Assani Fisher
Footballguy
So of course the goal of any poker player is to be continually learning and growing as a player. One thing that my friend Robert has continually preached to me is better bankroll management. I've always known that I need to improve in this area if I want to be a serious player, but I've always hidden behind the excuse that since I don't have a ton of bills or a family to provide for that it wasn't a big deal. Well, no more. I'm embarking on what might be a frustrating experience for me: Playing the low limits and working my way up. I'm hopeful that this will teach me much better bankroll management skills. Heres how this all started:
Here is a post I recently made on twoplustwo:
Here is a post I recently made on twoplustwo:
There was a lot of good debate in that thread, and I got a lot of good advice. HERE is the link if anyone wants to check it out.In the end I agree that I need to learn better bankroll management skills. Here is the "quest" that I've started:I think I'm going to cross post this in a few of the forums, but I thought this would be a good place because I want to get advice from people who have been successful at poker and since my main game is NLHE. Anyway....
A good friend of mine(miami32 on these boards) and I have continually had discussion on our bankroll management. We both play for a living, and to put it simply he goes "by the book" in terms of playing within his bankroll while I do anything but.
Now let me first say that I'm not some rookie who hasn't thought this through many times. This isn't one of those "I've been crushing $5/10 lately, so should I move up to $25/50?" type of posts. My friend warned me that many would probably berate me for my bankroll management, and thats fine- maybe thats what I need to hear. But please don't dismiss me simply because my outlook is very much against what most preach.
Here is my general background and bankroll management strategy:
I've played professionally for over 3 years now. I have gone broke one time and gotten a real job for 3 months. Other than that, everything has gone well. I am 23 years old and do very very well compared to all of my friends when it comes to making money.
With that said, I am somewhat of an addicted gambler and action seeker. It just so happens that in poker I found something that I could actually win at. My father was a pro poker player and former Director of Poker Operations for Binion's Horseshoe and Casino, my mother was a former dealer, and nearly everyone in my immediate family loves to gamble at the -EV casino games. Due to these reasons, I absolutely cannot play in a poker game that I don't consider somewhat exciting. My friend(miami32) plays in very low limit games for someone of his skill level and hes fine with doing that until he has enough to move up.
My philosophy: I do not fear going broke. I have full confidence that I could always drop down to something like $1/2 NL and quickly build my way back up if I were to go broke. And furthermore, I have total confidence that there are many people who would view backing me as a +EV opportunity if I needed it to do this. And so I play at pretty high limits for my bankroll. A few things I've done in the past 3 years:
-Entered a $650 MTT with a bankroll of under $4500
-Entered a series(maybe 15 or so) of $5000 heads up matches on Stars with a bankroll of $60,000 or so
-Played $10/20 NLHE with a bankroll of $10,000
-Played $25/50 NLHE with a bankroll of $35,000
Why do I do this? Simple- my goal isn't to slowly build the bankroll and be a decent pro that nobody has ever heard of. My goals in the poker world are high: I want to be among the best in the world. And I'm willing to pay for these "lessons." I feel that in these past three years I've learned a ton, and I don't feel that my friend has learned as much- not due to lack of effort but due to playing with opponents who are stuck on first level thinking. Just this past month here in Vegas for example I've sat with such players as Jason Lester, Gigabet, Layne Flack, Johnny Chan, David Pham, Casey Kastle, Erick Lindgren, John D'Agastino, T.J Cloutier, Max Pescatori, and countless others that I'm sure I'm forgetting(apologies if I butchered any spellings of the names btw)....and it has been a tremendous learning experience.
I came up playing the STTs on PartyPoker. I was one of the regulars with Gigabet, ComeOnPhish, DrGammon, etc. When I switched over to ring games, I didn't want to slowly learn how to play- I wanted to be challenged, so I immediately jumped into the biggest game on Party, which was $10/20 at the time. I went through a few rough spots but my stats after 6 or so months were positive(something like +$6000 over 50,000 hands) and now I think I'm a much better player as a result. And so I've moved up to $25/50, and I've even sat in a game with a forced $100 straddle at the Bellagio while out here.
My bankroll has continually fluctuated, and I could easily go broke(obviously not "totally broke." I'm not a total idiot, and I would of course set aside at least $2000 so I could drop down and work my way back up if I needed to). My friend tells me that I'm going to continuously be caught in this cycle: Big tourney score, play above bankroll, lose money. But I disagree. I don't really care about the money that I'm making now. I fully expect that one day this money will be ridiculously miniscule to the stakes I'm playing at. Right now, I just want to get better. And I feel as if I do that by playing against the best of the best. Basically my strategy is to continue parlaying my big MTT scores(MTTs are definitely my strength and biggest money maker) into being able to challenge myself against better and better competition at higher stakes. And best possible situation would be to have a huge score at one of the big buy in tourneys(I've played in two $10K events to date and obviously if I final tabled an event like that it would be life changing to me).
I was watching Negraneau's video blog about a week ago, and he talked about a very similar bankroll management that he had coming up. He said that he was constantly playing above his bankroll, sometimes having it all on the table at once! And I hear stories about Ivey losing millions on craps or about some of these stupid side bets that these guys do for thousands and thousands of dollars. And a part of me thinks that part of what made these guys so good was that they "went for it" and didn't slowly build their bankrolls by the book(I obviously don't have verified info about how any of these guys built their bankrolls, so forgive me if I'm totally wrong in this comparion here).
I have no girlfriend currently and no kids. My monthly bills are under $1000, although I probably spends $4000 or so per month on random expenses. Clearly I couldn't be living like this if I needed to support a family or had more bills.
So let me have it....tell me how stupid I am for doing things like this. I honestly feel as if I can't change though even if I really wanted to. At times when my bankroll has been short I've played in really low stakes games and while I've been able to do it for a few days, I have ALWAYS gotten tremendously bored and quickly moved up.
A slightly humorous tale that illustrates my silly ways: I mentioned earlier that I worked a job for three months when I went broke. That was because when I would get a paycheck for $800 instead of taking that and slowly working my way back up with low limit games, I would just deposit it and play 4 $215 STTs. The variance was wicked and for a few months I couldn't get it built back up. But I finally had a good run and built it back up to over $10,000. Then I won a Party Super for $33,000 and won $8000 in a MTT less than a week later. Then I quit my job and went back to poker. I had gone from under $1000 to over $50,000 in about 10 days.
Alright, sorry for rambling. Tell me what you think. Although I am very argumentitive, I really do want to hear some advice, especially from people with simililar backgrounds as me. I will admit that this way of bankroll management is a killer on my emotions, but ultimately I enjoy my line of work and I enjoy playing the way I do.
Will I ever be content to play at a certain level? I don't think so. I think that as long as theres bigger games out there, I'll continuously seek out ways to improve my game and be able to be a winner in them. Now clearly I can't be too arrogant to admit it if I can't get by a certain level. And if I were to reach a limit of play where even after months and months of work on my game I was still a consistent loser and I didn't see constant improvements, then I think I would realize that I've reached my peak. But I do think that my peak is very high. I do think I have a lot of natural talent and that with hard work I can be one of the best.
Thanks in advance for any advice.
I've decided to drop well below my usual limits and challenge myself to work my way up. No matter how much money I obtain from MTTs or anything else, I'll stick to this plan(in other words, all of my wins to move up must come from the current limit that I'm on. I will allow myself to play other stakes or games with mhy other money, but this will be my main focus).
Start at $2/4 NL with $2000 bankroll.
Win $3000.
Play $3/6 with a $5000 bankroll. Win $5000.
Play $5/10 with a $10,000 bankroll. Win $12,500.
Play $10/20 with a $22,250 bankroll. Win $50,000.
Play $25/50 with a $72,250 bankroll. Become a winning player at this level and go from there.