The last couple of days I've done pretty good insofar as the drive to play. Yesterday was a solid day at the tables and so was today and in fact today was 11 and a half hours. I was on the phone with my friend Joseph AKA "ManInBlack" and we were discussing about the potential of me playing tournaments again. I have been debating bringing tournaments back in for awhile now. As I checked my statistics on PokerProLabs I found out sure enough that my in the money percentage in rebuys for whatever reason is abysmal, I mean we're talking like 10-11% in the money and that is absolutely horrendous, but my profits in these are good and I'm pretty sure that's because when I do cash in them, on those rare occasions albeit, I usually run pretty damn deep. I decided to bring them back. I decided to bring tournaments back into my daily play schedule.
Tournaments are designed to bring in relatively large sums of money with "large" being a very relative term depending on one's circumstances. I also realized in these rebuys it is important to give yourself all the ammunition possible and that means the immediate rebuy and the add-on in which the $3 rebuy tournaments cost me $8.46 each. I don't want this to interfere in my goal of 2000 hands played each day so unless the circumstances are unusual I will never have more than one tournament going at a time and will be 3 tabling the cash games. I will play the 12 pm and 4pm $3 Deepstack rebuy. If I'm out of the 12 p.m. early I'll play the 1:30 p.m. $2 MTT just in an effort to offset the Deepstack losses in the short-term. If I get knocked out of the 4 p.m. The $20 deepstack is a dicey proposition. On one hand it's a bit much for a bankroll of less than $300,but on the other hand is less than $12 more than the $8.46 investment in the 4pm rebuy. Since the rebuy is going to be a standard I feelI can switch out the rebuy and replace it with the $20 Deepstack as long as the bankroll is above the $250 mark. The occasional $1 and $2 tournament will be played from time to time and hopefully cashes in these more frequently will offset the rebuy tournament costs. As far as the 7:30 p.m. rebuy that is not my favorite because it has a 90-minute rebuy period but it pays double what the 12 p.m. and 4 p.m. does if you can run deep in it.
I'm sure my readers can see the one little problem that this might entail and it might not be so little. I've got a bankroll of less than $300 so how am I going to play these tournaments and grind my cash games at the same time utilizing the same bankroll for both. Am I on a path for financial suicide or more rapid rising profits. Like everything in poker the answer is it depends and it's going to depend on utilizing certain levels of bankroll in playing these tournaments and also realizing that if the cash games even out the tournament costs in the short term until a deep run is achieved that is half the battle right there. Let's look at the true math of the subject.
Based on an earn rate of 9bb/100 and based on a volume rate of 2000 hands which I was able to put in the last 2 sessions and hopefully will be able to put in on each day I play, but utilizing these two figures then my average profits comes to $18 per day. Obviously some days I will have a loss, some days I will make more than $18, but we are talking about the overall average daily earnings and that comes to $18 per day. That means that I should be able to invest $18 a day on tournaments with no unfortunate repercussions. This is provided I do not get into a bad downswing on the cash tables.
I am all about the math and the math definitely shows that this is most definitely a long-term profitable venture. There are two reasons to bring tournaments back into the mix. The first one is to give me another thing to focus on besides just cash games. Sometimes just doing the same thing over and over and over again gets a little mundane when I'm playing online but if I have 3 cash tables going and always have a tournament running that should keep me focused and solve the problem I've had recently about not having the drive to play online. It definitely worked the last 2 sessions. The second reason is, quite honestly, to try to accelerate this bankroll building. Let's face it average earnings of $18 a day is not exactly something to get excited about and since my goal is $2,000 and I'm not looking at these tournaments as a long-term ROI situation, but instead something to bump up the bankroll a little quicker that's getting me to higher cash game levels a little bit faster.
I took the weekend off, but I played in all three rebuys and the $20 Deepstack on Thursday. On Friday I played the 12 pm and the 4pm, but decided against the 7:30pm and also played a $1 and a $2 MTT in which I cashed in both to make Friday only $1.17 loss in tournaments, unfortunately Thursday was a loss in tournaments of about $45, but as planned, expected, and hoped for the cash game earnings countered that as I pulled down about $45 over the last two sessions on the cash tables.
So I begin Monday with a bankroll of $281.91. Recently the tables have had much less players playing on them probably because of Memorial Day weekend, but all of a sudden Monday it totally exploded. When I got on the tables at 12pm instead of just one or two tables being available like there has been, there were 6 full tables of $10NL going with waiting lists 2 to 5 deep. It should be like this for awhile because we have a lot of people coming in to Las Vegas for the World Series and it gives them their opportunity to play on WSOP. I'm sure once the World Series is over it will go down to normal levels for the site.
That wraps this entry up. I'm already on one cash table, in the 12pm Rebuy, and on the waiting list for two other cash tables. Looking for a deep run in the tournament, but if that is not "in the hopefully cashes in these more frequently will offset the larger tournament costs. " then looking for some continued run good at the cash tables. Until next time, take care everyone, cashes I'll see you at the tables.