going pro, or no?

[filo]

I guess my question is how much cash should I have backing me before I take the plunge. I currently have about 18k but would feel much more comfortable if I had about 100k. My monthly nut is about $3200.00. I figure I win about 80% of the time I play with an average of about $400.00 I think If I had more time to invest playing without the day to day worries of my job, I would not only get better, but earn more. Should I wait until I feel more comfortable with my financial postion, or take advantage of the extreme growth currently in the poker world?

[jedi]

Get a job, play part time as a hobby. Have fun. Don't take poker too seriously.

[lezboagogo]

Im with Jedi on that one. Keep working until it becomes apparent that work is wasting your time and talent. Don't make the decesion. If your really good you won't have a choice

[MasterShake]

Do you have a good paying job? Do you get satisfaction from your job?

Do you enjoy the 8+ hours a day you spend at work? Would you rather play 6+ hours of poker per day?

Alot depends on your work situation, if you work at McDonalds as an assistant fry cook, go pro. /images/graemlins/grin.gif

[BluffTHIS!]

The other 2 posters didn't answer the question. My repsonse is that besides having an adequate bankroll that you keep growing in order to play poker, you also need 6 months+ living expenses saved. When you are on a poker downswing it is your bankroll that keeps you in the game, and while it is not producing your normal monthly income that is where the savings (which later have to be replenished) come in. You did not make clear whether the 18K was your bankroll or your savings in addition to it, but if it is your bankroll alone it is not enough.

[The Dude]

Buy and read the book Gambling Theory and Other Topics by Mason Malmuth. It has mathematical equations that will give you precise answers to your "how much" questions. The program Stat King, for sale by ConJelCo is an easy method to log your live stats, and automatically calculates all the stats you'll need, using the formulas in Mason's book.

[Terry]

To be winning $400 a day you must be playing at least $30/60 or $40/80, in which case your BR is much to small ... and you would have to be a good enough player to know that to be beating games that size for that much money.

If you win 80% of the time you play, you are quite likely the best poker player in the world and should probably be playing for higher stakes ... unless you win $400 when you win but lose $1200 when you lose.

The other possibility (likelihood, I suspect) is that you don’t keep accurate records ... and you have no idea how you actually do at poker. It’s called “selective memory”.

[BluffTHIS!]

[ QUOTE ]
To be winning $400 a day you must be playing at least $30/60 or $40/80

[/ QUOTE ]

This is NOT true when multitabling online. You could do it much lower like 5/10-6max limit if you are very good or 10/20 for sure. And anyone who thinks you can't is playing bad.

[bernie]

1st thing is to lower your monthly nut. $3200 is quite large. If you're going to use 18k for both a BR and an Expense roll, it's simply not enough, imo.

Lets say you go for it. You go on a bad run for -5k. Which is easy on a live 20-40 game. Month is up, now you owe 3.2k. That's almost 1/2 your roll + you'll need to keep another 3.2k on the side in case for next month. So your roll is now 7k. Would you be comfortable in that spot? I wouldn't.

b

[Terry]

[ QUOTE ]
when multitabling online

[/ QUOTE ]

The way the original post reads, I’m nearly positive the original poster is not an experienced player multi-tabling online. I’d wager he is a guy with a good paying job who has run somewhat lucky while playing over his head and who has not “counted” or “remembered” some of his significant losses. My comments were not general – they were specific to that scenario.

[Al Schoonmaker]

I urge everyone reading this thread to read the one on the psychology forum started by revots33 on dropping out of college to turn pro.

I must add that Ed Miller and Mason Malmuth both have two degrees.

If you're going to turn pro, wait until you've gotten the essential credentials. They will give you something to fall back on if you can't make it or get tired of playing as a pro.

Regards,

Al

[tipperdog]

It's worth noting how many top pros seek a different job or work to make sure their kids take a different job. By my memory:

Barry Greenstein refused to teach his kids to play poker until they graduated college;
Paul Phillips tells aspiring pros NOT to turn pro (poker is a wonderful hobby and a terrible job, he says);
Doyle Brunson said he hoped Todd wouldn't be poker player and helped him only after it was clear he wouldn't change his mind;
Chip & Karina Jett have written repeatedly that they hope their new daughter doesn't become a cardplayer (and Karina adds that she hopes her daughter doesn't marry a poker player; how must chip feel!)
Roy Cooke sells real estate;
Mike Sexton is primarily a commentator;
Mason Malmuth is more of a book publisher than a poker pro;
David Sklansky had written previously that he hoped poker success would lead him to a major corporate information systems job (though I'm sure he's long since abandoned that notion);
Phil Hellmuth hawks books, boot camps, and related items; and
I could go on and on!

All of this leads to a simple question. If playing poker professionally is so great, why does it seem so many pros are trying to get themselves or their families out?

[slavic]

My monthly nut is quite a bit larger than yours. But I can tell you that hitting it is a pain, you will reduce your stress level quite a bit by taking that nut down a couple levels. Second 18K just doesn't seem like enough to me, I've had swings that large. Last there is something wrong if your winning 80% of the time. Your quiting while ahead and not continuing in a profitable game or trying to catch up in bad games too often, you have to set hard set time limits to play and if you do your session win rates should look much more normal. Otherwise you log a bunch of little wins and then a huge disaster, trust your play, forget how the cards came.

Oh and as Drew said get "Gambling Theory and other topics", it's an excellent read for anyone but critical if you plan to look at this for a living.

BTW even though poker is my only source of income, I don't call myself a professional. I have no problem heading back to a real job, it just so happens that poker "in todays environment" allows me to do other things right now. That's important to remember because if the landscape changes being a poker pro is going to suck.

[montechristo]

$400 a day isn't too hard even multitabling 100NL. My monthly nut is only 3K but I have been playing 2-4 tables and have yet to work over 18 days a month.

[Bob Moss]

I'm drunk so I didn't read your whole post but I think you should go pro. You only live once.

Bob

[trader77]

I can tell you nothing about going pro in poker. But as a professinal day trader i can tell you that you need at least one year of savings just to live off. This doesnt include your bank roll. After that if your good you will be ok.

[trader77]

Also if your good you will know soon enough. If you're not you will also know. If you know you're not good enough then re-evaluate your situation.