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Thursday, July 5, 2018

The 2nd Half Of 2018

Welcome to the second half of 2018. The first 6 months are gone, good riddance to them, hope to never see it again, and let's proceed on a very much more optimistic note, at least poker wise anyway.  Life Wise and personal wise it's another thing entirely but I'll get to that later. You can see this information I'm about to relay on the right side of this blog but I'll go over it anyway. The first half of the Year from January through June, and yes I know that if you count the days July 1st was not technically the 2nd half, but it was the first 6 months complete and July began the 2nd six month time period so I'm counting that as the first half being over and the second half has begun so we're going with it.

The first half of 2018 was nothing but one struggle after another. The merge on WSOP certainly didn't help things as the increased tournament cost made things somewhat difficult from a bankroll management standpoint. However, during the last week or so of June roughly I started turning it on somewhat and the final eight days that I played in June had a 7 for 27 run with two three digit cashes. So I ended the first half of 2018 with a whopping profit of $14 online and $127 in live play. Not exactly tearing things up, but that rush that I had at the end of June did allow me to actually be in the black for the year in online play and it allowed me to start July, the second half of 2018, with a bankroll of $1000.75. This is a high point for me since I have been in Las Vegas which is approaching 3 years. I do not recall having a bankroll this high since I have been here. Granted my physical ailments and specifically the upper right thigh which the Ultrasound was rescheduled to the 12th kept me from doing anything foolish like pulling it all off and going playing some live tournaments under rolled, but for whatever reason, good or bad, this has been the highest bankroll amount that I have had since moving here.  However, things are all not all gravy and even with $1,000 there are still complications.

As my readers know I have always been very open and honest with my personal finances  my personal life, and that's not about to change. My financial situation is roughly the same as it has been since the Boost in the disability coming from the widowers disability benefit  giving me approximately $300 left over after all expenses and bills are paid. However, that is the entire amount left over so if I were to put that all towards poker there would be no money for anything else for the rest of the month so I find that as my bankroll increases, and I've probably mentioned this before when I was at $500 and $600 previously  I am getting much much more protective of it because for me $1,000 is not easily replaceable and in fact it would take 4 solid months to replace that and that would be with doing nothing, going nowhere, and basically not living so to speak, so with $1,000 bankroll I am more protective and am utilizing a bankroll management approach that is so conservative it makes Donald Trump look like a liberal. The higher tournament costs since the merge on WSOP are not helping things. As far as tournaments go I finally came up with a bankroll management plan I could live with and to say it is somewhat conservative would be an understatement. For all intents and purposes I'm never spending more than 6.5% of my bankroll in a single day, but since there are set tournaments that I want to play as the bankroll grows and since their minimum cost is $14.55 for me as you can imagine in order to add those I would need that $14.55 times 16. Here is what my bankroll management plan is for playing tournaments.


$300-$500 
12pm: $3 DS Rebuy $600 Gtd
215pm: $10 KO 6-Max $250 Gtd
Total Cost/Day: $18.73

$500-$800 
12pm: $3 DS Rebuy $600 Gtd
215pm: $10 KO 6-Max $250 Gtd
3pm: $5 DS Rebuy $1k Gtd
Total Cost/Day: $33.28 

$800-$1100 
12pm: $3 DS Rebuy $600 Gtd
215pm: $10 KO 6-Max $250 Gtd
3pm: $5 DS Rebuy $1k Gtd
730pm: $15 KO $500 Gtd
Total Cost/Day: $48.28 

$1100-$1400 
12pm: $3 DS Rebuy $600 Gtd
1pm: $20 Deepstack $700 Gtd
215pm: $10 KO 6-Max $250 Gtd
3pm: $5 DS Rebuy $1k Gtd
730pm: $15 KO $500 Gtd
Total Cost/Day: $68.28

$1400-$1700 
12pm: $3 DS Rebuy $600 Gtd
1pm: $20 Deepstack $700 Gtd
215pm: $10 KO 6-Max $250 Gtd
3pm: $5 DS Rebuy $1k Gtd
530pm $7 DS Rebuy $1k Gtd
730pm: $15 KO $500 Gtd
Total Cost/Day: $88.65

$1700-$2000 
9am: $5 DS Rebuy $350 Gtd
12pm: $3 DS Rebuy $600 Gtd
1pm: $20 Deepstack $700 Gtd
215pm: $10 KO 6-Max $250 Gtd
3pm: $5 DS Rebuy $1k Gtd
530pm: $7 DS Rebuy $1k Gtd
730pm: $15 KO $500 Gtd
Total Cost/Day: $103.20 

$2500
Withdraw $500 each time $2500 is achieved for live tournament play, food, and transportation expenses.


With a bankroll of $800 to $1,100 I am only allowing myself to spend $48.28 per day in tournament buy-ins. When I look at this I realize it seems completely ridiculous. I mean who ever heard of restricting yourself just $48.28 in buy-ins when you're sitting there with $1,000 and I know it sounds completely ludicrous. There are two points to this though that I'm going to make you aware of. The first is this thing took me 10 days of calculations and recalculations and deciding what tournaments to add and removing the small buy-in, accelerated structure ones, that I just cannot stand playing to come up with this plan. The last thing I want to do is play a tournament for 4 hours and make $25 or play a tournament that it feels like the damn thing just started and all you're already looking at a 500 big blind. No thanks I'll pass on that. The second thing is my original bankroll management plan was even tighter than this if that can even be believed where I wasn't allowed to spend the $48.28 per day unless I had a minimum of $1,000. At least I knocked a couple of hundred dollars off of that, but I dare say that my readers comments on this blog entry may tell me I am being far too nitty with my money, but this is what I mean when I say I find myself becoming more and more protective. A mother bear and her cubs has nothing on me and my bankroll as we will both defend it to the death lol.

Another question is can I keep going online until I in fact have $2500 before withdrawing $500 for some live play.  I'll be perfectly honest, if I am feeling better I would be hard pressed to do so.  I want to get out and about so bad I can taste it, so it's going to be a major test of discipline, but honestly if there was a bet on whether or not it will actually happen, although I will try my hardest, even I wouldn't bet on me pulling that one off.  I can turn the $1000 into $2500, but can I actually wait until I have $2500 before withdrawing....................all I can do is wait and see.

If you're wondering why I'm going with a percentage amount per day rather than an average buy-in is because if you look at where I am right now in bankroll range of $800 to $1,100 which allows $48.28 to be spent per day if you divide that by 4 you come up with a $12.07 for an average buy-in or ABI which means it would take a bankroll of $1,200 before I would even be allowed to spend $48.28. Granted that does create a situation where it would be 100 average buy-ins and it would be only spending 4% of the bankroll each day, but at the same time with the payouts being roughly 18% of the field on average I don't feel it's completely necessary and God I hope I'm right. Considering I'm not doing the average buy-in form of bankroll management maybe my plan isn't as conservative as I thought maybe it's even too aggressive, but I've been fighting with this for the last 10 days so what I've come up with is what I'm going with.

The first 4 days of July were really unimpressive. Eight tournaments played, 3 cashes, nothing overly deep, no final tables reached, nothing too exciting at all. Tournament losses thus far this month are ($2.61) and it was yesterday on the 4th that I decided that it might be a good idea to grind some cash game tables so that although the cash games aren't going to be able to give me a day's buy-ins 99% of the time, any earnings that I can get from them will help and I decided to go with the PLO8 cash tables instead of the No-limit Hold'em ones. Yes it's a split pot game, but the fact of the matter is that reduces the variance and on my limited live play this year I did much better in limit Omaha 8 than I did in the limit Hold'em cash games so let's see if I can continue that trend on the online tables although granted the online tables are pot limit. When I am playing a tournament I am not playing any cash games at all and I am simply giving all my focus to my tournament or two that I may have going at any one time or possibly three later on. When no tournaments are being played that's what I'm firing up or will start to fire up whatever $10 PLO8 cash games available since that seems to be all that's generally available. I didn't fire up the cash games yesterday until 9 p.m. and I didn't play all that long maybe an hour or slightly over, but it was good enough for a $13.52 profit in 173 hands played and thus after the first 4 days I find myself up $10.91. Oh joy I am averaging less than $2.75 in earnings per day. Exciting huh? I know I know keep the applause to a minimum as my humility can't take the adoration lol. The overall earnings can be seen on the right side of this blog and the individual tournaments can be accessed by clicking the Second Half Tournament Results tab which is located right above the latest blog entry and right next to the Home tab.

A quick personal update.  I've come to the realization that the chronic pains has completely sapped my independence and I've come to the conclusion that one way or another, as the times I have mentioned this to a couple of doctors they seemed reluctant to prescribe it, but I definitely need one of those mobility scooters, but I am a heavy man so I would need one of the heavy-duty ones and brand new ones are extraordinarily expensive I mean some of the smallest prices I saw are over $1500 and as high as $3,500. I could potentially get a used one off of Craigslist, but when it comes to something like that it's let the buyer beware. I mean I really don't want to spend $300 or $400 on a used one from a private party and have it break down on me 2 days later giving me no recourse and my money down the sewer, but if I want to have any chance at an enjoyable filled life, a life of playing live poker tournaments, a life of just being out and about going down the sidewalk on the strip or floating around the Fremont Street Experience downtown then a Mobility Scooter is not just a want but an absolute need.

That's going to wrap this one up. I've stayed up all night so that I can get a full day's worth of Poker in because I'm trying to get my sleep schedule back on track. I keep setting the alarm for 11 a.m. and I keep turning off the damn alarm so I'm missing the 12 p.m. tournament, but not today as today is going to be a full day. Until next time, take care everyone, and I'll see you at the tables.



4 comments:

  1. $48.28 isnt low, lets say a guy has a $100,000 live roll which he cant replace either. do u think he would spend $4828 every day in tourneys? no he wouldnt.

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  2. Tony your example and analysis does not make sense because the person with the $100,000 live roll spending $4,828 each day in tourneys only equates to 20.7 buyins. Any tournament poker player knows that is financial suicide and my bankroll management plan allows me significantly more than 20 buyins as long as I am willing to cut back the number of tournaments played per day if the bankroll starts to slip. I am still fine-tuning it. It's too late now but I may be upping that just slightly tomorrow or should I say later today.

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  3. Hi Flushdraw, whatever happened with the July challenge?

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  4. Hello Mr Dogg always nice to have you drop by. After the first day I was told that this was not something that I had to continue with but it was something that Alysia wanted me to try out to experiment with to look at my poker from a completely different approach and so I continued with it on my own for several days after. However I started to feel that I was ignoring the possibility that refusing to play a second tournament because I had one going and did not want to add a second I could be missing opportunity as the tournament I am refusing to play could be the one that starts to turn a downswing around or fate could have it that that would be the one that I am going to bink for a significant bankroll boost so I spent the rest of June experimenting with different variations in different areas.

    Cash games was one thing, the amount of tables to be played was another, playing tournaments and cash games at the same time was another, just different areas and I came up or I should say came to the realization of what was the most comfortable for me and at the same time not causing me to miss more information than absolutely necessary and what I found was that three tables seems to be my comfort zone. It is active enough to keep the pace going well, but at the same time allowing me the opportunity for some very specific note taking on my opponents.

    The one area that did not get settled going into July was a bankroll management plan although the one that I posted in this entry was the one that was best at that time, but it's still a work in progress. These more expensive tournament costs are really giving me a headache and I'm trying to figure out how can I have a base bankroll management approach that allows me to start with a 100 buyin approach in tournaments based on a hypothetical subtracted progression if necessary. Obviously if the bankroll is increasing it's easy to do but it's a spot where you've lost $50 or $100 because you're in a tournament slump how can I assure myself that I'll have 100 full buy-ins even if the bankroll were to decrease because of a cold run how can I have the base 100 tournament buy-in amount under those hypothetical circumstances, like I said work in progress.

    Hope all is going well with you and as always I will keep you guys updated. Thanks for stopping by.

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