UPDATE: week 2 of my commitment to make money with online poker

I'd like to start with the raw figures first and the explain a bit. Here come my KPIs:

Bankroll at the end of the week: +€24,70
overall ITM: 45% (down 3% from 48% a week ago)

Notes:

• I have not played enough.
• I have clearly not played enough, only a few - typically 2 - hours max a day. That is not enough to make my goal on the commitment.
• Sometimes I played when I shouldn't. After heavy arguments or simply not in the mood.
• I was sick throughout the whole week.
• I have adjusted my playing style from a more 'rock'-ish (passive/tight) towards a rather aggressive and properly tight style.
  

All in all I consider myself to be on the right track both with regards my commitment and a broader goal to become a poker pro (one who makes a living out of poker mainly). Only I wish that my new Internet connection arrives a.s.a.p. and I don't have to share the existing one with my beloved fiancee :)...

Resources:
1. The original post on my commitment
2. the first week's update
... / ...
4. update from the third week

Just so you don't forget it here's my disclaimer.

UPDATE: to my commitment to make money playing poker online

If I take an overall view on the past week spent with playing poker online I shall admit that I have had a good week. With more ups then downs.

However, Friday (the 13th) has changed the picture dramatically. This was the day when I have lost 29% of my bankroll. Also, I have only made an in-the-money position on 1 occasion out of 10, played. This converts to a mere 10% ITM ratio.

Beside playing probably too loose and sometimes passive, I did a few apparent mistakes as well. Such as talking to a friend over the phone while playing. Some more multi-tasking activities was scattered at least through 2 more games.

All in all, I went a bit emotional about the draw down. Since I now know I will have to rely on online poker, at least partially, as a stream of income.

Finally, I took the positive thinking back on track and figured that I need to introduce (force through) new rules. You will easily figure that it has to do with stop loss (aka bankroll management).

Current bankroll: €56,16
ITM%: 49%

UPDATE: Total money made during the week €24,5 (or €75,5 short of my goal), 2 hours and 40 minutes played on average daily. Only 6 days played, taking Saturday as a day out.

See the details in the original post.

Finally, the indispensable disclaimer.

My commitment to make money with online poker

First of all I have to tell you that when I have started this experiment, I did not thought I should play online poker for a living. Then you might already know my bias toward Sit and Go, especially the Turbo version - being fast and favoring a cool tight/aggressive playing style.

Second, you shall know that I was never ever a big fan of reading about poker. Just read anything from David Kolb on learning for more clues why I believe experiment learning rules.Anyway, here are the facts. All games were €3+30c, 10 seat Turbo Hold'em on paradisepoker.com.

Ok, here's my commitment:

1. I will make+ €400 online in the next 30 days.
2. I will play Sit and Go Tournaments (STTs),
a. Turbo versions,
b. on 1 poker room only

The primary goal of making €400 per month breaks down to…
a. +€100 per week (playing every week)
b. or +€14,29 daily (playing every day)
c. or +€3,57 an hour, including waiting times (playing at least 4 hours a day)

Rules:
a. play in bundles – 5 or 10 games in a row, or at least 2 hours
b. do not play too late in the night – no game started later than 23 hrs (see 11 P.M.) as there will be not enough ’fish’ in the pond. If the pokerroom is in the same time zone or close by. The first poker room that I started to work on was one hour ahead of my time.
c. do not play when moody or got through quarrels – with my fiancee or anybody else
d. no bonuses or rakeback included – ok I want to make the money only from playing
e. play Speed versions first – when making the step up to the next level. This is rule is probably for the longer term. As of yet, due to insufficient player quantity on the poker room used for the commitment.
f. stop playing for the day after 20% of the bankroll is lost UPDATED: 14 Feb 2009, if you want to make money on the long term. Also, this draw down percentage will have to be decreased probably, with a larger bankroll.
g. no multi-task while playing UPDATED: 14 Feb 2009, this will save you from calling with wrong hands or simply making bad decisions.

Starting bankroll: €42,06
Suitable size of STT buy in: €3+30c (14 buy in)

Will keep you updated...
1. First week's update

Read my disclaimer here.

Step 1.0 - What's in it for you?

Quite important question isn't it?

Sources vary but the following reasons appear most of the time.

Pure joy

Do you remember the first time you have played a card game in your childhood? Whatever it may have been, for sure between your first card related memories you will hold a few entertaining moments. Hot summer or cold and long winter nights played through with friends or relatives, as a kid. Quite often one of the poker games where played anyway. No money, just pure entertainment.

Social networking

Just as you go playing tennis, squash or golf. Poker can be another sport to bring you together with friends. Eventually poker can help you make friends should you be a rather closed personality. It is also a way for you to get a life. Especially, if you are like me playing mostly online.

Education

"Poker reveals to the frank observer something else of import—it will teach him about his own nature. Many bad players do not improve because the cannot bear self-knowledge." David Mamet, director of the move House of Games on Poker

This is the deepest reason why I started to get interested in Texas Hold'em. Most of my 34 years I have spent being a good guy - see passive-tight. Sorry, about the poker lingo, will cover the basics in the next post, including styles of playing. Some leadership courses and coaches even use poker to help managers perform better as leaders. Read more about this in Leadership: Texas Hold 'Em Style by Andrew J. Harvey .

Money

“When we play, we must realize, before anything else, that we are out to make money.” David Sklansky on Poker (more in his must read book, The Theory of Poker)

A no brainer in today's world. Just as investments, stocks, forex and option trading. Poker is probably also qualifies as a way to express your inner level of greed and fear. Some people can make a living out of playing, promoting, writing about poker.

Why not to play poker

If you play with money you can't afford to loose, you are simply gambling and most probably you do not qualify for any valid reason to sit down at any table. Please go and visit a specialist to help you with your problems. See more about this topic in my online poker strategy disclaimer post.

Other post(s) in the series:
Step 1.1 - Are there any threats in online poker?