A question for the pros.

LED33 · #1 07-06-2005, 07:35 AM

This is a question for the people on here that make their living from poker.

I've played poker online for three years. Starting as a total newcomer to the game I played it for pure entertainment value not expecting to win. As I played more, read more and became more experienced I started to make a little money but still only played as a way to relax.

Over the last 6 months however I have seriously considered making poker my main source of income. I've tightened my game and eliminated some of the less professional aspects to my play and I'm now consistently hitting my target, an hourly rate of income equivalent to my current fulltime job.

The question I'd like to put to the players on this site is this:
Do you live in fear of not making your targets, having such a down turn that you start getting into financial trouble or have these fears eased with the amount of time you've been playing professionally?

I have taken the precaution of having enough money in the bank to live of for six months should things not work out but the voice of doubt is still stopping me from taking that final step.

sublime · #2 07-06-2005, 08:02 AM

I've tightened my game and eliminated some of the less professional aspects to my play and I'm now consistently hitting my target, an hourly rate of income equivalent to my current fulltime job.

are you including insurance and 401k/retirement benefits?

krishanleong · #3 07-06-2005, 08:14 AM

I wouldn't quit until I was making at least double my regular salary.

Krishan

TStoneMBD · #4 07-06-2005, 08:17 AM

for the players like me putting in around 35-40k hands a month its very hard to have a losing streak over that period of time due to luck. you may perform below average but depending on your hourly poker earn its still more than enough to cover expenses. its very important to have a bankroll that puts your risk of ruin at around 0% for the limits you are playing. if you want to turn pro on a 5k bankroll playing 3/6 youre really taking a risk.

many people discourage turning pro for good reason. id recommend only considering it if you are earning at least 2x the amount of money per hour post-tax that you are at your current job. dont forget that you have to pay taxes on gambling income. most people just assume they will get away with not paying but if you make a living year after year the tax man will eventually decide to pay you a visit and hes not coming to take you out for icecream.

cursha · #5 07-06-2005, 08:17 AM

I've been an online professional poker player for 16 years. It gets easier over time. I find that so long as you are capable of telling huger whoppers then you can make a very good living from it.

TStoneMBD · #6 07-06-2005, 08:19 AM

funny that we both posted that

MicroBob · #7 07-06-2005, 09:26 AM

2x is probably pretty reasonable.

There IS security in having a real job.

In my situation...it wasn't too hard for my decision to be obvious.
I was 'between' jobs and got a gig as a blackjack dealer at a break-in joint.
Making around $14/hr total ($5.50/hr salary and $9/hr for our tip-rate typically).

Once I started getting better at poker it wasn't too tough to be making $20-$25 an hour playing 2/4 or 3/6 multi-tables.
I didn't even have a big enough sample-size to know if I was good enough to pull it off....but I could always go back to dealing if it didn't work out so I gave it a shot. I looked at it as a situation where I was 'leaving' my job for a month or two...and just 'hoping' that it would last longer. This was 15 or 16 months ago.

Obviously if you are making REAL money (being more than $14/hr) at your current job then this changes things.

So, not only do I recommend the whole bit about making MORE than your previous job and also having a large enough sample-size to know for sure....but I also recommend covering all your bases which includes having the opportunity to go back to your job (or at least into the work-force) if it doesn't work out.
Decide ahead of time what you would do if it totally falls apart (even though you might do something better than your plan if it were to come along).

As for the fluctuation frustration - it doesn't bother me that much because I play so far beneath my bankroll to stay fairly comfortable with the swings.
I really want to be making more playing the higher limits...but it hasn't worked out as well when I've tried it and I prefer to be 'comfortable' at the tables as long as it means I can also stay 'comfortable' in my living situation.

Since my other option at the time was to make so little at my dealing job I was in a bit of a different situation though then many on here who are smart enough and educated enough that they could/should be making more than that I suspect.

sdc · #8 07-06-2005, 10:04 AM

How have you been an "online professional poker player" for 16 years?
Have we even had the internet for 16 years?
Dont mean to be an ass...
Just a little more explanation

Thanks

MicroBob · #9 07-06-2005, 10:44 AM

I suspect he had much lower variance back in the days when he had no opponents.

cursha · #10 07-06-2005, 10:47 AM

In the spirit of you not meaning to be an ass... I'd like to take this opportunity to say 'Well Done', not sure I've ever come across anything said so definately which actually promotes the exact opposite of what was intended...

However, to give the greater explanation you desire...

The internet wes invented in 1969... 36 years ago.

the world wide web was developed in 1989.

So the answer to the question you wanted further explanation of is:
Yes we have had the internet for 16 years.

of course there could be other explanations for my experience...