ERE - poker edition

Where are you and where are you going?
Zanka
Posts: 20
Joined: Tue Aug 01, 2017 2:33 am

Re: ERE - poker edition

Post by Zanka » Sun Aug 06, 2017 3:42 pm

Thank you Felipe!
So the car just needing some supersmall repairs and It ended up beeing almost free so im giving it one more chance as for now. (But im seriously starting to question if its worth paying for a car.)

Poker can def be very stressful but the level im playing at right now is 1/10 of the level im used to play at. So as long as i keep my feet on the ground im pretty confident i can have a good grasp of what i will be earning (and the stress will be far less than if i played higher stakes).

I dont have time to write my poker background today but i will get to it soon.

Again, thanks for all the responses, im learning a lot!

JamesR
Posts: 859
Joined: Sun Apr 21, 2013 9:08 pm

Re: ERE - poker edition

Post by JamesR » Mon Aug 07, 2017 12:48 am

Jason wrote:
Fri Aug 04, 2017 12:21 pm
I would be interested in hearing about that as I have never heard of someone quantifying poker earnings in hourly wages.
Online poker makes it easy to track every hand played. In fact, quite a few poker players will play multiple tables at the same time (the software allow it). It's very much a game of skill, you know your odds for various hands depending on your position (relative to the first bidder), the number of people that are at the table, the number of ppl that have called or raised or folded before it came to you. There's also the meta-game, if you get a feel for what level of indirection other players might be playing at, you can play at a higher level of indirection against their style. You can be playing 2-4 tables at the same time, executing a set of heuristics, grinding it out. Over thousands and hundreds of thousands and millions of hands, you know whether your plays are +EV or not (positive expected value). You're typically playing at tables with certain betting limits, such as $0.25/$0.50 or $2/$4, so your playing is tailored towards the type of players that play those tables. You end up knowing your win rate, and to get your hourly rate, you would multiply your win rate by the tables you play per hour multiplied by the table big bet limit.

I think that's the gist of it, I never got into it professionally. Anyways for poker players it's much more a game of skill than gambling. Unlike most forms of gambling, there is no "house", in casinos they only take a little bit out of the pot, other than that someone always wins, and it's usually the one with the most skills. That's why some poker players have won World Series of Poker bracelets multiple times, against tens of thousands of poker players every year.

Zanka
Posts: 20
Joined: Tue Aug 01, 2017 2:33 am

Re: ERE - poker edition

Post by Zanka » Mon Aug 07, 2017 5:45 am

Pokerstory part 1

So i started playing in 2007 when poker were still very popular while at the same time the knowledge of the game still hadnt developed that much. This meant that, IF you were lucky (or wise) enough to find a good coach or where an adapt self-learner you could definately make a lot of quick progress and eventualy money.

Poker is a game of skill dressed up as a game of luck. Period.
Lets say we throw a (6 sided) dice, i got odds, you got evens. In the long term we will both en up even x=3/6 -3/6.
Thats pretty basic.
Well poker is played with a 52 sided dice and different "throws" builds different values (1 pair, 2pair etc). A good polerplayer will just learn the math behind the throws and then learn the psycology behind how different playertypes react in different situations (starting with himself).
Im not going to go into any more detail since everything is to be found on the internet for free if you just search for it.

So I knew nothing about this in 2007 and thus i lost. Not that much but a few 100$. I realized that I could not continue that way so I took a break and read every pokerbook i could get my hands on (10-15 or so). i probably read every book multiple times, some 10 times.

In the fall of 2007 i got a job wich really sucked all my energy and i didnt play for 6 months or so. But in the spring of 2008, after 8months i could not take it anymore so i just quit. I had maybe 2000$ (Way to little) to my name, most of it were on my poker acc. I had monthly expenses (all included) of 700$ and could cover maybe 50% by working for a friend so i didnt need much to stay floating. I managed to get trough the summer breaking even but i realized this wouldnt last in the long run.

This is when 3 things happened pretty much at the same time;
I met a friend of a friend that had made a couple of 100k$ from poker.
I found one of the best (small stakes) coaches in the world.
My gf decided to go abroad for 6+months.

So in October of 2008 i decided the following 3months would be make or break time.

To be continued..

Jason
Posts: 1253
Joined: Mon Jan 30, 2017 8:37 am

Re: ERE - poker edition

Post by Jason » Mon Aug 07, 2017 5:46 am

@JamesR

Thank you.

I've watched docs on WSOP. It takes a combination of incredible skill and a personality that is comfortable applying that incredible skill in that specific milieu I.e. huge brain and huge balls.


@Zanka

Very interesting.

Zanka
Posts: 20
Joined: Tue Aug 01, 2017 2:33 am

Re: ERE - poker edition

Post by Zanka » Mon Aug 07, 2017 8:09 am

On another note.
Fixed a hole in my sweatpants.
Glued a candleholder that got broken.
My god what an idiot i have been for a long time.. my first instinct was to throw both of those things in the trash. What an eyeopener this is. Its embarrassing to say the least.

Also spent 50$ on food so far (on pace for 200/mo).
Baking my own bread right now.
Ordered staples online for 40-60% discount.

This is my new life!

Jason
Posts: 1253
Joined: Mon Jan 30, 2017 8:37 am

Re: ERE - poker edition

Post by Jason » Mon Aug 07, 2017 2:22 pm

As a fellow bread maker, let us taken a moment out to remember our federal head:

https://www.youtube.com/watch?v=S4-13xx52yY

Zanka
Posts: 20
Joined: Tue Aug 01, 2017 2:33 am

Re: ERE - poker edition

Post by Zanka » Thu Aug 31, 2017 1:52 pm

So crazy month with a lot of reflections and aha moments.
I discovered pretty quickly that i were addicted to spending, not in an obvious way tho. But as soon as i felt uncomfortable i started to think about buying something. Usually food. 10$ here and there really adds up. But ive done a lot of changes;

- Fixed my sweatpants with thread and needle.
- Glued a candle holder together instead of throwing away.
- I am officialy biking 6km to work every day. (Wich has resulted in coworkers pity, poor me.)
- Spent as much on food as I usually do, but now my kitchen is filled with staples. (Found an online store that sells staples with wrong labels etc for 30-90% off)
- Started the journey to warrior diet. ( Currently skipping breakfast, lunch is oatmeal with lingonberries.) ( Again, coworkers pity.)
- Bought a wagon to the bike (30% sale) so i can take my daughter in it to shop and visit people.
- Baking my own bread.
- Working out.
- Making my own sauerkraut.

Reflections:
This is probably going to be a lonely journey irl, tried to bring it up to a few people and well, lets just say ill keep this to myself for the most part. People are heavily addicted to spending and they are not likely to stop this insanity anytime soon. For me, this feels like comming home, this is the way for me from now on. It has been hard a few times and i feel a little frustrated at times, mostly for not figuring this out earlier. But im glad i found this now and not in 20 years.

Spending in August:
Rent and loan: 600
Utilities: 60
Childcare: 75
Pet: 90
Phone: 70
Food: 400
Gas: 60
Car-misc: 70
Bus: 60
Entertainment: 220 (including gift to brothers birthday. But this must down overall)
Repayment to parents: 230
Child related: 100
Bike-wagon: 200

Total: 2235

Income: 2200 (1600 from work, 600 from poker)

So this includes paying of some loans but im still spending way to much. Going down to the bank to see if i can get some better interest. Going to spend a lot less on food in september and cutting entertainment to a minimal. It is going to take some serious frugality to put this ball in motion. And ill write more about my pokerjourney when i feel like it.

/ Z

Zanka
Posts: 20
Joined: Tue Aug 01, 2017 2:33 am

Re: ERE - poker edition

Post by Zanka » Sat Sep 02, 2017 2:16 am

So I have been thinking. I need some sort of solid goal to aim for. Having two ways to earn money is pretty good and it will give me the option of ditching one of them at some point in the future.
Poker has (for now) the benefit of beeing scalable exactly as i please and in theory id be able to live of it pretty well if i had to. It doesnt offer much of a security if you are low in cash but is way safer than most belive if you have a substantial bankroll to fall back on.

My work on the other hand, great coworkers but it is very limiting and lots of bs and routine. Pay is not great. But it is safe and right now i need the safety more than anything.

If i focus solely on beeing a parent and taking care of my mind and body i belive i could make a decent profit from these income-streams. But something has to give and being an introvert it is very easy for me to just withdraw and live in my bubble. Dating would be put of for the future (wich is fine) but i really need to make sure to get out to meet people in some ways.

ERE:
So I obv have thrown numbers around last month and I havent really come up with a fixed amount to aim for. But i have come to the conclusion that I wont need much in terms of luxury. And I can probably keep playing poker to pad my saving even after I Retire. So im going to set up some smaller goals and keep thinking about a definitie numbers to fire at.
At the same time I seem to not be able to think more than 15 years a head so im taking this as a sign that i will try to fire the day i turn 45. (Im a bit backwards).

First goal: save 50k
Timeframe: 4 years. (Hopefully less)

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