Poker and the Beginning Trader

Quote from Don Bright:

My brother just won $103,000 in the WSOP circuit event, last night. Heading for Main Event today.

www.pokerpages.com

Don:)
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That time of year already? Wow!

How long has your brother been playing the WSOP circuit now, and what limits is he playing?
 
It dried up even quicker than I thought. The shark/fish ratio has deteriorated to the point where I haven't even opened the software in weeks.

Poker is OVER for me, and for most of the people I know who were able to make a big hit in '03 and '04. [/B]
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I am still going. Since I quit my job in Feb 2005, online poker has been my main source of income. I sometimes think about getting back into trading, but I don't want to divert any poker bankroll to it yet. It's much better for me to just keep trying to move up in limits. Plus what amounts to a good sized roll for poker is still a pretty small one for trading, and constantly taking out money for living expenses puts a damper on it too.

I am starting to feel a little burnt out thought. I used to be able to put in 6 hour days, now I am lucky if I can force myself to do 3.
 
I wonder if some of you have some insight into how these sites manage these guaranteed prize pool tournaments. I am looking at one now which is a $100,000 guaranteed prize pool. The entry is $50 and there are a little over 800 entrants which gives them an initial 40k plus. There are unlimited rebuys the first hour but this would mean they would need another 60k in rebuys to break even which would average out to 1 1/2 rebuys for every player in the tournament which seems highly unlikely to me. This happens all the time and I am certain these guys are not going to take a big loss that many times so something does not add up.
 
The first time I ever plad poker for money I immediately noticed how well the money management techniques I had learned in trading applied.

Too bad I've turned out to be a much better poker player than a trader. :D
 
i've been doing really well in poker since i started just several weeks ago.

risk management, money management, aggression, game theory, psychology.

all the things that work in trading work in poker (especially no limit)

i only play no limit

i played a B&M tournament with 50 entries and got to the final table (placed 7th)

online, i entered a rebuy tournament with about 200 people and got 2nd place!

i've won several other 1 table sit and go's (shorthanded and full table), and usually can place top 3.

i've taken my (very small) bankroll and multiplied it by more than 800%

i love poker

there are TONS of fish out there. it's amazing

for some reason, my strategy seems to work better at tournaments than cash games. i'm working on figuring out why

fish can be annoying for the suckouts, but u just have to identify who is fishy, and then press yer edge when u have it.

it amazes me how bad some people are, but many treat it as entertainment, so that's ok. i treat it, like trading, as a business

fwiw, full tilt poker is very tuff . i have difficulty there.

Party Poker is pretty fishy, and so is noble poker. i love noble poker

i can't get into Limit at all. it just doesn't offer enough psychology for me. I love no limit. my strategy will be to take 1/2 my winnings at the end of each week, and place them in conventional investments, and let my winnings ride the rest.

i am still playing microlimits for ring games (.01/.02 to .10/.25)

poker has also improved my trading (from what little "n" i have)

the fact that you throw away most of your hands, helps me discipline my trading, in letting a bad trade go early.

love poker
 
Quote from easyrider:

I wonder if some of you have some insight into how these sites manage these guaranteed prize pool tournaments. I am looking at one now which is a $100,000 guaranteed prize pool. The entry is $50 and there are a little over 800 entrants which gives them an initial 40k plus. There are unlimited rebuys the first hour but this would mean they would need another 60k in rebuys to break even which would average out to 1 1/2 rebuys for every player in the tournament which seems highly unlikely to me. This happens all the time and I am certain these guys are not going to take a big loss that many times so something does not add up.
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I have yet to find an online tourney of any kind (freeze-out or re-buy) with a guaranteed payout in which the house did not get enough buy-ins/rebuys/add-ons to cover the amount of the guarantee.

Did you see what happened at the end? You didn't mention the add-ons at the end of the tourney.
 
Quote from whitster:
i've been doing really well in poker since i started just several weeks ago.
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Nice job. I just got home from a B & M tourney. Love playing live, and I do way better live than I do online.

Just finished reading both Harrington books on tourney play - the best I have read so far. They changed my approach to tournament play.

I will also admit that I had to limit my online play because I found that I was spending an increasing amount of time in front of the computer, and I spend a lot here to start with. I am playing two tournaments a week online, mostly the juicy rebuy tourneys.
 
I'm not in the habit of watching poker shows at all, but the one on CNBC has been running here in the background.

I just heard the dumbest quote from Sam Farha (Discussing his career as a professional poker player):

<b>"What we do- It’s not easy. I think it’s the toughest thing you could ever do." </b>

Yes, he really said that.

Hey Sammy- <b>Try soldiering for a couple weeks, and then try telling me that line with a straight face!</b>

Signed,

A Veteran
 
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