one of my best rags to riches poker stories from this afternoon

[ricey#23]

Hey everyone,


I am a long time reader but rare writer on this forum, I should contribute a lot more and will endeveour to do so going forward. I appreciate what you guys post however and enjoy reading.


I hope this story doesn't come across the wrong way. copied from an email I sent my mates earlier this evening. bit of a rags to riches story.

thought I would add a bit of commentary to my poker story from this afternoon. I had 22 cents on my account and seemingly no hope but I did have 260 FPP points (equivalent of $3.70ish) which allowed me to enter the tourney below where top 2 get an $11 entry to a tourney played next week. I came top 2.


PokerStars Tournament #774083664, No Limit Hold'em
Super Satellite
Buy-In: 235 FPP
6 players
Total Prize Pool: 1410 FPP
Target Tournament #818010003
2 tickets to the target tournament

Tournament started 2013/08/14 16:19:43 AEST [2013/08/14 2:19:43 ET]


Dear ricey23,

You finished the tournament in 1st place. You qualified to play in Tournament #818010003 and are automatically registered for it. See Tournament #818010003 Lobby for further details.
Ok it was only $11 so I cashed in my entry for the tournament last week and entered the $8 buyin below. Came 4th after getting beaten with AQ when the idiot had K3. Still got $97 which was ok but not enough to play the $109 tourney that was running and had 19 minutes left to register for.


PokerStars Tournament #774048444, No Limit Hold'em
Buy-In: $7.34/$0.66 USD
180 playersTotal Prize Pool: $1321.20 USD
Tournament started 2013/08/14 17:02:08 AEST [2013/08/14 3:02:08 ET]


Dear ricey23,

You finished the tournament in 4th place. A USD 97.76 award has been credited to your Real Money account.


So, what to do? take the money out? hahahha ofcourse not.......its time to roll the dice and play a $60 6 man sit n go with 1st prize $224 to allow me enough money to play the $109 tourney. figure it will take between 15mins and 20mins t finish as its a hyper. enter it, win it! on to the next with $260 in my account. take it out? hahaha.....nah time to roll the dice.

PokerStars Tournament #774108865, No Limit Hold'em
Buy-In: $57.66/$2.34 USD
6 players
Total Prize Pool: $345.96 USD
Tournament started 2013/08/14 18:43:28 AEST [2013/08/14 4:43:28 ET]



Dear ricey23,

You finished the tournament in 1st place. A USD 224.88 award has been credited to your Real Money account.

OK with 1 minute before closing time, left it is surely meant to be. I entered the $109 tourney with around 80 players left but I am desperately short staked. I have 2000 chips and the blinds are already 300 with average stake around 7000 and largest 28000. that's just crazy, and I wouldn't recommend it as an optimal way to play poker but what the hell, I have come this far.

After some of my best played poker and a little luck late you can see the result for yourself below. TOO EASY. that's how you turn under $1 into over $3800 aussie $$ in about 4 hours! haha


PokerStars Tournament #818010183, No Limit Hold'em
Buy-In: $100.00/$9.00 USD
158 playersTotal Prize Pool: $15800.00 USD
Tournament started 2013/08/14 18:00:00 AEST [2013/08/14 4:00:00 ET]


Dear ricey23,

You finished the tournament in 1st place. A USD 3,397.00 award has been credited to your Real Money account.

 

[paxmaniac]

Haha, nice work. You could play three $1k WCOOPs with that

(note, I do not actually recommend this course of action)

 

[ricey#23]

cheers paxman! one of my mates made a similar comment. will see how we go. finding the time is the biggest prob but id like to have a crack at something decent one of these days.

 

[Goodo73]

So you're the guy that online poker is rigged for. I wondered who was at the other end of it. Just to confirm, are you sure you're not Russian?



Well played, Sir.

 

[JuddsABlue]

Well done, nice hearing the run good stories

Some good advice now would be to excerise some proper bankroll management but i know you wont be interested in that, so I'd suggest finding some balance in your buyins at least to try and get as much enjoyable play out of the money as possible

well done

 

[Jay C]

Nice one.

As some others have suggested try not to spend it all at once.

 

[ricey#23]

Thanks guys,

regarding your comments 'juddsABlue' absolutely agree with you. Bankroll management is my absolute downfall and that's why I don't leave too much on my pokerstars account when I do win a big one (withdrew $3,000 USD of my winnings straight after that win), still have the remainder to play with.

This is far from my first large collect (just a good rags to riches story) I have had quite a few wins of 3,000+, I'd say about 40-50 (once won 2 $109 buyins on the one day, and 3 of similar buyins on consecutive days) with my biggest collect almost 2 years ago of just under 11K when 3rd in a $162 buyin. I track my performances and have had winning years each of the last 4 with 3 years ago (36K profit) my best year. That year I became supernova grinding $30-$60 (occasionally $100) sit n goes (6-12 tables at once) and won the battle of the planets on pokerstars twice with a couple of seconds and thirds as well. I considered trying to play fulltime, but my shocking bankroll management prevents that.

Not following sound bankroll management and living beyond my working means through poker collects has meant that this has all amounted to not a lot really. Grinding was sooooo much hard work I couldn't maintain the pace along with working fulltime in a management position so have looked for alternatives, didn't get great results playing cash ring games and have tried 6 man hyper tournys (basically for the time factor and smaller rake amounts paid) where I am in front but only running at about 2% profit with a relatively small sample size played.

So what I am after is the magic way of starting and sticking to a good bankroll management strategy? What do you guys do? That is if you are overall winning players?

 

[Goodo73]

This is far from my first large collect

I have had quite a few wins of 3,000+, I'd say about 40-50

with my biggest collect almost 2 years ago of just under 11K

have had winning years each of the last 4

I became supernova

won the battle of the planets on pokerstars twice

Sorry, but you've exceeded your quota of sick brags in one post.




Genuine question: are you looking for a bankroll strategy, or is it more the ability to stick to one that you're lacking?

 

[ricey#23]

Yeah fair call goodo73. On reading it back I would think the same about the bragging stuff. sorry, probably didn't need to include all that. I was more putting that info in to highlight how bad I am at developing and / or sticking to a bankroll strategy? Despite some success I am no further along profit wise than 2 years ago? have probably gone backwards actually despite low to moderate profits in the last 2 years.

Its probably the gambling inside me (and the rush associated with that) that causing impulse decisions to play bigger buyin tournys than what my bankroll allows.

So I guess my question is: what are some exact rules you guys follow (without question) that make up your bankroll strategy? And how do you remain discipline in following them? How do you deal with the swings and variance?

Again apologies about the bragging in the email. didn't mean it to come across quite like that.

Cheers in advance for any advice.

 

[paxmaniac]

regarding your comments 'juddsABlue' absolutely agree with you. Bankroll management is my absolute downfall and that's why I don't leave too much on my pokerstars account when I do win a big one (withdrew $3,000 USD of my winnings straight after that win), still have the remainder to play with.

So what I am after is the magic way of starting and sticking to a good bankroll management strategy? What do you guys do? That is if you are overall winning players?

Rule #1 is not to pull it all off the site as soon as you have a win.

Since you seem to like playing around the $50-$100 buyin level, $3k is a pretty small bankroll for these stakes (some would say microscopic). 50-100 buyins would be highly recommended. Trying to play 100s with under 10 buyins is just asking to bust your account and the inconvenience of depositing again etc.

 

[paxmaniac]

tbh I'm really surprised that you need to ask these kinds of questions. You have 6% ROI in over 5k tournaments, which is pretty decent. It's interesting that in that time you haven't developed a bankroll strategy that works for you.

For a start, I suggest trying to maintain a minimum of $10k in your account.

 

[Goodo73]

No issues with your post ricey. No need to apologise. I was just piss farting about.