First and foremost I hope all of my readers and their friends and their families had a very very very Happy Thanksgiving. I hope you all had an absolutely great day.
So where do we stand on the half action stake. It began on October 28th so one full month was completed at the conclusion of yesterday's play and at its conclusion the account balance stood at $499.46. All initial investment money has been withdrawn so we are in fact playing on just the profits so there are $499.46 in total earnings going into today. These are some of the highlights that I have been able to accomplish in the first full 30 days.
$3 Deepstack Rebuy $800 Gtd / 4th of 143 / $94.14
$5 Freezeout / 1st of 19 / $43.22
$3 Deepstack Rebuy $350 Gtd / 4th of 80 / $49.53
$3 Deepstack Rebuy $350 Gtd / 6th of 117 / $43.69
$3 Deepstack Rebuy $400 Gtd / 3rd of 64 / $62.81
$3 Deepstack Rebuy $400 Gtd / 5th of 86 / $50.88
$20 KO $500 Gtd / 4th of 63 / $127.33
$3 Deepstack Rebuy $400 Gtd / 5th of 86 / $50.88
$5 Freezeout / 1st of 23 / $52.32
$3 Deepstack Rebuy $350 Gtd / 1st of 78 / $172.80
$3 Deepstack Rebuy $350 Gtd / 3rd of 76 / $65.84
$5 Freezeout / 1st of 34 / $61.88
$3 Deepstack Rebuy $800 Gtd / 3rd of 133 / $101.57
$3 Deepstack Rebuy $350 Gtd / 1st of 79 / $178.54
$3 Deepstack Rebuy $400 Gtd / 2nd of 78 / $120.66
$5 Deepstack Rebuy $500 Gtd / 5th of 72 / $79.67
Total earnings from multi-table tournaments online were approximately $740. All of these earnings were from tournaments that cost from $5 to $6. I must now see how the next month goes because if the next month playing $5 and $6 buy-ins produces similar results then I'm going to have to really think things over about my current goals. I mean if I can make $700 a month playing $5 and $6 buyins, how much will I be able to make when I'm playing the $10 rebuys on a regular basis and would playing online produce more money on a monthly basis then playing A month's worth of $65 tournaments at the Golden Nugget.
That's something I need to bring you up-to-date on as I've been rethinking the Sam's Town plan because the best blind structure tournament for me in this town that are less than a $120 buyin are without a doubt at the Golden Nugget. However in order to play those I would have to be spending $65 per tournament which would require an additional $1000 in online earnings to try a month of those, but their slower climbing blind structure are an almost perfect fit for someone with my playing style. Slow, patient, with tempered aggression. An example in the differing blind approach between the two casinos or any other casino for that matter at level 7 a tournament will be at 500/1000 blinds, but at the Golden Nugget you won't hit those 500/1000 blinds until Level 10 not to mention the Golden Nugget has 10,000 starting chips in their $65 tournaments as opposed to the max that I can get over at Sam's Town which is $7500. All of these things have to be taken into consideration when deciding just what live approach I'm going to take. Do I need to grind online until I am rolled for $120 and $240 tournaments as opposed to $65 tournaments. Can I make more in a month online playing $5, $6, $20 tournaments than I can playing $65 tournaments live. The other question is does it really matter. I mean let's face it I play poker full-time and I live in Las Vegas even if online can produce more earnings there is no way I see myself staying inside on a daily basis grinding online if I could be grinding live. Yes, the money could be important, but it would have to be a substantial significant increase being made online than being made alive in order to keep me inside.
So for all intents and purposes we're at $500 in earnings going into today and $500 is the magic dividing line in my mind. When I began play today and I began my day at 12 noon with the $3 $350 guaranteed deep stack rebuy, if by 6 p.m. I'm showing a profit then I will be playing and start to play the $10 rebuys which will be a $20 total investment. I probably mentioned this before but I approach rebuys in a very unorthodox manner in that I am sure many of my readers will look at this and say are you out of your mind, but I do the initial buy-in and then I do the immediately rebuy to start with a double stack and that is all. I will not do the add-on, and if I get knocked out in the tournament within the rebuy period I do not rebuy any further I just decide that tournament was not for me and I move on to the next one. I know many people are going to criticize this method of doing things, but to me this is what has led to the profits that I have earned thus far. Allowing my opponents to be the ones to build up the prize pool and not myself.
I am very insistent about this approach and will not change it as I personally feel it is the best approach and I know there's going to be readers that say that I should take the addon but when I was in a half action stake previously with ManInBlack it turned out that the additional cost of the add-on because I was doing the initial entry, rebuy and add-on over I believe it was 20 tournaments affected our profits by at least $60 and I have come to learn that the initial entry and the immediate rebuy is the absolute best way to go although as I said many will disagree with that I'm sure.
So pretty much I have decided that the Sam's Town tournaments are out even when I hit my monetary goal which will now have to be increased by an additional $1000. I will instead, be grinding live, when the time comes, the $65 tournaments at the Golden Nugget which works out better for me because I love being down on the Fremont Street Experience. Just so many things to do, so many things to see, so many lunatics in and out of that area I love it, but the question is going to be will the $65 at the Golden Nugget provide more or less profits then grinding online especially when I start grinding the $10 tebuys for a total cost of $20 per tournament not to mention as the bankroll rises adding in the $20 deepstack at 4:45 p.m. and the $20 knockout at 9:30 p.m. and potentially the $20 Midnight Madness in which all of these tournaments could produce hundreds and thousands of dollars in earnings.
I'm on a first things first situation right now. $720 dollars in online MTT earnings in the first 30 days and now we see how much the earnings are going to be over the next 30 days and we also see if I can start grinding the $10 rebuys on a steady basis that will also give us a better view as to what the earnings will be for the second 30 day timeframe if there are any earnings at all. Perhaps I'm ready for a deep cold run who the hell knows. Any poker player reading this, specifically any tournament player reading this entry right now knows the swings that we can go through in tournament play although I'm absolutely convinced they are much less so than cash games but that's a discussion for another time, and quite frankly I'm ready for anything.
That's going to wrap this one up. Got knocked out early in the $3 deepstack rebuy and am currently playing a small $5 freezeout in which I play usually at least three of these a day. Assuming the Golden Nugget goal is in fact the way that I'm going to be going the new monetary goal is up a grand to $4000. Three grand for the live play plus $1,000 in reserve. Whichever way poker destiny will take me on this I'm going to find out as the days pass, as each session is completed, as each week is done, so in the meantime it's just time to continue the grind. Take care everyone and I'll see you at the tables.