What is good BRM? Savings?

[Marky147]

Just keep flicking it in till the bank phones you up.

I did that went from 5k to 50k in just over a year because the banks kept flicking it at me and I didn't have a decline button....

[JK]

Just keep flicking it in till the bank phones you up.

The old CALL OF SHAME EH, I know this one...

"Just want to ask you about some debit card transactions Mr nicholson...

9.21pm £51.60 at Jake's bar, Leeds

Yup, that;s me

11.04pm £85.46 at Oporto, Leeds

Yup, Me

2.21am £1,000 Gala Casino, Leeds

Oh god, yes me.

2.43am £56.80 Red Carpet Leisure

...yeah...me

3.00am £118.20 Red Carpet Leisure

YES, STILL ME!

3.35am £188.45 Red Carpet Leisure

OK OK THEY'RE ALL ME OK just unblock my fucking card."

Had this once. Was something like "10pm, £200 pokerstars, 10:30pm, £200 pokerstars, 11pm £200 pokerstars". Think I did 3k that night rofl

[pleno1]

I had the same thing today with 6 pairs of kurt geigers

[AndrewT]

I had the same thing today with 6 pairs of kurt geigers

Thinly veiled 'I've got 12 feet' brag post.

[pleno1]

i ordered 1

[Nico29]

Ruperts vid on pokerstrat?

[pleno1]

http://www.pokerstrategy.com/video/26064/5

made it a weelyl freebie so all blondes can see

[cambridgealex]

http://www.pokerstrategy.com/video/26064/5

made it a weelyl freebie so all blondes can see

Rupert speaks and comes across really well, but I don't like the content much.

It starts off with this baffling graphic that is really poorly explained (unless you already know what "Sharpe allocation" is  or "Mean variance frontier" etc etc). I did Economics A level and a year of it at Uni, but I didn't really grasp what was going on in that graph. So I really doubt people who haven't done Economics will understand it, you just seemed to take it as given that people would understand those terms and just immediately get what was going on.

Prepared to be embarrassed if I'm just a simpleton and everybody else understood it no problem!

That would be fine if the rest of video was of a similar level - it'd just be a niche high level video - fine. But it's not, the rest is really simple basic advice and explaining concepts such as "Tournaments with bigger fields are higher variance because..." and "softer tournaments are lower variance because".

That first graph was definitely the most interesting and useful concept of the presentation, but I feel he rushed it and didn't explain what everything meant for those of us who dropped out of our Economics degree or even those grinders who did no Economics at all!

[claypole]

Pleeeeeno....congrats on the bink and all that, nice work if you can get it.

I am old and had a completely different approach when I didn't work for a year and a half, I remember Dubai taking the piss out of me when I said I would have to drop to $60 ABI as I only had $x in the bank - but I have a mortgage and shit.

Basically, my basic outgoings are £2k (car, mortgage, bills, some food) a month and I didn't really want to change my lifestyle too much.  I worked it with basically five pots of money, sometimes in my head rather than completley seperate, altho I do use a few current / savings accounts and tried to be organised:-

Savings (with a "I need to get some work trigger" of £xk - x is personal based on risk)
Bankroll reserve - in online savings a/c
Living Expenses - in current account
In Play Poker Bankroll - online
in Play Betting bankroll - online

Basically, I locked away the savings / in shares, funds and a proportion liquid - Premium Bonds.  I never had more than my £xk work trigger not liquid e.g. shares / funds

My bankroll reserve tried to leave me with 500xMTT ABI Total (including 100BI in play) (I know not enough mathmatically)

I always kept my Living expense account at 3 months - e.g. £6k, everymonth I would either top up from my rolls or take from my liquid savings in reserve.

I always kept my betting bankroll at £2k, at month end I would either top up from savings or send money into the reserve.

I kept my poker bankroll online at about 100 buy ins, especially after Black Friday - however i always tried to keep my ABI at a level where I had 500x BIs in my inplay and resrve roll.  This is where I lacked some discipline when I started to downsing, I didn't drop down levels, which meant ultimately I reached my "£xk I need to get some work level" in May this year.  I think the difference for me here is being older and having had a career I was pretty confident I could get work, so when I didnt drop down the levels it was sort of conscious - although not good BRM if I didn't want to / couldnt get work.  Also I had a 5% live limit, so if my assets over my £xk level were say £40k, I could only play a £2k live - hence I sold action for WPT for example (thin).

Basically then, when I had good months I'd top up my savings and bad months I'd refresh the bankroll.  Ultimately, when I reached my "trigger point" of Xk in May this year after a combination of a bad downswing and realising I am not as good as many others, I got some work.  Actaully, my attitude now very very different, I play less - so happy taking shots live and playing odd Sunday as I am earning. 

I think the morale is its what Keys said, its personal, and what your comfortable with - not what you read on the net.  Obviosuly there are mathmatical views on buy ins, field sizes, variance which is all useful - however part of the overall financial structure is about your attitude to risk. e.g. Shallow v me v lilDave all different, no right or wrong answer.

I was not always completely disciplined at this, for clarity - some months I'd spew, bet to much on sport, not drop ABI - I guess the one thing I was always disciplined on was my "xk trigger point" of getting some work.  I think part of the reason for the trigger point being that important to me was a combination of my age and the fact I knew I wasn't that good - it was more about giving poker a go, I knew my edge was much lower than loads of the guys I know, definately better live.  So I needed that trigger point to say "You've had a crack, back to reality - don't go skint"

It is about basic money management though.

Not sure if any of that is any help at all......

[SuuPRlim]

wow good post Shaun!

[claypole]

wow good post Shaun!

Thanks..I only post seriously when I think I can add something....thats why I never join you boys in PHA, self awareness and all that rofl

[skolsuper]

Fantastic post, thanks for sharing and v well done for having the discipline and humility to stick to your trigger point, millions don't.

[mondatoo]

I think as LilDave constantly refers to with this aspect of poker is it's very much hero dependant.

Other than just after the Monte Carlo bink (thin etc etc), I don't think I've ever had three months worth of monthly outgoings covered at any one point in my life roll, but that never bothers me whereas some other people would sweat that pretty hard. 500+ bi's for lol donkaments and 50-60 bi's at cash seems ok, more for both if you don't want to have to worry about going broke at any some point soon.

[redarmi]

Great post from Shaun and good post from Monda too.  I think, as Shaun said, it is also somewhat age dependent.  I recently had a bit of a downswing combined with some issues collecting and whilst I still theoretically had more than enough to continue and more than I had had in certain cases previously my circumstances and attitude to risk have changed so i decided to take on some work to help build my roll back up but I have responsibilities now so I would not be as comfortable as I was previously being underolled either for the bets i needed to make or in general life terms.  That is a decision only you can make because only you know your risk levels and responsibilities.

[SuuPRlim]

yeah one thing I will say is that an attitude like mine (quite risk heavy and aggressive) would prolly be pretty irresponsible if i had a family to support/mortgage, or any dependant outgoing. I've had loads of chat's like this with Stu (a.k.a Honeybadger) and I always say that i believe 100% if I'd had the same level of responsibility he has had on his shoulders during his poker career there is no way I'd have survived. tbh anyone with the discipline and work ethic to support a family in gambling deserves a huge amount of respect, regardless of their ability.

+1 to Keys post wp to Shaun for actually triggering at his trigger, one thing me and Jamie always ask each other, and I think this is a good question to ask all younger pro's, if you stopped beating poker, how long would it take you from that point to ACTUALLY quit playing the game (for a living) I feel personally like it might be a long time, I'd like to think i'd have enough about me to say "I'm no longer good enough, I'm out" but in reality I'm not convinced I would actually do this (not straight away anyways)