Bankroll management and the not often talked about Truth
Monday, August 4th, 2008So many have asked what is going on? … what is this 10k thing you are talking about?
Well Back in July I made a promise to myself and more or less to a select group of guys that I would pretty much solely play 1-2nl holdem until I could grow a new bankroll from $1,000 to $10,000. I have automatic payments($400 a month) setup to go into a separate poker bank acct as a means of subsidizing. But most of the money should come from poker profits. Or well that is the goal.
This mission officially started on July 15th, and pretty much i have had some swings up and down but am pretty much just playing break even poker. On Some level this isnt a surprise, As i have not played super serious in a while. I am hoping that I start to trend upwards. One of the fellow pokerplayers mentioned that I am still in the minority with my miniscule profit. And another reiterated that it was once publicized that only 7% of players(online but i would assume it carries over to live) are profitable….. 7%…. that is a nasty truth. that means that when you are sitting at the table maybe one of those players is a winner…. Yet wait everyone talks about how they make money and are a profitable player. I play alot and thus hear it alot. “Oh i make money, I make thousands and blah blah blah….” they drone on about it. But if you ever ask them for proof of this they cant provide any. My favorite is when they say “I know I am a winner long term, I keep track in my head” but If you ask them if they keep detailed records they always say they dont. Why is this ? cause Nobody wants to be a loser. I think alot of it is that they enjoy the game and like to think that they are winners at a game. No one wants to say hey I am a loser at a game of “skill”… it makes them feel bad. And dont get me wrong I am not claiming to be some bigtime winner in this little challenge of mine. its calculated out that I make like less than $1 an hour or something… and that aint going to pay the bills anytime soon. I am not calling these people outright liars etc I just think that people have revisionist history memories… its common and its ok… Poker for alot of people is something they can afford to play with the money they make from their regular jobs, its fun for them and cause they can afford it they dont keep track of the losses.
So next time you see someone bragging about how they are a poker pro ask them what their hourly rate is and if they keep detailed records. I bet they dont or that they come up with a story on the fly. 7%… less than one person sitting at your table is a profitable and this includes you. Are you a profitable player?