Posts Tagged ‘Good’

Editorial: If the Money is Good, Why Quit Poker?

 Editorial: If the Money is Good, Why Quit Poker?

We’ve hit the doldrums of the post-World Series of Poker season and many have used the break to recharge their batteries. Some players will be heading back to the tables when the tournament schedule cranks into full swing in August but others, even though they are highly successful, will step back and not play quite as much. It makes one wonder that, if the money is so good, why would anyone quit poker?

The question was raised after the winner of the WSOP’s $ 111,111 One Drop High Roller, Germany’s Fedor Holz, raised some intriguing questions regarding his future in the game of poker. In an interview with Lee Davy at, Holz told the stories of how he drilled himself mentally and physically prior to the start of this year’s WSOP and was constantly attempting to maintain the mindset that allowed him to play fantastic poker (he made nearly $ 10 million in two months and was runner-up in the $ 300,000 Poker Central Super High Roller Bowl along with his WSOP win). Holz also remarked to Davy that the intensity of the efforts almost was too much.

When asked by Davy if the self-improvement was tiring, Holz noted, “Yes, it’s draining. I am super burned out right now. As soon as I busted the Main (Event), I knew I was done. I have these phases a lot. It’s very exhausting mentally. You have to keep going without showing weakness. It takes a lot of time and I am not even close to knowing myself well enough to understand how much internal energy (I am using)…I have to figure out when the best time is to take a break.”

In a discussion with PokerNews’ Remko Rinkema, Holz elaborated some more on his thoughts in saying, “To be honest, there are just too many situations in which I don’t enjoy it (poker) 100 percent. Poker gives me freedom and I don’t want to give that up. I feel like in Vegas, I give too much of it up. I’ve decided that I’m not going to do it like this anymore (play full time). I made some mistakes this year by making side bets and I will also not do that anymore.”

And this is coming from a guy who is only 23 years old and just banked in two months what it takes some excellent players an entire career to earn (players such as David ‘The Dragon’ Pham, Mike Matusow and two-time World Champion Johnny Chan haven’t made $ 10 million from tournament poker).

To be honest, just to play at the level that Holz does requires a great deal of mental effort. Especially when you’ve got six figures on the table, you really don’t want to make too many mistakes, otherwise that six figure stake is going to be gone quickly. Maintaining that mindset is paramount (as Holz shows) and it can also wear into you quickly both mentally and physically.

There is no doubt that poker is a tremendously strenuous activity, at least when it comes to balancing the financials of the situation. There are few jobs – freelance anything is potentially comparable – where you have to maintain diligence and discipline over where the money is going if you’re going to be successful in the field. If you suffer from a bad week or even something as small as a bad few months, it can be debilitating to your life and bank account.

There are some that say the best time to attack poker is when you’re young, when there aren’t the constraints of “real life” (a mortgage, car payments, family, etc.) that can gum up the works. Even when you’re young, however (and proven by Holz), you can look at a situation and say “this is just too much.” It seems that is what Holz is doing at this point in his life and deciding that, while he enjoys the freedoms that poker offers, he doesn’t want to be sitting on the tables when he’s 50 and have it be his way of making a living.

The life of a professional gambler isn’t all glitz and glamour. We can look to such people as former World Champions Peter Eastgate and Pius Heinz as examples of pulling away from the game. Despite their skills, they’ve also seen that it is very difficult to maintain that level of success and, especially in Eastgate’s case, virtually quit playing. Look back a bit further on the pantheon of World Champions to look at the tragic case of three-time World Champion Stu Ungar, whose own self-destructive tendencies arguably accentuated by the professional gambler lifestyle snuffed his life before some would even consider it started. It takes some incredible fortitude to be able to make a living gambling and, for some, it just isn’t the course.

In Holz’s case, he’s perfectly set to be able to do whatever the hell he wants to do in the future. He’s banked a crapload of money (believe it or not, he’s already ninth in CAREER earnings from tournament poker despite only playing for four years with $ 18,495,174) and would not want for anything should he decide to quit now. At 23, he can go to college (or university as they call it in Europe) and learn whatever he wants at whatever pace he wants. Holz has said that he wants to make a difference in the world and, with his intelligence and determination, there isn’t any reason to think that he won’t achieve his goals.

The big question for Holz will be whether that future is one that sees poker as an integral part of it. He’s going to play in the Celebrity Cash Kings at King’s Casino in the Czech Republic on August 15 (which will be streamed online), but he hasn’t committed to much else outside of that. “I will still be on the circuit,” Holz said to Davy. “I will play Barcelona, Aussie Millions, maybe a short Macau trip, and maybe a short Vegas trip next year, and Monte Carlo. The thing is, this freedom of just saying “no I don’t want to play for the next four months” is important. I have not had that before. In the past four years, I have taken two vacations off. There has been no relaxing, orientation. I had this goal, and I always set new goals until I got where I am.”

As far as our original question – why quit poker? – Holz seems to have answered that for himself. For literally millions, poker is a recreational activity that allows them to make a little cash on the side. It is extremely difficult to be that “professional gambler” – that is why many quit and there are so few in action (successfully) today.

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Wanted: Good micro stakes poker book

 Wanted: Good micro stakes poker book
I’d like to know what a very good poker ebook for micro stakes play would be. Non electronic duplicate availability favored.

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Good bet slider option for 4-betting preflop?

 Good bet slider option for 4 betting preflop?
what slider do you use for 4-betting? how considerably of the pot is a two.two-two.5x size four-wager? also if i elevate and someone three-bets me can i use 25bb slider? will it work?

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Done Good Today

 Done Good Today

Could not uncover the one particular on Betonline but completed in the money.

I had 4 tournys operating at the same time from one:00 PM untill 8:00. And most of them lasted that prolonged.

Thanks CC for all these freeroll for us to enjoy in.

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Variance and Poker Pt. 1: How Good Cash-Game Players Outrun Luck

 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

1R8A8266 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

In this two-element sequence PokerOlymp’s Arved Klohn clarifies what variance is and how it dictates your poker results.

First he’ll just take a search at variance in stay poker and then he’ll evaluate stay poker variance to on the internet poker.

By Arved Klohn

Variance isn’t really a soiled word for each se, but for most of us it is a extremely theoretical phrase and only few of us understand what it in fact means.

 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

Let us contact him John.

Variance has a whole lot to do with mathematics, which – once again – is not a soiled word but a science that makes confident our cars generate, our planes fly and our wise telephones are smart (to some extent at minimum).

To understand what variance indicates one particular does not have to research probability principle or know that the abbreviation CLT means “Central Limit Theorem.”

It is in fact a whole lot less difficult than that. Basically in poker, variance is a term (or much more particularly a quantity) which describes how significantly your benefits distribute about the mean.

To set it less complicated – a great deal of variance implies several swings significantly less variance implies much less swings.

But let’s search at an example to get a greater grasp at the idea of variance in poker and place some numbers on it.

Variance for Reside Poker Gamers

Let’s get a search at a good reduced-stakes stay poker player. We’ll call him John.

John performs $ one/$ 2 No-Restrict Hold’em in his regional on line casino. He plays 20 times for every thirty day period and averages six hrs of engage in per working day.

He generally plays between 30 and 35 hands for every hour. Therefore in complete he performs about 4,000 hands per month.

Now considering that John is a respectable participant he generally wins at his match. For each thirty day period he averages $ two,000 revenue following rake and suggestions. So his get charge is $ fifty for each 100 hands.

Of system John doesn’t acquire uniformly every day. He has excellent days exactly where he wins a ton and bad times the place he loses very a little bit. “Good times and negative days” – which is his variance.

Now let us try to set a quantity on John’s variance. For that reason we inquire him for one particular thirty day period to precisely create down his results each and every 100 hands.

So John produces this chart for us:

$ fifty

$ 180


$ 160

-$ a hundred ninety

$ one hundred forty

$ 440

-$ 200

-$ three hundred

$ 230

$ 230

$ 320

$ 130

$ 390

$ 330

$ 340

$ 200

-$ 220

$ a hundred thirty

$ 640

-$ a hundred and seventy

$ 90

-$ 50

-$ 120

-$ 270

-$ two hundred

-$ 260

$ 20

$ 90

-$ 160


-$ 340

$ a hundred ninety

-$ 250

$ 120

-$ three hundred

$ 400

$ ninety

$ 200

-$ 80

People are John’s winnings for each and every one hundred-hand-extend. If you add up people forty figures it’s exactly $ 2,000. But for person stretches his benefits assortment from $ 340 losses to $ 640 wins.

On average we expect John to acquire $ 50 per one hundred palms, but let us consider a nearer seem at his variance.

For that reason we determine the common variation from his predicted winnings ($ 50 for each one hundred fingers) for all forty one hundred-hand-stretches (a program like excel will come in very handy here due to the fact it has created in formulation to do people calculations).

We did this calculation and it turns out the typical variation is $ 238. This amount is referred to as standard deviation.

This means John will miss out on his predicted winnings of $ 50 for every one hundred hands by $ 238 on common – both by profitable way much more than $ fifty or by losing in excess of a one 100-hand-stretch.

The three Magic Figures for Variance

Now we’ve collected the 3 crucial numbers to totally comprehend variance:

CroppedImage320180 graph 22 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

The type of issue John will keep away from.

Win Fee: In the circumstance of John: $ fifty per 100 palms Normal Deviation: In the circumstance of John: $ 238 per one hundred hands Amount of Fingers Performed: In the situation of John: four,000 (for a single thirty day period)

Individuals 3 quantities are all we need to operate a bunch of assessments, make clear John’s results in excess of lengthy intervals and even make educated guesses about his future winnings.

We take those a few parameters (earn price, regular deviation and variety of palms) and head to more than to any variance calculator to get some a lot more perception into the variance John can expect. almost certainly hosts the greatest cost-free accessible variance calculator for poker gamers. So let’s go there, enter these a few parameters and get a seem at the results (this calculator functions with big blinds as an alternative of bucks so we translated John’s figures to huge blinds):

variance1 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

Now what do we see listed here? To start with the calculator shows twenty simulated samples how John might complete more than the system of one month (the thin coloured traces).

It also demonstrates the best and worst run out of one,000 trials (the bold blue and pink strains).

The daring eco-friendly strains demonstrate the confidence intervals. The two dim environmentally friendly traces are the most crucial ones – they reveal the 95-for each cent self confidence interval.

 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

“John” might assume some wild rides over just one particular thirty day period.

This term signifies that in 95 for every cent of all situations the real results will be somewhere among individuals lines. Meaning: at any provided time there’s only a five for each cent possibility that his winnings will be over the upper darkish inexperienced graph or beneath the decrease darkish environmentally friendly graph.

Let us take a closer search at some quantities the variance calculator makes:

The probability that John does not make any earnings over 4,000 arms is 9.two for every cent. five for each cent of the time John will be stuck in a downswing more than much more than $ 2,000 (1,000 big blinds). three to 4 per cent of the time John will be stuck in a downswing above more than ten,000 arms (that is two-and-a-fifty percent months if he plays four,000 hands for every thirty day period). On average John can expect to win $ 2,000 per month but there is a 5 for every cent possibility that he will possibly get a lot more than $ 5,000 in 1 month or shed at minimum $ 1,000 in one thirty day period.

To put these figures into a one, straightforward sentence: John could anticipate some wild rides and need to not be too stunned if he has a losing thirty day period and need to not boast excessively if he has a extremely good month.

Now what transpires to his variance if John performs more than just 1 month?

By natural means a single would assume the variance to have a lesser affect when playing a lot more. So let’s suppose John plays for 10 months (forty,000 fingers) with the same earn charge ($ 50 or twenty five big blinds per a hundred arms) and the exact same regular deviation ($ 238 or 119 big blinds for every 100 hands).

Here’s what the variance calculator displays:

variance2 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

Now individuals lines look considerably friendlier – all of them go up. And even the worst operate out of 1,000 trials is way earlier mentioned the zero line. In reality, let’s get a nearer seem at some numbers:

The likelihood of John shedding funds more than forty,000 arms (ten months really worth of reside poker) is miniscule: .001 for each cent. In 95 per cent of all trials John will get among $ ten,four hundred and $ 29,500 more than ten months.

These figures direct to 1 conclusion:

 Variance and Poker Pt. 1: How Good Cash Game Players Outrun Luck

Very good cash-sport gamers don’t sweat variance.

Very very good live money game players have no variance issues

The illustration we just went via shows that soon after a few months of engage in a great stay income-recreation participant can anticipate to merely outlast any adverse variance he may well face alongside the way.

If you’re very good ample and your earn fee is higher enough, you will arrive off effectively despite any downswing you may stumble into.

But the example also exhibits that above short periods of time you should consider variance into consideration. In our illustration there is a really sensible possibility of having a losing month (nine.2 for each cent).

So you ought to often make confident your bankroll can deal with those brief-expression swings.

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