My cherry has been popped

[johnnybeef]

It is official, I johnnybeef have officially gone broke for the first time. Looks like i'll be waiting tables again until i can get back up in the air. It is not, however, in vain. I have learned very much from it. Several things that i did that i could have avoided were

-spending $ like a rock star because it was coming in from all sides and i would crush the competition again.

-playing in games above my bankroll because of the same reasoning listing above.

-generally being a dumbass because of reason stated above.

Now every time some rich [censored] looks down his nose at me because i am so stupid for screwing up his order i will remember to take my bankroll more seriously. Anyone have anything to add???

Johnny

[ChoicestHops]

Greed is a very powerful enemy for the poker play.

[MEbenhoe]

It's rough, but many players have been through this and rebounded to play well. Learn from your mistakes and do better this time around.

[johnnybeef]

[ QUOTE ]
It's rough, but many players have been through this and rebounded to play well. Learn from your mistakes and do better this time around.

[/ QUOTE ]

I think that Im better off because of this experience.

[Sully]

Most clear thinking post I've seen in a while....bust your ass, get the bankroll together, and come back better. I've been through it...if you remember this lesson, you will be twice the player you are now.

[SoftcoreRevolt]

Why do I see myself doing the same sort of things and not trying to rethink it at all. Oh I know, because this could NEVER EVER happen to me.

Oh wait... /images/graemlins/frown.gif Anyway, a good warning post to get me, and others to reconsider exactly what to do with that bankroll.

[Nick709]

Everytime my bankroll gets injured in a big way I decide to get a restuaraunt job for support (this has happened three times) and everytime I start the job I go on some crazy run and make back double what I lost. Weird. These days I just keep a part time job.
Try out the PP 10/20 O8 the answer to all your prayers.

[johnnybeef]

[ QUOTE ]
Everytime my bankroll gets injured in a big way I decide to get a restuaraunt job for support (this has happened three times) and everytime I start the job I go on some crazy run and make back double what I lost. Weird. These days I just keep a part time job.
Try out the PP 10/20 O8 the answer to all your prayers.

[/ QUOTE ]

as luck would have it, O8 is by far my best game, how much do i need to avoid risk of ruin???

[Nick709]

Probably 4,000 for a solid bankroll, I have done it with as little as 2,000. 08 has such little variance so it is easier to get by with a smaller bankroll.

[sthief09]

been there. life is good now though

[johnnybeef]

[ QUOTE ]
been there. life is good now though

[/ QUOTE ]

im curious how people how people who have been through this have rebounded. That said, i am currently reviewing my options. I feel that once i get to $2000 i can comfortably start playing at stakes that will produce dividends for me while at the same time be able to take care of necessities. Here are a list of my options with an analysis of each.

Job waiting tables: I can make about $400 a week doing this. The problem is that i have been doing it for the last 5 years and it is becoming bad to my mental health. Furthermore, i have found that my school work suffers when i am doing this. This option would only yield about 100-150 a week towards a bankroll after taking care of necessities. If i did this by itself, it would take me about 15-20 weeks which is out of the question.

Local tourneys. I can usually find a local live mtt that has a decent payout. This is how i funded my original endeavor over the last 4 or so months. The charity tourneys around here are frequently full of terrible players, but as all of you know, it will take some luck to win one. This could get me where i need to be in a week or make me take a step back.

High stakes cash game: I have a weekly home game that i have been playing in for the last 10 or so weeks. It is a spread limit dealers choice game with a $10 preflop max bet and $20 max bet thereafter. I have detailed notes on all the players there, and i am by far a favorite anytime i sit down at this table. I have pulled $1000 out of there twice, won 200-400 4 times, broke even once, lost 100 once, 150 once and last night 450 which is why i am writing this currently. This is a game that obviously can be profitable, but in a night where i suffer a few bad beats can cost me a significant fraction of my bankroll. I like to have at least 400 to sit down here. This is a little bit more of a reliable win than the tourney, but can be a much more volatile loss.

Online: I could grind it out online, assuming that i make an initial deposit of around 100-200 im estimating that it would take me about two weeks (my play suffers when i multitable sngs) to get up to the 400 that i would like to start operating at the 2-4 omaha hilo and .25-.50 PLO games which would take me perhaps an aditional 3-4 weeks to get to 1500-2000 to get up to the 10-20 hilo and 1-2 PLO. This being said would probably take Around 2 1/2 months to get up to.

With all that i have considered, it is obvious that i am going to have to do some table waiting in the next few weeks. What does everyone here believe would be the most +EV while at the same time would get me where i need to be the quickest?

[ethan]

[ QUOTE ]
im curious how people how people who have been through this have rebounded

[/ QUOTE ]

Since you asked.

Not too long ago, my bankroll hit $85. (I cashed out a bunch, then ran bad, then played bad, didn't drop down, and, well. $85.)

I decided to grind it out at low limits, but I had enough in the bank that I could go a little while without any cashouts. (That sounds like it might be a problem for you, which'd mean you'd take longer, but you may also play more hours than I do.) I got up to $200 with a final table in a 5+1 MTT, 4-tabled 10+1 SNGs until I hit 400, switched to 4-tabling 20+2s and that got me to $1K. You say multi-tabling SNGs hurts your play, but it may still be more profitable than 1 at a time. From there I started mixing in 30+3 MTTs and the occasional 50+5 while still doing the 20+2 SNGs. I had a couple 1K finishes, ran good in what little 2/4 limit I played, and now I'm back up to a comfortable 4K. Total time was around a month for all of this, without putting in too many hours per day.

I really think you can manage the trip back to 1K pretty quickly if you get comfortable multi-tabling. The 10+1/20+2 grinding helped me immensely. They're low-variance, and it's nice seeing your account balance climb steadily back up.

Good luck.

[sthief09]

I got staked by a nice Guy, which expedited my recovery. I also stopped spending so much and stopped playing without a big enough roll. if I didn't get staked, I would've probably played 1/2 and moved up

[Justin A]

I've been there. It sucks, and you'll come back. I'd recommend getting staked. That's what I did, and it should be a lot more profitable than waiting tables. I wouldn't be anywhere near I am now if I had gotten a regular job.