AAAKK 0 Posted June 12, 2006 Share Posted June 12, 2006 OK, it's still a ways off for me at this point, but not so far off that I don't daydream about it when I'm at work.When did you know it was time to quit the day job to just concentrate on poker?I'm up $13k in 17 days from an initial investment of $50.Been playing for years, but never took my winnings and tried to make more from them, always cashed out and took the wife to dinner or something. This time, I tried to build more and did.I also have a dream of owning my own photography business, mostly portraits and weddings. I think that if I can get the $13k to $100k in the next 6-8 months, I can get all the pro equipment I'd need and have a large enough roll to live off of and play poker to supplement until the photography got going.It just kills me knowing that every day I come to work for a 9-10 hour day, killing myself at a job I hate, then I go home, sit at the computer, and make 2-3 days pay in 1.5 hours at poker. Literally, it's costing me money to come to work!How'd anyone else handle the transition?Keep in mind I have a wife and 2 kids... Link to post Share on other sites
Jdr999 0 Posted June 12, 2006 Share Posted June 12, 2006 Stupid Idea. You are having a very hot streak, and are likely playing above a bankroll needed to play for a living. If you try to build your $13K to $100K in 6-8 months, it's very likely you will lose it all, and one bad beat could send you on serious tilt.Don't quit your day job. 17 days is nothing playing poker. If you could substain this over 17 months, I wouldn't consider it a fluke. Also, poker has no benefits like health care, 401K, etc... What would happen if you quit your job, and then lost all your $ playing poker? Link to post Share on other sites
danlux 0 Posted June 12, 2006 Share Posted June 12, 2006 I'm guessing you were playing way over your bankroll (unless you won like 10 grand in a big tourney) to make this much money. You probably went on a huge rush and havent seen the downside of variance yet. 100k in 6 months is probably a little too high of a goal, and I'm going easy on you. I'm guessing you're going to get flamed pretty hard. Do NOT quit your dayjob. Link to post Share on other sites
sixhands 0 Posted June 12, 2006 Share Posted June 12, 2006 OK, it's still a ways off for me at this point, but not so far off that I don't daydream about it when I'm at work.When did you know it was time to quit the day job to just concentrate on poker?I'm up $13k in 17 days from an initial investment of $50.Been playing for years, but never took my winnings and tried to make more from them, always cashed out and took the wife to dinner or something. This time, I tried to build more and did.I also have a dream of owning my own photography business, mostly portraits and weddings. I think that if I can get the $13k to $100k in the next 6-8 months, I can get all the pro equipment I'd need and have a large enough roll to live off of and play poker to supplement until the photography got going.It just kills me knowing that every day I come to work for a 9-10 hour day, killing myself at a job I hate, then I go home, sit at the computer, and make 2-3 days pay in 1.5 hours at poker. Literally, it's costing me money to come to work!How'd anyone else handle the transition?Keep in mind I have a wife and 2 kids...How the heck were you able to get $13k from $50 in 17 days.Sounds a little unreal to me, unless of course you hit the nuts on EVERY flop and were never sucked out on.Be careful 'cus variance is just about to tap you on the shoulder and give you a real big wake up slap.Good Luck though, power to ya if you can build it up to a $100k Link to post Share on other sites
erac22 0 Posted June 12, 2006 Share Posted June 12, 2006 I disagree with the previous posters. If you have a decent amount of savings, and you really hate your job, go for it. Follow your dreams now so if it doesn't work out you have plenty of time to get back on your feet. Just be sure that when you quit, you've educated yourself properly at poker, you've been a winning player for 100,000 hands dealt, and you're not going to tilt. I say go for it, but that's just me.erac Link to post Share on other sites
vvganeshavv 4 Posted June 12, 2006 Share Posted June 12, 2006 If u made 13k in 17 days w/out winning a big tourney I think u shouldA - write a bookB - start a poker campC - stake me at any WPT event. We'll go 50/50 on my win!!! Link to post Share on other sites
mx957 0 Posted June 12, 2006 Share Posted June 12, 2006 Wife and 2 kids = need health benifits and a steady income.According to your statement this experiment has gone on 17 days and you've added 13K to your monthly income. How much more could you want? You job is just an excuse to get the health benifits your family needs without taking money out of your bank roll. If you can do this for a year and you've still been able to maintain your win rate, then you'll have over 100k (13K * 12 months = 156K). Do this for 2 years and you'll be able to send your kids to college and set up your photography studio. Seriously, if you can maintain this win rate, you don't need to TP/MM you are already doing it. Link to post Share on other sites
MasterLJ 0 Posted June 12, 2006 Share Posted June 12, 2006 If you made $13k from $50 in 17 days, you were not playing correctly or within your bankroll.The best poker player in the world will go broke if he/she does not use proper bankroll management. Link to post Share on other sites
pokerfriendly 0 Posted June 12, 2006 Share Posted June 12, 2006 If i had 100k id quit in a second, go for it!! But also i dont have two kids.Being a great player takes alot of gamble. u have to have it to become a winner!! Link to post Share on other sites
dapokerbum 0 Posted June 12, 2006 Share Posted June 12, 2006 and the usualDFTPWYGB Link to post Share on other sites
socalpoker_j 1 Posted June 12, 2006 Share Posted June 12, 2006 50 dollars turned into 13k in 17 days, sounds like one of those real estate infomercials, I usually like to give people the benefit of the doubt and not be such a pessimist, but come on... Link to post Share on other sites
Jdr999 0 Posted June 12, 2006 Share Posted June 12, 2006 Being a great player takes alot of gamble. u have to have it to become a winner!!What a flawed statement. In poker, you don't need to gamble to become a winning player. While you do need to gamble somewhat when moving up in limits, you don't need to take huge risks that will destroy your bankroll. Quitting a job and going "pro" after winning 13K in less than a month is crazy, more so when you have a wife and two kids to provide for. Link to post Share on other sites
mtdesmoines 3 Posted June 12, 2006 Share Posted June 12, 2006 I turned pro when I had about $10K in the bank. It's been all upside since then. Link to post Share on other sites
epistemic 0 Posted June 12, 2006 Share Posted June 12, 2006 I own my own company and play part-time. But the reason I could do this is because I have a supportive gf, no kids, and only me to screw over royally. Unless you have 6 months-8 months of screw you money set aside, an excellent business plan, and a completely supportive spouse, as well as skills that could get you easily back into the workforce, you have the best of it right now in your current situation with poker supplementing your income. You're on a super heater, it may always sound like everyone is saying "oh you're on one hell of an upswing" just to be cynical or critical, but it's not the case. I've done more with less in a smaller amount of time, and gone completely dry for 6 months thereafter. Link to post Share on other sites
No_Neck 0 Posted June 12, 2006 Share Posted June 12, 2006 don't quit until you have at least a years worth of money in the bank (or liquid investments) and keep in mind you need to pay for your own retirement and health care.it could be a lot of money. Link to post Share on other sites
AAAKK 0 Posted June 12, 2006 Author Share Posted June 12, 2006 TP/MMOK, I'll bite, what the hell does this mean?And guys, give me a break a little. I started off saying it was nowhere close. But my winning is more than a simple turn in variance. I was a math major in college and an actuarial analyst in my day job, so I know that my winning is more than just variance. How much more is hard to quantify, but if I could keep this streak up for 6-8 more months, although I'm expecting to a lesser degree, it will definitely be time to consider.As for the downside of variance, I lost $4800 on Thursday night. Is that enough downside for you?Some stats:17 days14 winning daysSat at 91 tablesWon at 64 of themOutside of one $0.5/$1 and one $2/$4 session, all at 5/10(24 sessions), 10/20(30 sessions), 20/40(18 sessions), 30/60(10 sessions), and 50/100(8 sessions).81.6 Hours played ($158.60 per hour on average)6,882 hands (1.88 per hand on average)Total Amount Bet - $291,603.80Total Amount Won - $304,267.84And I know I'll get flamed for playing over my bankroll, but it got to a point where it was all found money and I was willing to take the gamble. I can sit at 50/100 with $3,000 and be middle of the group as fas as stack size goes and play right. If I lose, I'm willing to take that gamble at this point. I wouldn't be if it was my FT job, but right now, it's not.As for being able to get back in to the workforce, it would take me maybe a month from putting my resume together to my first day at a new job... Link to post Share on other sites
mtdesmoines 3 Posted June 12, 2006 Share Posted June 12, 2006 1) As for the downside of variance, I lost $4800 on Thursday night. Is that enough downside for you? 2) As for being able to get back in to the workforce, it would take me maybe a month from putting my resume together to my first day at a new job...1) you don't know from variance2) it's good to have a plan Link to post Share on other sites
MasterLJ 0 Posted June 12, 2006 Share Posted June 12, 2006 Discipline is a tough thing to learn. "Gambling it up because it's all winnings," at any point in time tells me you are not ready to quit your day job.To answer your original question about when you know to quit your day job...It's when you have 100-200k+ hands in pokertracker that unequivocally demonstrate that you're a winning player and that you've excersized proper bankroll management 100% of the time, you have minimized tilt, you have set and adhered to a stop-loss (2-3 buy-ins per day) and you've set aside reserves to fall back on in tough months. Link to post Share on other sites
danlux 0 Posted June 12, 2006 Share Posted June 12, 2006 Cold streaks can last months man. There will be times when you absolutely cannot win, no matter what you try. We're not trying to flame you, a lot of us are seriously warning you, don't do this yet. Before you know it you'll be on tilt and then dipping into your savings account or something else and you could lose more than you even imagine. Just wait a little, if by some miracle you keep this pace up, well then tp/mm. Link to post Share on other sites
ColeSLaw 0 Posted June 12, 2006 Share Posted June 12, 2006 But my winning is more than a simple turn in variance. I was a math major in college and an actuarial analyst in my day job, so I know that my winning is more than just variance. How much more is hard to quantify....Wow. I'm going to try to say this nicely. Your reasoning is lacking in the above statement. You are playing way above your bankroll, and just because you have some math experience doesn't mean you understand variance. In fact, you seem to have convinced yourself that because of some math experience, you are not subject to variance."I know my winning is more than just variance. How much more is hard to quantify." This sounds like a crystal ball or an ego calculation to me.Be patient, if this continues, you can do whatever you want in a few years. Until then, day dream about becoming a professional athlete or entertainer like the rest of us, and then go get me more coffee, mmmmmk. Link to post Share on other sites
Killrus 0 Posted June 12, 2006 Share Posted June 12, 2006 TP/MMFirst thought that came into my head... Link to post Share on other sites
epistemic 0 Posted June 12, 2006 Share Posted June 12, 2006 Discipline is a tough thing to learn. "Gambling it up because it's all winnings," at any point in time tells me you are not ready to quit your day job.To answer your original question about when you know to quit your day job...It's when you have 100-200k+ hands in pokertracker that unequivocally demonstrate that you're a winning player and that you've excersized proper bankroll management 100% of the time, you have minimized tilt, you have set and adhered to a stop-loss (2-3 buy-ins per day) and you've set aside reserves to fall back on in tough months. Link to post Share on other sites
dms26 3 Posted June 12, 2006 Share Posted June 12, 2006 you're probably not going to get good answers here,as most don't play for a living. If they do it's most likely because they are in college and don't have a wife/kids and a serious job.But even asking this question means you're not ready. Personally I would want my house paid off and a good amount of money in the bank before I even considered leaving a steady job. Also remember health care isn't going to be cheap, especially for a family of 4. Link to post Share on other sites
Jdr999 0 Posted June 12, 2006 Share Posted June 12, 2006 And guys, give me a break a little. I started off saying it was nowhere close. But my winning is more than a simple turn in variance. I was a math major in college and an actuarial analyst in my day job, so I know that my winning is more than just variance.I'm not giving you a break because over 17 days variance factors in more than skill. I'm not saying you are a poor player, but it is impossible to determine if this is substainable over a long period of time. Despite what you may think, 17 days and less than 7,000 hands isn't a lot when considered quitting your job. Also, if your winning is more than just variance, what is it?If you want to go pro, go ahead, just don't complain if you hit a cold streak and you start having a negative hourly rate. Link to post Share on other sites
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