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#21
08-13-2005, 10:59 PM
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Re: My failure as a poker pro (very long)
[ QUOTE ]
Who the hell thinks $11K is enough to get a $1K/month apartment, a G35 coupe, a plasma, nice furniture and a bunch of computer equipment? I think you needed some financial sense before becoming a poker pro. [/ QUOTE ] Well, c'mon, he was going to win $11K EVERY MONTH. Of course he could afford all that. Seriously, this post underlines another drawback to playing poker professionally--that is the reduced utility of the money one earns. If someone makes $100K/year from their job, they can count on that income (well, at least up to the point of their job security). They can budget for a little over $8K/month without any real drawbacks. $X goes to rent, $Y to bills/savings, $Z to vacations/nice dinners, etc. But someone making the same $8Kish/month playing poker has to maintain a bankroll, keep money saved up for those inevitable long downswings/break-even stretches, and so gets much less utility out of the money he earns. $X goes to rent, $Y to bills/saving, but $Z now goes to bankroll maintainence/growth or emergency funds in case one's poker income drops dramatically. $50K that might go to a downpayment on a house for someone with a regular job is just the bankroll for the poker pro who then has to keep throwing his money down a black hole by renting. Winning $11K for someone who is gainfully employed is a ticket for nice computer equipment, a plasma TV, downpayment on a car, whatever. $11K to a poker pro is just a little more cushion in the never-ending fight to outpace one's bills. 
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#22
08-13-2005, 10:59 PM
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Re: My failure as a poker pro (very long)
Just goes to show that good bankroll management can go a long way. Hopefully not too many people play way above their means and start getting themselves into so much trouble that they start bouncing checks.
No matter all the delusions of grandeur, you've gotta realize when to say when. You've gotta be able to put a stop to the insanity spending way above your means. When you can't do that, that's the time to seek some serious counseling.
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#23
08-13-2005, 11:30 PM
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Re: My failure as a poker pro (very long)
[ QUOTE ]
Like the previous poster said this is more a gambling addition story than a poker pro story. Could have been sports betting, craps, blackjack or any other of the multitude of gambling games. [/ QUOTE ] Multiply his numbers by 10 and it's pretty close to my stock market experience. I never quit my job or put myself at risk of not being able to pay my bills. I did however build up about 30K in credit card debt by chasing lost money with borrowed money. I took huge positions, and then made margin calls with cash advance checks, like 4-5K at a time. I thought if I could hold on long enough, the stocks I lost money on could come back. Once I gave up, the credit card debt took about 3-4 years to pay off, and of course I racked up a lot of interest and fees above and beyond what I actually lost. I look at my old records and I can't believe I am the same person who did that. I certainly don't approach poker this way. Possibly the difference is that I never found any successful methods of trading, and if I had I would have concentrated on them systematically, the way I do now with poker.
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#29
08-14-2005, 03:29 AM
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Re: My failure as a poker pro (very long)
Thanks for sharing.
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#30
08-14-2005, 04:38 AM
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Re: My failure as a poker pro (very long)
You obviously have some potential, why give up?
A lot of us have been through the same exact experience and have continued to keep trying our hardest, thinking "long term, long term". The ones that don't give up and are able to come out on top, are the true winners. Giving up after coming this far is like an overweight person not reaching his "lose 100 lbs goal" after losing 30 lbs., but then decided to quit because it was taking too long, or would have some weeks where he wouldn't lose anything.
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