Time to quit playing poker and start taking it for real

I’ve been playing online poker for a little of a year seriously. By seriously, I mean I actually review hand sessions, discuss strategy with friends, read books, watch training videos ect. I’m doing things to become as educated as I can and become a better poker player. Part of which is running your playing like a business which I found great insight on reading “Treat your Poker Like a Business” by Dusty Schmidt. This was the first book I read that gave me one of those “a ha” moments.

Now a few of my poker buddies didn’t like the book but I think they missed the message of the book. Poker is a grind, just like most business. You invest money and time in things that should give you the best return on your investment in the future. Depending on what your business is some of the strategies you pursue might not pay off till many years down the road. So what I’m trying to say like in business, poker isn’t a get rich quick scheme. It takes a lot of time and work to generate a profitable poker business over the long term

I know you’ve heard the term “It takes money to make money” and that couldn’t be truer for poker, obviously. However, many players online like me are not poker professionals we all have jobs, bills, and other things outside of poker. With that said to be successful and consistently turn a profit you need to think of poker like a second job or your own business where you are the only employee. You are responsible for research and development, scheduling and finally generating an income for your business. You need to set yourself an organized structure that you stick to. One that allows you to have free time other than doing things poker related. You need to let the people you care about know about your poker business. Let them know it’s your own business. Something you can’t just stop doing while you’re in the middle of it because your significant other wants to go to the mall or your buddy wants to go out for a few beers.

I know what you are thinking, I play $2 tourneys or 10nl. It’s not that big of deal. Well if you want to keep playing $2 tourneys and 10nl for the rest of your life, then that’s fine. Don’t change anything. Think of your time in the micros like a start up business ran out of your garage. The most expensive piece of equipment you have is a coffee maker and a computer. You have no clients and no one knows who you are. People close to you will say, well he doesn’t have much, but he’s just getting started. I wish the best for him. Others might say you’ll never make it. Don’t let them get to you!!

I’ve made posts in the past that state you need at least $200 to start your bank roll, plus another $200 for poker related expenses. So I suggest starting with $400 total. If you don’t have the full $400 to start, SAVE up until you do. If you are going to take this seriously you need to buy tracking software such as Poker Tracker 3 or Hold’em Manager. I would buy that first before you even buy a poker book. There are other means of free poker learning material via the internet, which I’ll touch on in a second.

Where to play? Well, you need to pick a site and stick to it for the most part. The reason for that is there are VIP programs associated with the major sites such as Full Tilt and PokerStars. If you are jumping between sites, you’ll never be able to do enough volume to take advantage of the VIP programs. So which site is the best? Like everything in poker it depends. However, if you are just starting your poker business and have limited amount of capital, I suggest Full Tilt. Due to the fact that they have the Full Tilt poker Academy which offers free poker training. To make consistent money over the long haul playing poker and to take full advantage of the VIP programs you’ll need to learn how to play ring. I know some are going to say you can do it with SNG’s ect, but trust me playing ring is the way to go.

The Grind

At times, poker can seem like the easiest game in the world and two seconds latter it can make you want to punch a hole though your monitor. I have struggled with tilt issues and not knowing when to quit my whole online career, however I’ve slowly figured out ways to manage this and each blow up gets a little smaller. I’ve found its very self defeating and disheartening. The side effects of this cycle can make you want to quit or even go broke. It’s a vicious, vicious cycle and will prohibit you from becoming a winning player if you don’t manage it.

When you are playing the micros your money won per hour is going to be tiny. When starting out and only playing a few tables, your dollar per hour figure might be less than $1 an hour. Which seems terrible and it is, if that’s how you are looking at it. You should have tracking software which will show you your win rate. And you need to focus on that win rate. If you are beating the micros for 5BB/100 then you are doing great, just keep grinding. If you are losing you need to spend more time in your research and development lab and find out what’s going on. Thinking of the money as points rather than dollars and cents helps as well. Never try and push yourself to make some quick money. That will always work out terrible and put a dent in your bankroll, trust me.

Always stay humble. I’ve gone on good runs where I think, wow, I’m so awesome I can push everyone off their hands and run over the whole table. Well at times the situation may dictate that you can, but don’t get cocky and think you can always do it. To be successful in poker isn’t glamorous, it’s a slow and steady grind which will have many high points and many low points.

Setting goals is a must! The grind can get boring at times, setting goals can give you a chance to see the light at the end of the tunnel and give you something to focus on. But set goals that make sense and are actually attainable. I’m so sick of seeing the “I’m going to turn $50 into $100k in a year” BS. No, you’re not. You’re not because you don’t have any structure and the expected win rates at the limits you’ll have to start at to hit that goal makes hitting that goal and using proper bank roll management impossible. For me, I like hand goals. Playing a certain number of hands in a month gives you something to shoot for and creates structure. It makes you play volume, which is great for building your role, rake back, truly free poker training and Iron man on Full Tilt. It will force you to play through your downswings and also play longer while on a heater. Maybe you want to set a points goal to buy something in the points store? Whatever you do set goals that are challenging, but are also attainable.

It’s time to take poker seriously and start generating some income. To do that you need to run your poker playing like you would a business.

wow

awesome post

now if i can just figure out HEM.... lol

made me stop and think ...

Great post, thanks for summarizing that Poker Business book I heard it was good but wasn't too sure. One thing I'd add is that the schedule one sets aside needs to be around 3-4 hr sessions. The more the better but like you said we all got other things to do

Perfect.
I've started a business out of an empty garage (O.K., empty warehouse, close enough), and this is a great analogy. Long hours with little to show for it at first, but if you keep at it and try and improve everyday it will start to pay off. Plus, you can make your mistakes when it doesn't cost you very much.
Great post, TPC.

Yes we all have other things to do. However 3 to 4 hours a night my not be possible for most people. If you are playing on Full Tilt and doing the iron man promotion, you'll need at least 50 points a day for 20 days or 100 points a day for 15 days to hit the bronze level.

Playing 10nl you earn around .08 FPP's per hand played, so it takes about 650 hands to earn 50 Fpps, that my seem like a lot, but it's really not. If you are playing 8 tables, you will average about 460 hands an hour. Which means it would take a little less than an hour and a half to earn 50 points.

It will take you time to get there. Don't worry about qualifying for iron man at first, you are going to need some time to work up to that.

When setting a schedule you need to say ok, Mon - Friday poker time is 8pm to 10pm, Saturday 3pm to 7pm and Sunday 12pm to 8pm. Which means, you are going to be working your poker business at those times, no matter what. It's your job, you have to be there. Now what you do during that time could be a bunch of different things, like watching a stox video or reading and taking notes on a chapter in a book, reviewing hand histories, ect.

No matter what, you need to do poker things during those times. You can also work overtime, play poker outside those times if you want. But it's imperative that you always do poker things during those scheduled times!!! When sechduling poker time, I suggest two hour blocks as a minimum and if you go over two hours, I would plan on some breaks where you can get up and move around every other hour or so.

So true and thank you.

To quote Norman Chad... "You're a kid with a dream." Go for it.

If I had a nickle for every one of these kinds of posts I've seen over the years, I'd have a lot of nickles.

Put the work in, invest in your poker growth by getting the poker software, and hardware you need. Get coaching, post a lot, and take it serious. Good luck.

Wow, now this is a well thought out post (Not that others are'nt btw)...I really liked this post, and ty for taking the time out to make a such said post....

I hope this post makes it into the Golden Archives btw

+10

Very well thought out and written post TPC. Nicely done.
We have had several conversations on this and I have expressed I am very content donking along, lol.
However, after reading this I may be looking at it in a different light.
Thank you.

Nice post! Poker is definitely a grind. Staying focused and continuing to grind ahead takes a lot of dedication. It sounds like you have really learned a lot. Good luck to you! -Dave

Nice post Trig.. I mean TPC

I so suck at ring now, always play SNG's. Will have to sharpen up my game and really give it a shot.

That a nice post, whoever you might be

Great post

+ taking every game (no matter the buy-in even if it's a freeroll) seriously is a key to winning aswell.

LOL i have PT3, i do not even look at the stats, i know by how everyone is playing.
TPC would flip out on me for not running a HUD....
10 to 20 hands, i know how everyone plays, i just run in to AA at the wrong time.....
I will read it later TPC.

Thanks for the post. Being a newbie helps me underdstand that I dont want to be a recreational player.

Good post/thread TPC!

For those unfamiliar with setting goals, in business there's the SMART acronym:

S – specific &/or significant
M – measurable &/or meaningful &/or motivational
A – attainable &/or achievable &/or action-oriented &/or agreed upon &/or acceptable (latter 2 geared more towards cross-team/dept projects)
R – realistic &/or relevant &/or reasonable &/or rewarding &/or results-oriented
T – time-based &/or timely &/or tangible &/or trackable

I'm into benchmarking (from Six Sigma days) so will have short-term goals 'built into' long-term goals for a sense of accomplishment (helps me to not focus too much on the variance roller coaster & keep working towards improving my game >>> for me, @ this point in time, process improvement is key over results (since results are skewed, as expected, as I learn/improve various skills).

Wow Great Post TPC!

Kick ass post Bro! I enjoyed that a lot. You have been telling me for quite sometime now that I need to treat my poker like a business and you are right.

Now if I can just get off my dead ass and start doing it.

solid post man, def need to look into buying that leatherass book..maybe this summer i will

Just to say that I agree with all you say and this is a very solid and articulate post. Nice one TPC....

Outstanding post, and great advice to follow, many points in ur article are very good for beginners. Several years ago i wish i had bought a tracker, instead of getting one just recently, i think the biggest mistake i have made. gl on the felts.

Very true blog. I have been unemployed for a good while now and many say why do you play online. It is more convenient, because there is no casinos where I live. Making large scores would be nice. X

TPC. Great post.

Here's an example of where I fall short on this.

CC is EXTREMELY kind to allow many of us to join the various freerolls where we can win REAL MONEY!!! Man, do I take that for granted. I'm guessing some of you out there do as well.

Why would I make a stupid play in a freeroll, chalk it up to 'Oh, no big deal, it's just a freeroll...there'll be one later this week' and then deposit $50 on FTP? Makes no sense.

The majority of the CC community know how to play poker. So, already the freeroll is not a traditional freeroll. Also, the payout compared to the limited amount of people is advantageous to those with a minimal bankroll. But, even without the money, this is an opportunity to get better by playing in a real tournament with good players. Isn't that a great way to get better? If so, and we know that this will improve our game, why do we 'screw around' at it? Probably because we're not taking it seriously.

Now I am not referring to those who are playing strictly to have fun. You guys do your thing! But there is nothing that says we can't play to win and have fun. As a matter a fact, winning is generally more fun than losing, right?

I'm sure, no one cares, but I promise (in this public forum) to take these tournies more seriously. Doesn't mean I won't try something funky once in a while, just means I will hav a legitimate reason for doing so.

Guess this is just one aspect of 'treating poker like a business' that I need to work on. Hopefully several of you are feeling the same way.

TPC, thanks man.

Agree with everyone...Very nice post man!
I'm reading Dusty's book right now and it goes much deeper in this!Really people should check this book out!

Great post TPC.Thanks. I am gonna get Dustys book, am not in a REAL hurry as, I need so many aspects of my game improved, and have SO much reading to do (Harrington on holdem 1,2,3, Harrington on Cash 1,2, Small Stakes holdem, Winning tournaments one hand at a Time, as well as re-reading The Theory of Poker and Sit and Go Strategy among others.). In between these I will be ordering Dustys book. Not to mention putting all this together and using the info in my game.

I am a professional guitar player and I put a number of goal lists together over the years, and I REACHED MY GOALS! (let me know if anyone wants links to audio proof of this....) I am completely aware of the power of good planing and dedication.

I am a beginner in Poker, and hence the books. I know reading is important, but am not so naive as to think "hey I will read em and im ready" Still, its a start. I have put a plan of short, medium and long (relatively) term goals, that will, as it stands now, take till about January next year. Then the real plan begins...Of course, this will almost certainly go through many changes as I go along.This ATM includes concentrating on one game at a time and analyzing my play, keeping records of improvement, leaks, weak points. Trying to balance reading/learning with putting new lessons and strategy to practice and so much more.

I have gained many insights here at CC, and am so appreciative of the patience and sharing one can find here. I have just been accepted in the FR club, but as I live in Germany, and have a career and family, I am ofter bound to playing when time allows and cant always play om the tournys I want. I will try to take advantage of the FR club since I respect the opinions of so many here, and would love to have the chance to play with yall, and get the feedback.

I dont have the financial luxury of software (high on the goal list) so am relying on notes and paying attention. Maybe its like doing recordings with a cheap microphone.. It makes you pay attention to so many other things that when you finally get one, you can do so much more with it than someone who has had the best from the beginning. I hope so:-)

Anyway thanks for the very inspiring post, I will continue to gain motivation from posts like this one, and will hopefully be able to make some progress posts of my own in the not too distant future.

Oh Yea, and you stressed cash games, which I suk at...... My biggest advantage is I realize this. SnG and MTT are the focal points now, but I will soon have a LOT of questions.... so Ill stay in touch :-)

Sounds like a plan Fletchdad. However, the only thing I would suggest is you integrate your reading with your playing. If all you do is read, it's going to take a long time for it all to sink in.

Tracking software really isn't that big of a deal if you are playing MTT's, they are kinda helpful for STT's though. Cash games is where it's at if you want to build a steady income. You can use rakeback and bonuses much more effectively playing cash games. I suggest while you are building a foundation now, to get into ring games. It will be a lot easier for you in the long run.

I'm not sure if you bought all the books you mentioned. Most of the Harrington books are around $35. If I were you I would limit the amount of books you buy and purchase tracking software instead. You wont have any way to track your win rates and leaks with out it. Which is why it's so important.

Really good read. Thanks for all the good advice in this post...

Nice Post TPC!
Some really sound advice in there for anyone who wants to be serious about their poker game (business)

I work at home in my daily life and everyday I get up, take my shower, make breakfast and 'commute' into my office just as if I had to travel 20 miles to an office.
If I don't do this routine this way, I have found that my work habits suffered and far too many times found myself behind schedule with a deadline approaching.

Poker is no different, as TPC said. You want to make a living at it? Then you have to be dedicated enough to make it your business.
And treat it as such

Thanks for that TPC. I have already bought the books, but wasnt a big expense, as I got most of em in ebay, even the HoH in a package, so was absolutely worth getting, and a great value.

I am combining reading with playing. I kind of have a thing where I always read something new, or re-read something I have marked, b4 I play. Not a lot, just to get me in a good mind-set. I dont know if its coincidence, but I win more and play better (i think) when I do this. I think I have a good balance between studying and playing. Probably 40/60 respectively. And I try to do my reading when playing concentrated is not so easy anyway, or not possible.

I am so mediocre in cash games, and my BR is slowly building with STT and MTT, then I play cash and donate a portion of my wins... I need to find my leaks - yep, gonna have to get some software - but SW is hard as I need a new PC. Short version is I do Interactive DVD ROMs for work using a number of programs with Windows 2K. I cant afford these program updates, and some are no longer available, so its buy new if I change OS. So I need a new PC for tracking software, as 2K is not supported by HEM or PT3. I have a MAC as well, and I believe PT and HEM are MAC compatible, SNG Wizard was not:-( - but play more on the PC as they are in different locations. (On another note, when I get my new PC, can I combine stats from 2 different computers to have a complete picture? Meaning stats from MAC and PC)

I only play microstakes, so have a hard time putting any workable strategy in my cash games. I may post a hand I was in last night, 4 all ins pre flop... only one hand made sense.... I aint good, but I cant play against these idiotz....I have been advised to play ultra tight, but I am such a cash game novice that I have problems knowing WTF to do, it makes me play timid, scared and so I shy away.

I have an account on Pokerstars but have never made a deposit. Can I do it through CC, or is that only when u make a new acct? And I have deposited on FT, but have no RB. Any tips on how to get it now? Other than that I am on PKR and Bodog, no RB anywhere. I think your tip on concentrating on one site makes sense, I do PKR, cause my BR is good there, and the MTTS and SnGs are winnable for me. FT I have .92 left, and played only ring games there...... lol. As soon as I know what I am doing, one of my goals is to make that .92 into $100, but I aint ready yet, I think I will just lose it if I cant even beat the PKR cash tables......

Anyway, thanks and if u have any tips on my .92 to $100 pending quest, I am happy for all the help I can get.

And I plan to start, maybe in mid April, taking part in the CC freerolls on FT. I want to make either FT or PS my my main site, when I have more BR and can get software and start with a decent BR. My main reason is there is more traffic. maybe cause on PKR US players are not allowed. I am a US citizen but live in Germany so Im cool there. I have heard stuff about some sites being softer, I seem to struggle on any site, I guess that speaks about my skill level.......

Anyway, whats your take - or anyone's - on sites/skill level?

In my opinion the micro stakes are soft everywhere but personally I find that carbon, UB and bodog are a bit softer than FT or PS.

There's much less traffic on carbon, UB and bodog though.

Can't really say anything about other sites as I only play sites with CC games

(excluding Titan - because I would have to deposit to play CC games there - I'll do that later when I've cleared my bonuses).

A suggestion fletch - why not play all CC-freerolls available ?

- It's free money and a good place to learn from experienced players (though the play is by no means perfect it is much better than in freeroll donkaments for the most part)

Well, it sounds to me like you're on the right track with the books and you're honest with yourself about your abilities, which is a big plus. Keep in mind that a lot of these books aren't geared towards microstakes, so a lot of the theories and strategies in them won't work because you're not playing against thinking players. You have been advised to play tight, and I would agree with that - play good starting hands, be patient, know your odds to draw and what pot odds you need to be getting to draw- these fundamentals are a good place to start. There's some very good advice in the golden archives about starting hand selection and position, check it out. Also, I think the microstakes version of PT3 is like $50, worth every penny imo. You can get a Mac version, and yes it's possible to combine databases from 2 different computers. You sound like a determined person who understands the hard work required to reach one's goals, keep doing what you're doing.

Very nice post.I dont agree with you about ring games being the only way to build your bankroll though.Sngs are still very beatable,even though they are still a very dull form of poker.All your points are valid for whatever form of poker you are playing.

I think SnG are possible to make money from, and some people do, but it is proven that MORE money can be made from someone with a decent cash game... right?

I will play all. Maybe you can help me here, as you are in Munich to. I looked at the schedule, some are not available to me, and some seem to be wrong times. Since you are on the same time zone, you could steer me in the right direction. I have kids so any games in the middle of the night are not gonna work, except maybe week ends. I have money accounts at FTP, bodog and PKR. I have an account but no deposit at PS. And any others I need to know about, that work w/o deposit?
Thanks.