I decided to make a change for my plans in December, but I think it's a good change. I have decided that I no longer am going to be playing tournaments with the exception of freerolls that have a minimum of $500 in the prizepool. The inherent variance in tournaments alone has me, or has had me thinking that since I am making the transition to be primarily a cash game player then that is what I need to focus on predominately. This does not mean I will not play live tournaments and that is entirely a different matter and at my first possible opportunity which I'm hoping will be in January, I plan on playing at least one and hopefully two of the Friday night $125 deepstacks at the Orleans.
As far as online goes I'm just looking at it as risk vs reward. When I have money back on the site I mean something that resembles real money, the only tournaments worth playing are the $3 deep stack rebuys, but in order to play them properly I would have to invest a minimum of almost $9 and since I'm going to be grinding $10NL, you're talking about nearly a full buyin in the cash games just for one tournament. While it's true that tournaments can add to the bankroll in a much quicker fashion the fact of the matter is that in the 9am, 12pm, & 4pm variety, 1st place is only pays out about $130. Now there could be an argument made that I should play the 7:30pm tournament each and every night as that is an $800 guaranteed prize pool and 1st place is in excess of $200, but again you're talking about utilizing money, nearly $9, which as I just stated is almost a full buyin for the cash games on something that has a high degree of variance and with no guarantees that I'm going to earn profit in them in quick enough time, considering the bankroll that I'm going to have online $150. I'm thinking my time would be better spent playing the cash games only and any money made from freerolls to be added to that cash game bankroll because let's face it I'm going to be starting with only 15 buyins and anything I can add to that is going to be +EV.
As far as the 7:30pm tournament goes, yes I do know that I would earn profit from it over the long run, but with $150 I would not have all that long to even try it. Besides, on tournaments even if we consider a 30% ROI you're still talking $300 in earnings only after investing $1,000 in entry fees. Risk vs reward. The nightly $100 freeroll has usually about 600 entrants and 1st place is only worth $20. I feel my time could be better spent concentrating on the cash games. The points that I earn qualifies me into the $500 Invitational freeroll held each Sunday evening and love is to have a big field at least if you can pull off the win first place is worth approximately $100 and it's only once a week so I feel that this is something that I would definitely want to take part in.
I currently have either $11 and change or $12 in change on WSOP right now all stemming from that original $2 freeroll cash and I have been playing some tournaments in an effort of trying to pop that up really fast, but of course it has not been working. $2NL totally bores me to tears and not to mention it gives me nothing as far as points are concerned which they call APPs on wsop.com. The reason that these points are important is that depending on the volume that I get in at $10NL, I can estimate a minimum of 30 of these a day which if I played every day of the month would equal 900 points per month. Once you hit 200 points in a month you become silver status and you are then able to turn your points into WSOP points and according to the website at Silver status you get it at a rate of 4x. If I understand this correctly that means that 900 points per month in APPs would equate to 3600 WSOP points and you can trade those in for actual cash at the rate of 100 points for $1 in cash which would equal $36 in bonus money each month which quite frankly can be looked at as rakeback. It actually might even be better than that because once you hit 500 APPs you get gold status gold status and that has a WSOP multiplier of 5x. So the first 500 points I get, again if I'm understanding this correctly, would get me 2000 WSOP points and the final 500 APPs would get me 2500 WSOP points giving me a total of 4500 WSOP points per month which based on 1000 APPs per month could be $45 a month in free money.
I have not had my balance higher than $19 and I have dabbled in a little $10NL, just a single table at a time and in the first table I played I made about $4 in an unknown amount of hands and in the second table I played I ended up making 2 cents so call it a break even session after 82 hands. As I said I've also been playing tournaments which have not gotten me anywhere and then playing $2NL that bores me to tears, but it does not seem like I'm going to have much choice for the remainder of this month and until I can get that deposit on wsop.com if I want to play I'm going to have to grind the $2 NL tables.
When I get started in December I will be playing 10 hours a day from 12 noon to 10 p.m. I was going to try to do 12 hours, but I need to be able to set aside study time and quite frankly blogging time so I think playing till 10 p.m. is more than sufficient to accomplish all things that I need to.
I made it through Thanksgiving, but this is a very tough time of the year for me. December 5th which is in 8 days will mark the fifth anniversary of my wife, best friend, and soulmate passing away suddenly back in 2010. She was my absolute world, my princess and in fact that was a nickname I called her theoughout our entire marriage. I have good days and I have bad days, but my friends and roommates are doing everything they can to get me through this time. These people are really something else. I try not to get too emotional about these things, but let me just say they are real friends and they're not the only ones. Friends that I have made in person here in Las Vegas, associates and possible future in person friends that I talk to on twitter have made comments hoping that I'm able to get through this rough time and I want all you guys to know its very very much appreciated.
Even though I lost my wife 5 years ago the fact of the matter is I am truly a very lucky person. She and I left absolutely nothing unsaid and believe it or not, although it sounds like it comes out of a Harlequin romance novel, the last words we spoke to each other were I love you. You see, every day of our marriage, during the course of the day, at least 3 times a day, one of us, whether we were in the same room or different rooms, would yell out I love you and the other one would always yell back I love you too. We did that each and every day for 12 years and a couple hours before she had passed away that night she was in the bedroom watching a movie and I was in the living room on the computer playing a computer game and she had chosen one of those times just to yell out I love you and I yelled back I love you too babe and those were the last words we ever spoke to one another. I know many people who have lost someone close don't have that and I hold that very close to my heart.
That's all for tonight. I hope everyone had a very happy, enjoyable, and safe holiday. Take care all and I'll see you at the tables.