Wednesday, April 02, 2008

Why do you Poker?

Duh... to make money idiot! Sure we all have dreams in the back of our minds about making it big, and making tons of cash like Brian Townsend. But realistically the majority of poker players will never acheive that level of success. So i've settled for something smaller and more attainable... if i happen to get lucky and take down a tournament for a huge prize than that would just be gravy.

GOAL: 10K in 1year. Should be easy, yes?

One of the major things i thought i'd have by now is my own home or rather apartments. I have property on the island of Eleuthera where i grew up and will eventually move back to build a traditional home. But i'm currently living in the city of Nassau.

Generally young people build duplex apartments here rather than houses. On average these cost anywhere from 150k to 200k depending on what you get. The beauty is instead of just paying rent to some landlord, which is money you can never recover, you pay a mortgage which consist of your rent and the rent for the other apartment. You're still paying rent, but at the end of the day you own the building out right.

So for the past few years i've been saying i will get my own place but haven't done anything. The down payment is usually 5% plus closing cost/fees. I work for a bank so i will be able to get a reduce interest rate and have some fees waived. I estimate that i will need minimum 10k to do this comfortable. Like i said in my last post i'm not depending on poker. If i can get this money from poker than great, but i also have a savings account, a savings plan and company shares from our employee benefits plan. If poker falls through i will still be able to accomplish my goal.

So i know exactly what i want from poker, how do i go about getting it. The sum i need is not much so i can definitely get it by playing micro stakes. I will have to stay focus and be consistant.

These past two months i haven't had the results that i had in January when i had my +1k month . So I went back to January to see exactly what i was doing differently. Half of my profit came from $3 45 man sngs & $4 180 man sngs and the other half came from a 3rd place finish in a $5 MTT. I havent played many $3 45 man sngs in the past two months but i've been getting deep rather easily in the $4 180 man sngs.

I will go back to playing the $3 45man sngs because they are great to play in 1.5hr sessions for good profit. I will also put aside time that i can dedicate to playing the 180 man sngs each week. And ofcourse play low buy-in mtts on weekends. I will also reduce my stars bankroll to $1200 which is more than enough for micro stakes sit n Gos and for the occassional shot at 20+ buy-in mtts.

To remain consistant i will review each week and also post a schedule for the upcoming week so that i can remain on target and focused.



Anonymous said...

Stick at it mate. Exactly as you say the key to success is consistency. if you play well over hte long run it will be profitable. I wish you luck in trying to acheive it.



Game101 said...

thanks mate. its a constant struggle, but i'm working on it.

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