November 23, 2008

New philosophy

Having ditched heads ups for the time being (a mix of boredom, hitting a bad run, and my consistant ability to jump levels and have bad runs ruining lots of the progress I had achieved grinding), I seem to have found some consistency in the form of limit poker.

After making my initial poker bankroll in heads ups a few years ago, I had my first hot streak playing ridiulously high level limit poker. I have gone down the stakes rather a lot now. But I'm finding 3 or 4 tabling the €2/4 - €5/10 (5-max) games very profitable at the moment.

I read an article in Flush magazine this month that one good way to set out as a professional poker player is to have a bankroll that you don't touch, and use rakeback as your income. As long as you play within your limits, this helps variance be less of an issue. Now I am playing poker to pay the bills rather than to avoid Uni work this seems like a good way to go! Limit Hold 'Em generates a fair amount of rake, and assuming I play a decent amount each month, I've realised "it will do" to break even in any given month. This is a nice spot to be in.

It's definitely looking promising for me being more than a break even player at limit poker. I've been brushing up on CardRunners, which has certainly aided my game. I've now played over 20,000 hands and have got a 2.3 big bets per 100 hands to show for it. Anything between 0-2 is considered to be a good winrate for limit poker, so even though this isn't the hugest sample, it's looking good.

Having donked off many a bankroll in my time, it's a nice feeling knowing you have a few hundred big bets to back you up. Any donking off of a bankroll can only really be done by jumping levels which I have promised myself I shall not be doing!

So my new philosophy is to make a living off of rakeback, all the while hopefully building my bankroll to go alongside it. Here's hoping I haven't jinxed myself like I did when I posted my favourable headsup winrate on Blonde Poker, only to go on a huge downswing pretty much straight after!

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