Limit VS. Tournaments

[dacubbie]

Alright, I've always been under the general assumption that if one was to looking to make a good chunk of money playing online poker that limit was the way to go. Start out with the micro limit and work your way up when your results/bankroll permit. However, as I've been taking the limit approach a couple of my friends have been going the route of the sit and gos. They've both briefly gave limit a shot and they feel like the variance is a lot less while they're making more. As I watch my bankroll go up and down up and down at low limit, I wonder if I'm making the best choice. Now I know that it's going up in the long run, but in the short term sitting here playing micro limit is getting annoying. I started playing limit poker because I felt it was much easier to get ahold of. Less variance, easier to apply "set rules" (well not really set, but you know), but now I look at some others and see the exact opposite with them at the NL Sit and Gos. Basically I'm just looking for anyone's opinion. THanks.

[dacubbie]

Bump. I realize that this post is kind of generic. However, I think there should be at least something to discuss about regarding the long term profits of limit RG VS NL RG VS tournaments.

[bdk3clash]

If you have specific goals in terms of your poker play, lay them out, because otherwise you should just play whichever games you want to.

Limit is much harder than most people realize when they're first starting out, and it's also a lot swingier than many people realize.

Do you have any specific goals you're trying to reach? Personally I think there's much more upward mobility in learning limit in terms of game selection and profitablity both online and live, but that's just my opinion.

[dacubbie]

Goals... Hmmm... It all comes down to where can I be the most profitable. Variance sucks. Everyone knows that. However, I'm of a reasonable mind to realize that hey, if you're making $20,000 a year, who cares if you lose $500 in one day, as long as you know you can win in the long run? However, the thing that scares me about variance is how can you know if you can win in the long run? Sure I've showed success at certain limits and have considered moving up. However, how am I to know that those results are an accurate representation of my skills? That's where variance intimidates me. It keeps me from truly knowing where I stand. However, as far as goals go. I'm a college student currently. I'm not looking to make $100,000 a year or anything ridiculous like that. I'm just looking to make enough money playing poker than I'm not forced to get a real job. This would mean $10-$15 an hour. Where would be a good place to play to accomplish this if my skills were good enough? I'd also like to be able to earn maybe an average of at least $1500/month during the summer. I obviously would be able to put in more hours, and being able to earn that much for poker would allow me to pursue some other goals that I wouldn't be able to pursue if I was working 8-5, 5 days a week. Thanks!

[NoPeak]

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I'm just looking to make enough money playing poker than I'm not forced to get a real job. This would mean $10-$15 an hour.

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What is a real job?

[bdk3clash]

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Variance sucks. Everyone knows that.

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No. Increased variance and increased profitability come hand in hand. It's the increased variance and volatility that make limit hold'em games more profitable.

I'm beginning to suspect that you think there's some form of poker out there where you can steadily grind out $10-15 per hour, but there isn't. Nor is how good of a player you are ever really quantifiable.

I'd suggest just starting at whatever game you're enjoying (limit hold'em, small sit and go tournaments, etc.) at a very small limit, play, post hands, read, learn, etc. Worry about making "steady" income later.

These are good initial questions, by the way. Stick with it and you'll probably be surprised how quickly you'll pick things up. The posters in the various forums you should be checking out (micro, one-table tournaments, etc.) are really, really good.

[revots33]

Try playing a little of each for a while, at low limits. Track your results (you can use something simple like Excel or a free site like pokercharts.com) and see how you're doing after a while.

I think after say 200 SNG's and about 200 hours of limit play, you'll have a pretty good idea of which you're better at, and which you enjoy more. That's not to say that 200 hours is long enough to predict that you'll be profitable long-term - but you'll probably have a good feel for each game by that point, and know which one you feel more comfortable with.

I personally stick to the SNGs almost exclusively now, with an occasional MTT for fun every now and then. I've found my results to be much more consistent in SNGs than in ring games. SNG's are a different game and require different strategies, and they just happen to suit my style of play better. I also stick to the lower buy-ins (usually $11) where the players are worse... so I'm not making a living at it - but it's been a profitable hobby.

If you look at the 1-table tournament thread, you'll see many, many people who make a very good living playing nothing but SNGs. Some of them multitable several $200 tournaments at a time, for several hours a day. You can imagine the income some of these guys can make if they can maintain a good ROI.

[Hal 2000]

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I'm just looking to make enough money playing poker than I'm not forced to get a real job. This would mean $10-$15 an hour.


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What is a real job?


Good point. Poker requires concentration, memory, and flexibility. You'd better treat it like a real job unless you plan on getting another soon...

[dacubbie]

Obviously. Probably was the wrong thing to say. However, how many jobs allow a person my age great income potential while allowing me to choose my own hours, and sit naked at my computer drinking a few beers and listening to whatever music I choose? I realize that there's also a lot of "bad" things that a "real" job wouldn't have. Huge down swings, eye fatigue, etc.

[HRFats]

I may get flamed for this but here goes.

If you are serious about poker, don't drink while you play. You will end up making more mistakes as your concentration wanes and your confidence artificially rises. Why do you think the casinos give away drinks to people that are playing? It's not because they are just being nice.

Having said that, I ALWAYS drink beer at my friendly neighborhood monthly game with the guys. But I'm not necessarily playing to win there. It's purely social and I know that going in.

[Beavis68]

you have to look at their ROI, and hourly rate. It sure "felt" like I was making more playing SnGs, but I think I was putting in more hours, and it can really be a grind.

[dacubbie]

Completely understood. In fact, I RARELY, RARELY drink when I play poker, and even then it's not drinking to get drunk. I just made that statement to show what I "could" do that I'm not allowed to do at a "real" job. /images/graemlins/smile.gif