced by what money I had on the table (which some of you may say does not happen to you... wait until you have played a multitude of 1000-1600bb pots, every grey hair on my youthful head I can account as a missed combo draw or getting set over setted for 6 buyins).
    Posted by CoxyLboro


    If you're having 50 buyin down swings you really need to re-evaluate your game and you probably need to drop down. A 50 buyin down swing cannot be attributed to variance.
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  • fitzer14fitzer14
    edited February 2010
    In Response to Playing Poker for a Living:
    Okay guys following a recent post on how to build my bankroll i am now seeking some other advice. I am looking to start playing poker for a Living, i have a bankroll of £500. I am just looking for advice on how i can get started and maybe make a living from Poker? I recieved some great help last time and hopefully i can recieve some great feedback again. Thanks guys Michael 
    Posted by mickgreen


      Hi Michael,IMO m8 i believe your BR is too small to take poker up as a only income.


     Why dont you just use your bankroll to see if you can climb to the heights needed to turn "pro" then take it from there?


      Whatever you decide m8,best of luck with it.



    Fitz.
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  • MP33MP33
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    In Response to Re: Playing Poker for a Living : wow, thats an eye opener
    Posted by OMahonyO
    Its a gr8 post by a gr8 player

    I myself thought about it after good run of a cpl of weeks but last month but then it all went pairshaped and i started to lose again regularly. If i was in this guys position i would follow that advice and also in the meantime spend some time reading books and studying other peoples play over a period of time.

    I would love to try it myself but don't think it would happen for a while

    Paul aka MP33
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  • Tikay10Tikay10
    edited February 2010

    Mick - see my PM to you.

    Please don't even think about doing it. You are not ready, & you are not rolled for it.

    If you are enjoying poker now, leave well alone, & carry on enjoying it as a recreational player.
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  • donkeyplopdonkeyplop
    edited February 2010
    isnt it true that most poker pros are bankrupt or have been bankrupt??
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  • Tikay10Tikay10
    edited February 2010
    In Response to Re: Playing Poker for a Living:
    isnt it true that most poker pros are bankrupt or have been bankrupt??
    Posted by donkeyplop
    Not most, but many of them are - a great deal of them in fact. Many, of course, are now ex-Poker Pros of course!

    Not so much in Cash Poker, where it's easier to grind a living, but certainly in Tournament Poker, where natural variance, especially in the Live game, can be brutal. 

    The level of debt & borrowing by players in Tourney Poker has reached epidimic proportions.

    It's very rare for a big Tourney winner these days to "own" all of himself. On average, they have 25% "out". They sell bit of themselves to try to overcome variance. I personally know several players who have sold in excess of 150% of themselves in Tourneys. So they have a problem if they win.....

    Players also get staked these days, they are known as "horses". The theory is that you are staked to play, but when you cash, you give (varies) up to 50% to your backer. But Nobody has a 50% edge in poker.

    Of the WSOP Bracelet Winners I know personally, & well - two are bankrupt, & one has been to prison due to his debts.

    I also know quite a few Sponsored Pros who have had to give the game up, rather than slip into debt. A sponsored Pro does not usually get a wage, they get their buy-ins paid up to a certain amount per annum. So, no cashes = no wages.

    I know most of the Live Tourney Pros in the UK, & I can only think of a handful that "live comfortably". Most live from one week to the next.

    I was in a Venue recently when a WSOP Winner wandered in - everyone looked away, because they KNEW he has going to try & nip somebody.

    Now, the worm is turning I hope, & a whole new breed of altogether more sensible & prudent youngsters are emerging.

    All that glitters is not gold.

    I'd recommend anyone to play poker recreationally, & within their means. Poker is incredibly addictive.

    The best example of a "recreational" player I can give is a friend of mine who absolutely adores Poker. So he deposits £30 per month into Sky Poker every month, on the 1st of the month, & when it's gone, that's it for the month. Happily, his Bankroll now stands at £350, so he can now play for over a year "for free". And you've never met a happier poker player - because he has it completely under control.
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  • beanehbeaneh
    edited February 2010
    Jakally isn't even being that much of a nit. 


    The more buyins the better.
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