I often get emails through my website asking me about various poker issues and I thought I would post a few of the best with my answers on this blog. The first question is from a friend of mine.
Q1, All of my friends play Poker and they have around $200 per month to put into the game. I cannot afford a bankroll but really want to start playing. How do I get a stake? Rob, UK
Rob, just because your friends have $200 to play does not mean they are winning players. By you saying they “have around $200 per month” suggests to me most of the time they are losing this money. Many players start with no bankroll. Fortunately this does not stop them nor should it stop you playing poker seriously. Most reputable poker rooms have freeroll tournaments that offer a few dollars (up to $15 for the winner in some cases) in real money. There is nothing stopping you building up your bankroll from nothing. You will learn good bankroll management discipline, low stakes game theory and you will not have to worry about losing your hard earned money. Poker is one of the few things on the Internet that you can legitimately turn very little, even nothing, into a lot more. I am doing my own “Create a bankroll from nothing” challenge and am currently $13.85 up from $0.00. It does not sound like a lot but it is one of the most fulfilling things you can do with online poker. See you at the tables!
Q2, I am a winning online poker player and I want to turn professional. When is the right time? Peter via Email
Peter, you need to analyse your stats and decide if this is the life you want. The key difference between your poker play now and your poker play as a professional is that you are playing because you want to now and can stop when you want. When you must play everyday even when you do not want to this can be hard. Everyone dreams of being a professional, but only you know whether you can handle the variance, the freedom and the isolation of being a poker player. It is a lonely game, especially when you have played for hours and hours. That said there is the opportunity for big money to be made and many professionals do very well. My advice would be to enjoy the big money wins for six months before you make any snap decisions and that way you have money behind you if things do not go right. Do not gamble with your future, but there is no reason why poker cannot be a big part of it if you are good enough. Only you, and your stats, can give you the answer as to whether you are good enough.
Q3, Can you make a living just from Tournaments? Or will I Need to Learn Cash Games too? Anon
Cash games are, in my opinion, essential to your poker success. You need to be able to fire up multiple tables and grind out the profits. Even though people say to have one hundred plus buy-ins to profit at tournaments the swings really are a killer. Big money can be made in tournaments but even the professionals who win millions can throw in $250,000 in buy-ins and still not get a big win. Cash games allow a slow and steady accumulation of money providing you are a winning player. If I have a great week where I win, for example, $1500 I may enter a couple of large tournaments with 15 – 20% of that profit to shoot for the big score. Cash game wins along with VIP rewards or rakeback can be treated like a wage and is far more reliable than tournament wins. Tournament wins, however, can be a great bankroll booster so they do have their worth. Try and satellite in to bigger events to gain maximum value for your buy-ins. If you play only medium stakes cash games you can do very well. I have a friend who makes between $40,000 and $60,000 each year playing no higher than $2 – $4 No Limit Holdem and lives a comfortable life funded by poker.
Look out for more Question and answer posts very soon.
By Malcolm Clarke