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.

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?

Introduction - what is online poker strategy about anyway!

In this first post I will deal with the basics of online poker strategy and tactics issues.

What's the difference between poker tactics and poker strategy

Let's take strategy and tactics first.

"In short Strategy refers coming up with a devised plan to achieve to achieve a goal. Hence you are looking at the big picture holistically. Without a well thought out strategy, your online poker playing is going to like a person walking blindly in the dark. There is no planned direction of where to go in the future nor which tactic to use.

In contrast to strategy, tactics involves the art of finding and implementing means to achieve particular immediate or short-term aims. Unfortunately these are often mistaken as strategies that will lead you to the pot of gold at the end of the rainbow. Fortunately for us, there are still a majority of business poker players online who do not understand the difference. Hence giving us the opportunity to stay ahead in the game." (based on an article from Alvin Hung on Strategy vs Tactics, read here the original)

Tactics helps you deliver your strategy. If chosen wisely.

Thus strategy focuses on longer-term issues (such as choosing an online payment method, what type of games to play, whether to play for fun or for living to name a few). While tactics is more of a deeper in the subject, task oriented view (such as deciding which hands to call and which ones to raise or how tight to be at the beginning of a Sit and Go tournament, versus at the end).

Finally, the whole aim of this venture (called All About Online Poker Strategy) is to put together an easy to use framework for an average poker player or beginner. In order to let them play and find enjoyment and a way of self discipline in poker. Not to forget that the play, enjoyment and self disciplinary education must at least stay in the money or pretty close to it. For the sake of simplicity and mental bandwidth, I will concentrate on Texas Hold'em. Widely considered to be the most popular poker game around the globe.

Disclaimer

Step 0.1 - Disclaimer

I will put it rather simply first and then off to the lawyers lingo.

Do not ever play with money you cannot afford to loose! Never. If you do so then you are either in a bad karma cycle or you are simply a bastard not making the right decision and keep doing so. And may the folds be with thou...


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This is the first step of a long journey...

... thus I do want to keep it simple.

I will use this blog to express my thoughts on strategies and tactics involved in playing poker - mainly texas hold'em - online success and joyfully. Eventually this long and windy road might lead me to make a complete site about the subject, but don't hold your breath...

Read on ;)



Also, let me wish you a great new year under the benevolent Earthy Ox in 2009 http://en.wikipedia.org/wiki/Ox_(zodiac)