At the beginning of September I challenged myself to try and play 10,000 cash hands of poker and make a profit!
Although I didn’t quite manage to reach the 10k mark, I did manage to make a profit of $183/£114 after playing 7,000 hands over the course of 10 hours! That actually equates to around £11 an hour which is more money than I earn at work! This is what a pretty chart looks like when your a ‘winner winner chicken dinner’!
In the image below you can see that I went on a 7 session winning streak! And that I actually didn’t play for around 10 days between the 11th and 22nd of September! This was mainly due to playing bitcoin casino and helping a family member finish building their new house!
However those in the poker world know that 21bb/100 (big blind profit per 100 hands) is pretty unsustainable and on the first day of October I dropped a bunch of $$$$. Literally half my profit! If the first graph was the dogs bollocks then this graph is of a dog getting his bollocks stung by stinging nettles!
The difference between a world class player and an average one is knowing when to leave the tables! Phil Ivey is the best player in the world and everyone knows he would have left after dropping $20, (2 x the buy-ins).It doesn’t matter what stakes you play the stop loss rule is the same. For some it might stretch to 4 buy-ins but never 10! This is known in the poker world as a downswing. It not only damages your bankroll it also damages your confidence and effects your emotions at the poker table because it makes you want to chase your losses which is the last thing you should ever attempt to do!
After finally quitting the session my confidence was shot to pieces, so I decided to switch to sit and go’s (single table tournaments). The variance is less but so is the profit so I devised a plan where that I would grind up a $7/$8 profit then try and double that to $15 then play a $15 table and double that to $30, etc.
This actually worked out pretty sweet and after also playing a quick session yesterday, I had made a nice comeback of just under $80 from 19 games at a profit of $4 per game.
Before you think, why I don’t I stick to these games, its because SNG’s are dead money. If you take the top earning players from cash games for the year, it would be well over $1,000,000 and actually closer to $3m, whereas the top sng players average around $100,000 per year!
Finally, my main goal at the moment in poker is to have enough money to sit down at either the $1/$3 cash tables ($300 required) at the Aria hotel in Las Vegas in November or $125 which is the entry fee for their daily tournaments with a first prize of around $4,000 from 125 runners!