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07-26-2017, 03:17 PM
Yeah, $40 an hour suggests your poker career is not exactly a busted flush. But it would be good to get at least one other source of reliable income. That at least gives you some financial insurance; something you'd definitely want if you're out in Bangkok or Saigon.
Research the options, knuckle down and I've got full faith you'll succeed.
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07-26-2017, 03:24 PM
If you could earn 1000$/month, you yould live decent life in Eastern Europe. And you can always get normal job with no qualification needed.
"Love your life, perfect your life, beautify all things in your life. Seek to make your life long and its purpose in the service of your people."
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07-26-2017, 04:07 PM
If I was 21 spectrum, I would more heavily consider what you're saying. I have considered teaching English abroad but think for long term I would be better served learning copywriting, programming or Amazon FBA.
I have no problem getting down and dirty, a part of me wishes I got into trades earlier. But for me to spend 20-30k more on schooling, plus 2 years of obtaining the skills seems like it would be inefficient compared to getting a sales job or grinding away at poker in comparison.
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07-26-2017, 06:15 PM
$25 is not a lot of money at all. Think of as you totaled Camry with no insurance.
Are you going to let Camry get in the way of your life?
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07-26-2017, 06:21 PM
Quote: (07-26-2017 06:15 PM)Sebastian Wrote:
$25 is not a lot of money at all. Think of as you totaled Camry with no insurance.
Are you going to let Camry get in the way of your life?
He said 25k, silly billy.
Maine and Canadian lobsters are the same animal. Prove me wrong.
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07-26-2017, 06:36 PM
Listen here Rusty Shackleford because I'm giving it to you straight:
Get your ass in that casino and play some cards. You are a gambler. Be who you are.
I don't want to here anymore of this whining. I want to hear winning.
Aloha!
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07-26-2017, 07:23 PM
I don't want to beat you when you're down, but you're both claiming to make 40/hr and also saying you lose 25000 on a down run. If you're doing 500 buy ins, then it would seem you went on a 50 net loss buy ins, which is absolutely atrocious. Or you're saying you've lost 25000 in money made from 500 buy in (such as getting to 2500 from 500 5 times, and then losing it). If it's the former, you need to absolutely stop. If it's the latter, than you really only lost 2500 in buy ins, which isn't the end of the world, but it does indicate you don't know when to stop, walk away and clear your head.
Either way, at this age, I'd start looking at a normal job and real self-investment. You're either making 80,000 a year working full time poker (2000 an hour), or you're working part time and then not using the other 80 hours a week you're awake productively. Or you're not being totally honest on how much you make an hour.
I'm not trying to endlessly criticize, but I'd suggest trying a new career path that involves building more marketable skills. What does Canada offer in terms of college tuition assistance? Even if you keep playing, you'll still have time for classes
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07-26-2017, 08:18 PM
@sonoma reasonable questions. I have been putting in about 120 hours of live play in months that I am here, but it's allowed me to travel a lot. I spent 2 months in Asia last year, as well as spending 35-40 days in Vegas every year. I also spent a month in London/Spain last year as well.
On average I put between 100-120 hours of live play, plus maybe 20-30 hours a month studying. I never once tried to suggest I work full time or do anything beyond working out and chasing girls + partying. I am at the point where I don't really want to continue with live poker and want to go abroad. I agree with jcardial, online Hold 'em is mostly dead or I am not willing to put the effort into it (too much catch up).
Live PLO is not like live Hold 'em. The non pros may not understand but yes I have bought in for $4-500 and lost 4-5 buy ins in 4 hours. The game plays really deep and you get your money in multiway in PLO. Meaning I am 32% to win 4x my money, the variance is disgusting.
If I were to go on a $25,000 downswing playing Hold 'em it would be a world of difference. My good friend who regularly pulls 6 figures out of this game recently went on a 40k downswing, and he is a MUCH better player than me.
I want to start building my own skills away from poker. I do not want to be a professional hedonistic gambler into my 30s, but I don't think school is very profitable way to go.
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07-26-2017, 08:26 PM
Thanks for taking the questions in a positive light, I knew it was a bit abrasive, but I didn't know how to reword it. Do you cash out after a certain amount and then buy right back in to limit the downside? (I'm not necessarily suggesting you do so, just curious).
It depends on how Canada does schooling, in the US it can be near-free, or even outright profitable (where grants and scholarships exceed tuition and costs of living) depending on your income/state.
I've played the education funding game fairly well for where I live, so that's all I can speak to. I know there's a lot of info around here with business opportunities for foreign living, but I'm unhelpful in that field
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07-26-2017, 08:33 PM
I have had 2 soul crushing experiences where I lost about 1000-1500 early in the session, chip all the way back up to about 2k or 2400 and lose it all. That's happened twice during the downswing and I am now finished with it.
I cash out when I am in too deep (anything more than 1,500 now) and the game is high variance. One or two players can warp a table so tremendously in PLO. I am at the point now where I haven't even played omaha to be honest, because I am worth less than 6 months living expenses right now. I am only playing Hold 'em.
I am almost 28, and still have student loan debt. I do not really want to spend 2-4 years going back to school, even if it were free. I think it's a poor use of resources to be honest. Compare what I could do even part time with Amazon or learning copy or programming, I think school would be a poor choice.
If I want to stay in Vancouver, I will take a full time job with a company who will groom me for the long term and make good money with them. However that would commit me to staying in Vancouver, which I am not sure I want.
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07-27-2017, 12:46 AM
@Thomas you are absolutely right I forgot about the teaching English thing. I am considering starting the side hustle here while I play poker part time to pay the bills. I seem to have a few options getting clearer in the mud from all your guys wonderful help.
1) Get full time sales job + play part time in casino -> stay in vancouver
2) teach english + head to asia + start side hustle once I'm settled
3) Play poker part time + start side hustle now (copy writing, amazon FBA, programming) Get side hustle $$$ -> move abroad
I am leaning towards playing part time and running a side hustle instead of teaching english. I am not desperately unhappy in Vancouver, but if I wanted to get out right now I had forgotten about the teaching English angle. Thanks Thomas I am aware of Suits knowledge in this subject. I only have a 2 year degree, which would be a mild inconvenience but nothing terrible (I could buy a forged one I'm sure if my life depended on it)
I have a friend in Saigon who could put me up, and there are worse lives than tearing up Saigon with him...
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07-27-2017, 06:48 AM
Rusty I have played the occasional game of poker for fun here and there but I can't say I know a lot about poker so take what I say next with a grain of salt.
In one of your posts you said "I am not on the streets. Since going broke I am playing Hold 'em on the weekends to pay bills. It's better than a dead end job and I could easily support myself on 15-20 hours a week of Hold 'Em, but it's not good money."
Is there a reason you can't go to a cheap country in Asia or Eastern Europe and rent an apartment near a casino and grind Hold 'em against amateurs at a casino there? I would imagine if you hit up the same limit type of tables you could make similar money grinding away. If you make for example an average of $15 - $20 U.S. dollars an hour in Eastern Europe or Asia (in a physical casino) and work 20 - 30 hours a week, you are making a very comfortable living there.
Again this is coming from somebody with little knowledge of gambling/poker but it seems to me the main reason you fucked yourself up is because your starting bankroll was too small.
Having a $30,000 bankroll and betting up to $2000 per night can fuck you up quick if you have a nasty losing streak. Also when your cash is running low it stresses you out and you have less mental clarity thus affecting your play/game.
I bet if you worked hard in a full time job (while grinding a bit of low stakes casino Texas Hold'em on the side) for say 3 years (while being frugal) you could save up $100,000 bank roll. Then, continue to live a frugal lifestyle so your living costs are low and don't eat too much into your bankroll and go back to full-time poker. with a $100,000 bankroll even if you bet a maximum of $1500 per night every night, it would take a long time and one hell of a losing streak to go bankrupt. This also means you play with less stress and more confidence which would improve your game.
Even at a $100,000 you should still be aiming to grow your bankroll by reinvesting some of your winnings until it hits $250,000. The bigger your bankroll, the higher the margin of safety you have. If you limit yourself to say a maximum loss of $1500 per night like you are doing now, assuming you have some sort of reasonable skill at poker its pretty damn near impossible to lose a $250,000 bankroll grinding at low stakes sit and go texas hold em poker tables at the casino. Grinding away at casinos in Eastern Europe or Asia with this kind of bankroll, you could live like a king.
Its clear from what you said that previously you were way too cocky. Here you were with a $30,000 bankroll taking holidays to Asia and Las Vegas when you should have been thinking "shit my bankroll is way too low and a bad losing streak would bankrupt me, I have to build up my bankroll". You should have been living a Spartan lifestyle of no holidays and 2 minute noodles, etc when your bankroll was $30,000 to build up your bankroll to an acceptable level. You seemed to think you were invincible though.
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07-27-2017, 10:11 AM
I agree with Australia sucks. You have created a false dichotomy - live poker at home or online poker abroad. Other countries also have casinos and poker rooms.
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07-27-2017, 11:27 AM
I doubt it other countries will have big/soft enough games to make the move worthwhile, other than the international hubs like macau.
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07-27-2017, 12:56 PM
@australia I didn't realize at the time that 30k was too small a bankroll at omaha, even in the past few months players have gotten a lot better and there's money. If you think I lived a lifestyle where I balled out in Vegas/Asia you would be wrong. In my trip to Asia I went full backpacker mode, I travel to Vegas for the cash games to make money. Hell, even when I went to London + Spain I stayed with locals or couch surfed, because I couldn't afford the $40USD/night to stay in a London hostel.
To say I misunderstood the variance of omaha? Sure. Was I naive? Absolutely. But to suggest I thought I was invincible is a fallacy. Read through my post, my confidence is shaken deep. To suggest that I sat down with 8% of my bankroll at the table is an outright lie. These were $4-500 shots.
I have a roommate and pay peanuts for my place in Vancouver, well away from the DT core (I sublet a friends basement suite) and I have a beater car. I make 90% of my own meals. This is not a Las Vegas baller lifestyle.
The only place in Asia where I could gamble is Macau, and since I am not playing mid to high stakes (think 5/10 or higher) the expenses would be way too high to sustain myself. I don't know much about Eastern Europe to be honest, but to travel halfway around the world to grind 1/2 seems silly.
If I wanted to stay in poker, Omaha is the future. But online poker is trending downward or near dead, and I don't want to be a live casino pro. I posted this in an attempt to understand how I could move away from poker, and build some valuable online skills so that I may (eventually) move abroad without having to teach english.
FWIW, I don't think its relevant to discuss how I got here. I am broke, I want to get out of my current career, and I want to learn what else is out there. To look back at how I arrived is irrelevant to how I can move forward.
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07-27-2017, 01:06 PM
@akwesi It's not a false dichotomy. I want to move away from poker. At the low stakes that I play, even the games in Vegas are not very profitable anymore, and it's very cheap to live in Vegas.
There are a few American cities where I could make it work, but I am not optimistic or interested in uprooting my life to play 1/3 abroad. I could attempt to wander Europe and follow tournament series, but I don't want to continue playing poker long term. I believe it's trending downwards and I want to build business skills going forward.
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07-27-2017, 02:05 PM
I've been thinking about teaching english as well, but it is kind of a last resort for me now and I would only do it as a quick way to get abroad again. I think it is a dying field. Online language learning software will eventually replace in person teaching. It is only a matter of time and I see it happening sooner rather than later.
In the same way, the online poker landscape has completely changed due to HUD's, better competition, and eventually AI/ bots etc as I'm sure your aware which will completely kill the game. If the online games were still like they were 10 years ago I would move abroad to grind professionally in an instant without a second thought.
So here we have two dying fields that were previously great options to escape america.
Honestly programming will probably be replaced almost entirely eventually by cheap 3rd world labor as well, not to mention all the frameworks popping up that make coding easier.. With shit like Word Press anyone can throw up a decent webpage in minutes now. Sure there will always be a market for more advanced cutting edge stuff but the barrier to entry is high.
Private labeling ali baba products for Amazon FBA, yep already saturated as well. Missed the boat on that one.
Not trying to be overly negative, but I always see the same ideas for getting abroad recycled over and over and there has got to be some better options.
I'm in similar situation as you OP, and looking to the future trying to figure out what's next. I'll be following this thread closely to see what you decide.
One thing I'm certain of and slowly coming to terms with myself is that it is not going to be easy to make all my income online, and is definitely going to take a shit ton of work. In theory it is possible, but I'm finding it takes an insane amount of discipline to pursue this path.
What I've been wondering is if it might be better to just work seasonal jobs in the USA for half the year, then travel the other half instead of trying to make income abroad. Although not ideal I still think it is a decent option if you can put up with working some shit job for a while. If you do it right you might even be able to travel a year or more off of 6 months of saving from a regular job. This option of course would mostly disregard common financial advice about saving for retirement.
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07-27-2017, 07:49 PM
Don't buy into the bullshit that you are what you own.
Money is not your self worth.
You had money before, you can get it again.
Focus on who you are, your values and get back to hard work to make your way in the world.
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07-30-2017, 08:28 AM
Poker players go broke all the time. I had a buddy that built up his roll to 2MM at Commerce, lost it all, borrowed from a friend and built it back up to 2MM, lost 1.5 of it back and then quit.
If I were in your shoes I'd try to borrow from a poker friend and build my roll back up. If the games are still good in your area you should be able to build your roll back up.
You can lose a or make a lot of money quickly in PLO, as I'm sure you know. Stick to playing in good games and practicing proper bankroll management.
If you play poker and do FBA on the side you won't have to take any money out of the amazon business and it will grow a lot faster.
You want to know the only thing you can assume about a broken down old man? It's that he's a survivor.