Moved to a new site...

Not to say I won't post anymore over here, but I have made a decision to follow up on a hosted and domain controlled blog.

Go all in or fold ;),

Dez

UPDATE: week 4 of my commitment to make money playing online poker

KPIs:
Bankroll at the end of the week: -€21,9 (week-on-week)
overall ITM: 37% (down 6% from 43% a week ago)

Notes:

• I didn't play enough.
  
• Many times I was in a bad mood - stressed out on fighting with my ex-employer, or with my fiancé,
  
• I have been trying to adjust my style to aggressive and properly tight style getting away from a 'rockish' style.
  
• The key problem was not being properly tight, neighter properly aggressive at times.
  

Earlier posts:
1. The original post on my commitment
2. the first week's update
3. the update of the second week
4. the update of the third week

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

UPDATE: week 3 of my commitment to make money with playing poker online

KPIs:
Bankroll at the end of the week: -€1,26 (week-on-week)
overall ITM: 43% (down 2% from 45% a week ago)

Notes:

• I still have not played enough. An average of 1 and a half hours per day.
  
• Sometimes I played when I shouldn't being moody.
• I was sick throughout the whole week.
• I have still being adjusting my style to aggressive and properly tight style.
  
• The key problem was not being properly tight, neighter properly aggressive at times.
  

Still swinging with the new style, scoring 4th or 5th (just out of money) in every 3rd game I have entered :(

Resources:
1. The original post on my commitment
2. the first week's update
3. the update of the second week

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

Step 1.1 - Are there any threats in online poker

Just like in every business you should be aware of risks. Life itself as a business is risky, and there is an end that is far too evident. What are the specific risks you should be looking at when playing online poker?

Internet connection problems
This is not that evident to many. But it can simply cause you grieve and make you loose more by not letting you play the monster hand in the final you hoped for. Did not happen to me yet, but heard horror stories from fellow players.

Identity theft Beside the classical phishing type of login password stealing here are two ways you can get the 'bait' and get caught:

1. Downloading an 'amazing' poker tool that just claims to do everything under the sun you can imagine. Only to find somebody wrote a tiny piece of code that steals your online poker room login and password to take your money away.
   
2. The same story as above without any special software involved - i.e. the shady poker room operator trying your login and password on other pokerroom sites where you might be playing.

I had a strange session last month before starting my poker commitment month. I have been mostly involved in freerolls and was trying to figure out if there are poker rooms that give you free money to start with. Have found a seemingly fine site (from the CD poker network). It was advertised to give you $50 + $100 just for signing up. 'Bingo, that's my place', was my initial thought. However when going through their quizzes that I passed with a fair 80% back then - before even reading a single book on poker - my firewall sent an alarm to my screen. It was about some malicious piece of code found in the installation software pack I was just about to download. I sent an email to pokerroomschool.com as a result, but the only reply I have got was this:

"Thank you for your interest in .

Please try to download the software from the following link:
Or from the attached file. We would like to advise you to switch off your
anti- virus programme during installation the client."

Would you install it?
Anyway, I didn't and I haven't even looked back since! It might be that my antivirus is bugging me but I didn't have the same problem with other softwares, thus...

Illegit software / poker tools used
First, you shall not use any tool that gives you an unfair advantage over your opponents. If you are looking for these type of helps than please stop reading here and go find another blog. This is an integrity question thus you have to decide, clearly.
The realm of software that are banned by various sites vary. Also, some tools has use for all players and some are clear cheats. However, there are a few types of software that you must clearly avoid - such as random numbe generators (that tries to give you the next possible card to come from the 'dealer' based on the same type of computation that is used by the online poker room servers),

Collusion
Did not happen to me yet, but it comes in various forms, such as cheaters engaging in telephone calls or instant messaging, discussing their cards. This is hard a hard to spot issue since nobody can see them. However, responsible online poker rooms keep records of hands played. Thus collusion can be detected by finding any of the detectable patterns - such as folding good hands to a small bet.

Poker room going bust...
...with your money flying out through the window. There were a few scandals and if the going gets harder (probably it is already hard enough though) there will be more to come. In todays financial instability there might be pokerroom operators on the dire straits. Not highly like, just as any major bank to go bust!

Tips to save you from most of these threats

• Get a solid Internet connection or don't play high/no limit games through non-solid connections to save your mind and money!
• Have a good antivirus/complete firewall on your computer and make sure it is updated and turned on.
• Don't use the same password - at least - on different online poker rooms.
• If you are suspicious of any of your opponents playing dirty tricks (illegit software or simple collusion)
• Monitor your pokerroom and cash out time to time.
  

Find other posts of the series on online poker strategy:
1.0 What is in it for you?

Also, read my disclaimer here that gives a few more hint about the threats ahead should you slip out of control.

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.