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Poker as my profession - Bankroll Management

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Posted by posted in Mid Stakes

Poker as my profession - Bankroll Management

Hi everyone,

I am looking to move to Nevada (near Las Vegas) and start a poker career, but had some questions about my bankroll. I currently have $50,000 in the bank saved up, but here are my questions.

  1. Is WSOP and/or Ignition a good place for Online play?
  2. What stakes should I be playing with a bankroll of $50,000?
  3. Should I typically be sticking to the 200-300 buy-in rule? (example: $50,000 / 300 = $160 tournaments / Cash Game buyins)
  4. How does reporting tax work when winning and losing in poker (live vs online?)
  5. Should I have a 6-month reserve for living expenses? For instance, my mortgage will be $1,200 + food + internet + etc... = $2,000+/Month. Should I take $12,000 of that $50,000 and put it aside for 6-months of living? And then use $38,000 for my roll?

Sorry for all the questions, but I want to look at every aspect before diving into this profession. Thanks!

9 Comments

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BigFiszh 8 years, 4 months ago

But I think I can profit in the long run and have a good shot to make a living out of it

That's a very risky, not to say hazardeous starting position. :| Do you have a fallback plan? Don't tell me "I will go back to my normal job", that might not be as easy as it sounds - once you "left". Say you fail after three years, what then? What do you tell in your CV?

There are couple of further points in your posts that make me raise my eyebrows. Your plans don't look very solid, sorry to say that.

kalmoa 8 years, 4 months ago

What is my 'CV'?

Also, what points in my post make you raise your eyebrows, and what can I improve or change that would allow for my plans to become more 'solid' in your opinion?

BigFiszh 8 years, 4 months ago

Also, what points in my post make you raise your eyebrows, and what can I improve or change that would allow for my plans to become more 'solid' in your opinion?

I apologize ahead, because what now follows might sound rude and even arrogant and it might pretty sure not be what you'd like to hear, but I will shoot away nevertheless, you asked. :) And - dunno if it helps or makes things even worse - I am 44 years old, I had made a living as a poker pro for years and I am self-employed, running my own business. That said, I claim to not be some "wannabe" that talks wise-ass. What you will make out of it is up to you obviously.

OK, if you are prepared, let's talk straight-up now. :)

I don't even know where to start to be honest. Pretend you wouldn't be a poker player, but say a photographer. Now you go there and say "meh, taking photos is nice, let's turn it into a job". You don't know if you will be able to make profit with it, you don't even know if you will be a good photographer ("But I think I can profit in the long run and have a good shot to make a living out of it ..."). You just "somehow" think it might be a good idea. Seriously? That sounds more like "see what happens". Is that your plan? You quit your job and see what happens?

So, what if you don't like what you see? What's then? Do you have a fallback plan? CV is your curriculum vitae. What do you tell your next employer if you need to go back into a regular day-job - after you have "tried" to survive for three years and eventually failed?

Do you know what I miss about your post?

Either PROFESSION or at least PASSION!!!

If you were a professional, you had all that stuff already researched for yourself, long before you even thought about turning "pro", because the decision would've been depending on the results of your research. Call it a "business plan". You don't have one ... you are asking for some input of a business plan. But even then, what you're asking for is maybe 10% of what you really need. But ok. Let's take it ... no profession.

What's about PASSION? If you had written "Guys, I've been playing poker for 5+ years now, I breathe poker, I love to sit there and solve poker situations, when I wake up I think about how I can improve my defense against x/r in 3-bet pots oop against loose players, before I go sleeping I ...all I can desperately think of is dedicating my life to that wonderful game that gives me so much!" , then I had said - "OK, guy, you burn for the game, you have a dream - now go out and live your dream instead of dreaming your live!"

But no ... I didn't read anything in that direction. You can argue that this is exactly what you feel - and I just misunderstood. But hey, know what? I don't know you, I took my time to tell you what I think - and eventually I don't care if I am right or not. It's your decision. I just wanted to make it as clear as possible why I replied the way I did - and you asked. ;) As mentioned, the rest is up to you.

Whatever you do - I wish you good luck. And I mean it very seriously. No irony at all.

BigFiszh

kalmoa 8 years, 4 months ago

Thanks for the the reply BigFiszh!

I don't think any of what you said was arrogant or rude. I actually appreciate how long of a response you wrote out, as I am looking for as much information / criticism as possible.

I may have portrayed my position in a much softer way than I actually feel. I have spent countless hours studying the game and doing my best to get better. I personally love PLO and MTT / SnG, so I have watched a lot of videos from Phil Galfond, Ben Sulsky, and others. I've ran equities for hours across multiple platforms and even tried HUDs when playing online. To put it shortly, I do have a great passion for the game. I just have never had a true opportunity to make it my own and focus 100% of my attention to it as my profession.

The reason I didn't represent a passionate player from the start was because I wanted to keep my post short and sweet, directly to the point. I specifically wanted advice regarding the best way to go about creating a career in poker. I have studied Bankroll Management, but I wanted some reassurance to move further with this dream of mine.

I currently work in IT, and it is a pretty easy market to get back into (if things didn't work out with poker). My wife will also be working, so it won't be like there will be $0 income even if I am on a losing streak. But again, I don't plan to be on a losing streak, and I am excited to actually get this journey started and reactivate my "Elite" plan at RunItOnce. I used to watch training videos all the time, and try to improve my game in my own way. But I had to stop some months ago because I needed to create a sure thing first before selling my place and taking my equity to Vegas.

Again, I appreciate your comments and time that you put into your responses. The actual meat of a poker career, I think I have down and can handle (Learning hours, swings, patience, variance, etc). It's more of the technicalities that I wasn't 100% about (Best ABI Amount / How to file Taxes / Reserve fund / etc...).

LumeniusN28 8 years, 4 months ago

take coaching or if u have spare time go through application of no limit holdem by Janda, and if u fully understand it, u should be crushing in Las Vegas soft games

kalmoa 8 years, 4 months ago

I'll check it out. Seems like Janda received a lot of good feedback from it, so I'll definitely give it a go.

As far as live cash vs online, I will probably be doing a bit both. Right now I am in the process of obtaining property there, so first steps first. Thanks for the comment!

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