Friday, February 05, 2010

New Bankroll Management for 2010

I made a new goal for myself in 2010.

In the past I have been trying to win money to move up in stakes. I guess eventually I thought I would get to a level where the income would be useful and I would feel like a bit of a bigshot.

Well I am giving up on that goal for at least a year. I added a couple hundred dollars to the bankroll to top it out at $5,000. For 2010, every month I will add up the bankroll and if it is above $5,000, I will take out the additional money and spend it on fun things.

I came to this decision over a long period of time. It comes down to a few reasons. One is that if I never take money out of the site, I might as well be playing with fake money. Secondly, the $5,000 stake is large enough to comfortably play .50-1 PLO and $1-$2 No Limit. I have some trouble being a profitable player at these levels, let alone anything higher. Until the UIGEA gets over turned, I think the games are going to continue to get more difficult and it will be tough for me to improve my game fast enough to move up in stakes. The third reason is that I would like to update my iron set of golf clubs including my wedges. I bought my Callaway X-16's with my poker winnings from Party Poker in 2004 and I would like to see if I could pull it off again.

January was my first month under the new plan. It did not go well as I ended the month down a little over $200. The majority of the losing came at PLO as I have been playing like ass over the last 2 weeks.

I am reading the new book from William Jockush on PLO and I am really having a hard time implementing the ideas. Plus I keep getting the feeling that I am getting pushed out of my medium strength hands, and every time I pick up the nuts I never seem to get any action.

I may just go back to grinding away at the Double or Nothing SNG's at Poker Stars again to inflate my cash balance.

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