First let's start off with a comment response.
Hi Flushdraw, are you sure 14 hours sessions are a good idea? Even if you can do it for a few days, you are risking burnout with that kind of sustained effort. The best way to rack up more points is to play higher stakes, which coincidentally brings me to my second comment. Why are you withdrawing money at this point? This is just like a startup company, you need to keep the profit in the company, reinvest it so that it can grow. The quicker you can move up in stakes, the more money you can make and the easier it is to achieve Platinum or whatever level you are working towards. My best advice is (if you can afford to do it), keep the money in the online BR, keep grinding and move up to 20nl as soon as you can. You have the ability to add to your online BR each month, why do you use that money for your live poker BR instead? GL as always
As usual Pokerdogg all valid questions deserving of straightforward answers which I will do my best to provide as you are always a welcome commenter to this blog. First off the 14 hour sessions. Absolutely without a doubt not even a question. I'm doing 10 hour sessions as it is and an extra 4 hours is nothing for the simple reason that I take whatever breaks that I feel like taking throughout the day. Sometimes a break is an hour sometimes a break is 30 minutes to have a little dinner sometimes its several 5 minute breaks throughout the day to go grab a cigarette, but no matter how you look at it whatever breaks I feel I want or need I take so even though it is 14 hours from noon to 2 a.m. it's definitely not straight through.
On to your second question as to why I am withdrawing money. You are entirely correct that I shouldn't because as you stated this is like a startup company and I need to keep reinvesting the profits, but this was a special occasion. Somebody I have communicated with on Twitter, a fellow poker player, is visiting Las Vegas this month and we were planning on meeting in person for the first time and playing some live poker as well. As much as I am trying to grind up the bankroll I also am trying to be able to interact socially and since I plan on playing a live cash session I decided to utilize the bankroll for that purpose. If I show a profit in a live session then I will return that money plus my profit to the bankroll of course and if I lose it's a choice I was going to make on a special occasion. I doubt I will be meeting this person as they seemed to have taken my joking offensively and have since unfollowed me on Twitter, but I still plan on playing in that live cash session anyway and possibly be meeting up with somebody else from my Twitter that doesn't currently hate me lol. Also I have not reported this yet, but half that buyin may be a stake. I received a private email message from a gentleman who reads my blog and offered me a $100 stake to a $1/$2 live cash game. I emailed him back a counter offer saying that I felt we should take his $100 dollars and add $100 of mine and play in the $1/$1 game at the Linq sitting in a game 200 big blinds deep which has definite more expected value then sitting in 50 big blinds deep.
As for using my personal money for live bankroll. As you are aware my ultimate goal is. $10k so that I can grind the live $1/$2 cash games with 30 buyins. According to my calculations grinding it up exclusively online will take approximately 2 years. I do not want to be grinding online when I live in Las Vegas for the next two years so the only logical choice in my mind is to continue grinding online yes, but also utilize the extra money I have each month in an attempt to boost at bankroll in a quicker fashion by playing tournaments such as the $125 buyin tournament at Aria or the Friday night $125 tournament at New Orleans or if I want you get more tournaments played the $75 $1k guaranteed over at Treasure Island. As for the next few months I am nit going to be able to put any of my own personal money towards my bankroll even if I wanted to because March, April, and May I need to save $200 a month for me to buy my way into the Colossus in the 2016 World Series of Poker which I don't care what anybody says, I don't care what my haters are messaging me and saying to me, there is no way I am nit playing in that tournament. I have the opportunity, granted on the the most inexpensive tournament they offer, but the opportunity to realize a dream that I have had since I started playing poker in 2004 and that's to play in the WSOP and there is no way I'm not going to play in it.
So onto today. I decided after some thought that i would play all three $3 rebuy deepstacks. There is actually a 4th each day, but its at 9am and I do need to sleep at least occasionally. I mean, let's face it, caffeine pills, which I am loaded up on, can only go so far. The tournaments today went absolutely horrendous. It's bad enough going 0 for 3, but when you flop set over set and your opponent hits a one outer for quads on the turn to knock you out of one of them and then you flop set over set only on the wrong end of it and no one outer saves your ass to knock you out of a second one, it pretty much sucks lol.
Since I have decided to add 3 tournaments a day which is a cost of over $25 in entry fees I realized I had to come up or reorganize my bankroll management approach to both be able to play the tournaments, add $20NL to the mix quicker, if for no other reason than so my tournament costs are not 2.5 buyins of my current level, and at the same time figure out a bankroll management system that will prevent any real damage should I find myself running cold in one form of poker or the other, or both. In thinking about this and what the best approach would be I realize that the magic number for Me seems to be 30. 30 buyins is what I want to have to go full time live. 30 buyins was the bankroll recommended to me by a highly respected poker coach for my multi-tabling online play so for whatever reason 30 seems to be my magic number so that's the number I'm going to go with meaning that should my available bankroll fall to 30 buyins or less I will eliminate the tournaments temporarily. Provided it is above that magic number of 30 buyins for $10NL, I will play the tournaments each day and I will mix two tables of $10NL and 2 tables $20NL. So for my purposes as long as I can keep the available bankroll above $300 then I can continue on, but should it fall to $300 or lower it is an exclusive $10NL grind until I can get it back up there again.
Today was not a great day as I lost all three tournaments I played in with no cashes at all and I ended up losing in the neighborhood of $14 in the cash games dropping 2 buyins at $10NL and making a small $6 profit at $20NL, adding in the $3 in CPs earned today I ended with an available bankroll of $344 so that means tomorrow I can at least start out with the noon tournament and we will see what exactly the available bankroll is at 4 p.m. to see if I will be able to play that because I will be grinding two tables of $10NL & 1 table $20NL while I play that tournament.
The $200 withdrawal that I made I am going to call that a loan. After reading Pokerdogg's comment I realized his comment about treating this like a start up company and reinvesting the profits was entirely on the money and hit home with me and while I will play the live cash game, I realize that what I have managed to accomplish online I need to utilize that for online. I had not planned on adding any personal money to my online account balance anyway and working strictly with the profits and bonuses I have earned thus far, so therefore the money I have left over each month will be utilized for live play and since the $200 I withdrew is being utilized for live play the money I have left over each month needs to pay for it so with that said when I get paid in February, should I lose the $200 that I have withdrawn, I will pay that back to my bankroll. Any live play will come out of my monthly money and the money I have earned online will stay exclusively for that. I should have about $350 available to me after I pay my bills on February 3rd so paying the $200 back to the online bankroll will not be an issue if it is needed. Since that $200 is not currently available for my online play I can not utilize that in my decision making about what I play at this time and have to go off on the basis of what's in the account right now $344. I know the no limit live cash game will be my first one here in Vegas, I also know that many of my readers probably expect me to go down in flames, but you never know I just may surprise you.
I'm doing pretty well on my goals for January with the slight exception of earnings at the cash tables. I did not realize that I was going to be playing tournaments when I wrote the January goals so those cannot be considered but I did say I wanted to make $240 at the cash tables and so far this month I'm at about $27 in profits at those cash tables which is not even coming close so hopefully we can step things up in the correct direction on that. One of my goals was to earn $30 in rewards or CPs for the month and I am already at $28 so that is definitely going to be surpassed and the other goal was to play 30,000 cash hands and after the first 12 days I have played a little over 18,000 so that should be surpassed as well.
I only ended up playing 12 hours today and I found it was not necessary to grind for 14 hours after all. I got in over 2500 cash hands played today and as long as my roommates leave me alone and don't keep interrupting my session with help requests help with this and that or want me to go for a ride with them or go to the store with them or whatever than 12 hours will be completely sufficient. The problem is especially Misty does not consider what I do important so she doesn't think twice about interrupting the session and case in point tonight she wanted me to do something, I just looked at her and said "are you serious" for I was in the middle of tournament at the time not to mention I had 3 cash games going so her daughter Jan volunteered because I got news for you I was not about to go anywhere. Soon I am simply going to tell them from 12-12 I am simply unavailable if it is not a life or death situation.
Need to grab some sleep as I have an errand to take care of. Need to be up at 7am if I'm going to make it back by noon so hopefully I will be able to take care of my errand without any interruption in the day's session. Take care everyone, good night, sleep well, and as always I'll see you at the tables.