Sole Trader Poker Business

  • 20 replies
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      1. Introduction and Biography

      I'm a 24 years old portuguese trainee lawyer. I've finished Law School in 2009 and I'm now working at an office learning the actual tools of the trade. In Portugal after finishing Law School one must go through a two years internship in a law firm/office most commonly unpaid. That means I won't have any source of income for the next two years while I'm gaining work experience as a lawyer.

      I don't hane any available time to get another job so I'm investing my free time to develop my poker game. Like many players out there I'm trying to make this activity a source of income. I've been playing poker for about a year and a half. But only since August 2009 have I tried to take it more seriously and necessity is the main source of my dedication.

      It's not my wish to play live tournaments, nor do I dream of WSOP or even reaching nosebleeds limits. I want to stay realistic. My goal is to make this a profitable part-time job in the long therm, particularly during theses two years without work income.

      The main reason for creating this blog is discipline. But also to motivate myself and hopefully other starting players. I want to develop certain routines to help me become disciplined. And I thought this was a good start. Also I think it's a good way to get opinions and advice on my play from other members.

      Also I don't want to make just a regular blog with graphs, hand review and rants. Besides those common topics my idea is to include ones that relate and that can be applied to different aspects of poker, such as Business, Management, Economics, Finance, Marketing, Law, Psychology, Philosophy and much more, which are all subjects which I have interest in.

      I chose the name "Sole Trader Poker Business" because a sole trader is "a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner (subject to taxation). All assets of the business are owned by the proprietor and all debts of the business are their debts and they must pay them from their personal resources. This means that the owner has unlimited liability. It is a "sole" proprietorship in the sense that the owner has no partners (partnership)."

      in Sole proprietorship,http://en.wikipedia.org/wiki/Sole_proprietorship


      Since I tend to write a lot I will finish this post right here. The next post will be a (hopefully) not too long story about how I started playing poker.


      Hope you enjoy.
    • Hahaownedlolz
      Hahaownedlolz
      Bronze
      Joined: 24.04.2009 Posts: 1,755
      What do you play though?


      Anyway goodluck with poker and your blog!
    • andyb43
      andyb43
      Bronze
      Joined: 23.07.2008 Posts: 903
      Originally posted by cryoburn
      [This post was purposedly left in blank for future index and other additions]
      Typical F!@#$in Lawyer............. :f_biggrin:
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      Thanks!

      Right now I'm playing:

      1$ - 6$ MTTs
      3$ 50man SNGs
      NL10 SH

      I will post some graphs later on.
    • TwiceT
      TwiceT
      Black
      Joined: 15.07.2007 Posts: 4,796
      i like your mindset sir. gl with your goals.

      where in portugal do u live?
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      Originally posted by andyb43
      Originally posted by cryoburn
      [This post was purposedly left in blank for future index and other additions]
      Typical F!@#$in Lawyer............. :f_biggrin:

      Hehe, I'm organized and nitty is some aspects and responsable when I really commit myself. But tilt and smoetimes lack of motivation are aspects of my life I'm trying to improve. That commitment in poker and what I learn from it I hope to bring to important parts of my life.
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      Originally posted by TwiceT
      i like your mindset sir. gl with your goals.

      where in portugal do u live?
      Thanks. I hope that I can really make up to what I say because it's easier said than done.

      I live in a city called Famalicão, between Porto and Braga. And I work in Porto (45min by train).
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      2. First contact with Poker

      I've discovered poker in September 2008. It was later in the summer in Portugal and I wanted to find out something fun to do with my friends when we weren't out partying. I thought about some games and such and I don't know why but I thought it would be nice to learn poker to play with my friends. I never knew anyone who played and I had never seen a live event on TV (I think...).

      Then I googled "poker" and ended up downloading PokerStars and started with play money. I really began enjoying the game.

      I tried to present the idea to my friends but nobody was interested...

      Nonetheless I began really enjoying the game but I realised I was really clueless about the game. So I began searching how to improve and outplay opponents.

      Obviously I googled "poker strategy" and stumbled upon at PokerStrategy.com in November 2008.

      It was really odd to me that there was a website that would give 50$ for me to play poker with no strings attached but I decided to take a chance.

      Can´t remember very well of my path in those starting times playing poker with real money. I recall studying the SSS articles along with some videos. Although it really sounded profitable I ended up loosing all my BR in a couple of months.

      Since making money wasn't really my initial goal I wasn't that concerned. I just was sad I didn't have any more BR to play and play money tables just wasn't the same thing. I began playing many freerolls without success.

      I also found out about some friends at the University playing live and the game began spreading amongst most of my friends. So I played live once a week, sometimes more.

      In early 2009 I found some other free bankrolls on the web and I tried out several other formats: MTTs, NL 6-max, NL HU, FL FR and 6-max, all kinds of SNG and some others. And although I kept a conservative BR I ended up having a couple of dollars in a couple of poker rooms. So I was left playing off BR on NL2 and <1$ SNGs. And even built up a 10$ BR from scratch at Everest playing those "Shasta" 10man FL SNG and moving through the penny NL SNGs.

      In that time I read Sklanksy's "Theory of Poker" and "Harrington on Hold'em" (bad idead to do so while studying for the final exams at the final year of Law School though!). And although I liked reading them they seemed a bit outdated. I figured the online poker scene was evolving really fast. This is when I also got PokerTracker 3 and realised something:

      I really sucked at poker. :f_o:
    • Eminescu500
      Eminescu500
      Bronze
      Joined: 08.01.2010 Posts: 412
      Originally posted by TwiceT
      i like your mindset sir.
      +1. Very nice beginning, i like the way you write.

      Good luck!
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      3. A new beginning

      Being already demotivated and spending less time with working on my game I received in late July 2009 an e-mail from PokerStrategy with some great news: they were offering me a 2nd capital of 50$ on PartyPoker.

      I thought this should be the time for a fresh start so I also changed to Hold'em Manager. I was also finishing Law School so it would all be a new beginning.

      I decided that I was best at cash games so I began playing underrolled NL4 6-max. It went well at first but with the ups and downs I played NL2 FR, NL4 FR and NL4 SH during the next 6 months.

      Being constantly at 100$ after 5 months I was getting really demotivated again.

      Then in December 2009 I made 1st place in an occasional 2$ MTT I played boosting my BR to around 400$. I though "Alright! This is it!".


      Although I made more 200$ in other 2 MTTs I managed to drop my BR to 200$ playing NL5 and NL10 SH, 6$ SNGs, and tilting to the casino games... (wtf?!)

      Feeling pretty stupid and really angry with myself for allowing all that to happen in March this year I made a decision: I'm going to improve and be disciplined.

      I will study the game, my game, others game, I'll review my sessions, my stats, my graphs, I'll use HEM filters, I'll read more and better books, view more videos, participate more at forums, play less tables, improve my HUD and its usabilty, search and plug leaks, I'll study ranges, create extensive players notes, write ideas and thoughts, I'll joing groups, do sweat sessions, I will really start thinking hard about every aspect of the game.
    • supeyrio
      supeyrio
      Bronze
      Joined: 11.11.2009 Posts: 3,106
      heyo! nice to hear a prospective lawyer playing poker. all the best!
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      4. Recent Time and Present Time

      Here's my full cash game graph since I began playing at PartyPoker in late July 2009. This ranges from NL2 to NL10 SH and some FR. It really sucks being that much under EV after +200k hands but it's mostly downward due to bad decisions, playing tired or unwillingly and tilted. I would be breakeven anyway; not going to lie to myself.

      July 2009 - May 2010 (NL2, NL4 and NL10, SH and FR)



      I had to move down from NL4 SH to NL2 FR because of a downswing followed by tilt, where I lost half of my bankroll.

      After many many hands, MTTs, SNGs, videos, articles, etc, I really doubted my ability to play poker.

      I won 2 satellites receiving a ticket to PartyPoker's Monthly Million 640$ buy-in. Tried to trade the ticket for it's value but the Party support said I couldn't so I would have to play... But busted out in 308/1600 and the prize structure reached only the first 200 players. I couldn't handle most of the players at that stage and I don't have enough knowlegde or experience.

      Right the next day I made another 1st place on the 1.5k Gtd Speed, taking 360.34$.



      Played some 3$ SNGs and MTSNGs, some MTTs and began trying NL10 SH. I withdrew
      for the first time since I started playing poker because I needed some money, leaving a my bankroll at 260$.

      Now I will take it slowly playing NL10 SH on 2 to 4 tables only when I'm willing to play and when I'm focused. I won't use a HUD and I'll play using only reads with a slightly weak-tight TAG approach. And will also be playing 1$-3$ MTTs and some 3$ 50man Speed SNGs.

      In fact my MTT and MTSNG graph is the only thing positive:

      July 2009 - May 2010 (MTTs and 3$ 50man Speed SNGs)



      I must maintain positive, focused and avoid playing tired or on tilt.
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      Though this is directed to begginers, I'm probably not the best person to give advice on playing poker since I've been a losing player mostly (believe me when I say it's hard to admit that after all I've been through). My 6-max game has a lot of leaks and my lack of tilt control and playing without the right focus makes it all a lot worse than it is.

      However I know that there's a lot of new members here at PokerStrategy who are just starting out or those who are trying to switch from SSS to BSS. And most of them want to just learn and practice some basics of poker and build a bankroll. And most of their bankroll doesn't allow to play higher stakes. I'll try to give back my small but hopefully helpful contribute to this great community. This is for all of you who want to start from a small bankroll with a very low risk of ruin while practicing ABC poker.

      Any criticism, suggestion or question is always welcome. Hope it's useful to someone out there.


      A Small Guide on Beating NL2 FR (Part 1)

      Obviously this isn't an alternative to the articles and videos on this site. It is just a small contribute based on my experience on NL2 FR at PartyPoker. The tips that I'll be giving are open to criticism. This is just the way I found to beat it and build a small bankroll out of it. Besides you don't need more than level 1 thinking while playing.

      Don't try fancy plays or bluffs, it just isn't worth it. Don't slowplay EVER and always bet big for value. You want to have your whole stack in the middle by the river with your best hands. Also if you're not sure you're ahead just go for a cheap showdown or fold to aggression.

      1. Introduction: My experience on NL2 FR

      I think this shows how soft it is to beat this stakes. And this comes from someone who has been losing at NL4 SH! This is the only graph I have that the EV line is very close to the winnings (because in my 100k hands NL4 SH graph I'm like -50 BI under EV, but my EV line shows I would be breakeven anyway).

      This +60k hands on NL2 FR, where I ran at about 14.5bb/100, winning 9266 big blinds or 185$.



      I think NL2 FR it's a good place for newcomers to start and steadily build a bankroll.


      2. Table Selection in PartyPoker

      Only play on the regular 2$ max buy-in tables. Do not play on those new 20BB min and 40BB max. And select the ones that have a max of 2 players under a 1$ at the table. You should find tables with players with as much money on the table as possible: you want to extract the maximum possible with your good hands. There are plenty of tables of people with around the full 2$ buy-in. If of the 9 players 3 leave, close that table and find another one. Also remember to activate auto-rebuy to max.

      I do not seat select since I assume that almost everyone at this level doesn't have a clue of what they're doing and what they're supposed to do. I don't consider myself better than anyone. I just think I'm not as bad and that should be enough to make a solid profit. Also the regulars I found there are make a lot of mistakes by calling or folding too much.

      Note: that doesn't mean that you don't need to take notes on opponents. That's something always useful.


      To be continued.
    • dylboi011
      dylboi011
      Bronze
      Joined: 20.04.2010 Posts: 813
      omg thats an insane red line for nl2, and a +ve non showdown winings on your first graph as well, do you tend to bluff a lot or is it only me that has a deeply -ve red line at low stakes :f_eek: nice blog keep it up:)
    • Joenaes
      Joenaes
      Black
      Joined: 18.07.2008 Posts: 4,137
      I really like this blog already and I'm looking forward to your writings about poker and management/economics/law etc. I'm an Economics student who will graduate this year.

      Oh, and trade poker skills for Portuguese skills :f_cool: ?
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      Originally posted by dylboi011
      omg thats an insane red line for nl2, and a +ve non showdown winings on your first graph as well, do you tend to bluff a lot or is it only me that has a deeply -ve red line at low stakes :f_eek: nice blog keep it up:)
      Thanks!
      At NL2 FR I tried to keep it simple. Bluffing there with air is suicidal. But I cbet and double barrel a bit too much sometimes. But also people there chase all kinds of draws so I'm valuebetting large just to get a fold by villains who have invested 2/3 of their stack.

      Overall I guess I try to Cbet good flops and double barrel good turn cards or vs specific opponents. There are also a lot of regs who Cbet 1/2 pot when they miss and I make a note on them so I can float IP and bet turn after they check. I tend to play good draws aggressively as well.
      Also on 6-max I used to play with a HUD and was 3Betting and squeezing merciless :f_biggrin:

      But one of my worse leaks is still at showdown. I keep getting all kinds of excuses to make poor calls...
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      Originally posted by Joenaes
      I really like this blog already and I'm looking forward to your writings about poker and management/economics/law etc. I'm an Economics student who will graduate this year.

      Oh, and trade poker skills for Portuguese skills :f_cool: ?
      Hey, hope for the best in Economics!

      Of course I accept that trade! :f_biggrin:
    • Joenaes
      Joenaes
      Black
      Joined: 18.07.2008 Posts: 4,137
      Update needed :f_p:
    • Gerv
      Gerv
      Bronze
      Joined: 07.05.2008 Posts: 17,678
      Originally posted by Joenaes
      Update needed :f_p:
    • 1
    • 2