Firstly I would like to congratulate Eoghan O'Dea for making the final nine in the this year's WSOP main event today. It was exciting to watch the live stream and it was only a few nights ago in Vegas that I had the pleasure of having dinner with Eoghan, Nick Newport and Peter Murphy before we wished Eoghan well to make the final table. I believe that Eoghan and his father, Donnacha O'Dea, have become the first father and son pair to make the WSOP main event final table.
I am now back in Oz and looking forward to planning the next twelve months of poker. This is always an interesting phase of the year because for me its not as simple as just logging onto 4-5 different poker sites throughout a day and playing every high stakes SnG and MTT available each day with a huge bankroll already behind me.
Being a full time IT manager and trying to balance work, life and poker means that my time is at a premium. I need to plan out the days every week because I will not be able to put in the volume online that the usual professional grinder can achieve nor will I be able to attend all the major live events each month. However given the choice I definitely have a preference for online poker. Many recreational players should be able to relate to my situation.
Another consideration I need to take into account is the current state of online poker since the events of Black Friday. I lost a minor part of my online bankroll due to the Full Tilt poker debacle. Luckily most of my bankroll sits on PokerStars which seems to be solid enough however its time to even review this policy. Once bitten, twice shy - it's probably risky now to keep too much of one's bankroll on a single poker site.
It interesting that since I have requested a large withdrawal from PokerStars today that I seem to be getting some 'routine resistance' from the poker site's security department on authorising my withdrawal. Although I have no doubt funds will be 'freed up' soon enough with my provided documentation I wonder if this is a damage control mechanism as result of current volume on player withdrawals?
Pending successful redistribution of funds I will primarily target my areas of strength in single-table SnGs, multi-table SnGs as well as MTTs. In terms of bankroll management I will be on the conservative side with 60 buy ins for single-table SnGs and 200 buy ins for the 180 man SnGs and MTTs.
It is most likely I will continue to play on PokerStars for the 180 man SnGs as they are the only ones with the likely volume to make the grind practical. As far as the single table SnGs are concerned I will look for a softer poker site which will also provide me a solid rakeback deal as well.
Taking everything into consideration I will start with amounts around $500-$600 exercising the bankroll management outlined above and try to build the bankroll. I will try to emphasise discipline with the aim to just continually make good decisions and review my play rather than just being results oriented in the short term. I will also only be able to play around 3-4 nights a week.
One area of exception to the standard bankroll management will be to take more one off 'shots' at satellites to major events. This is something I haven't done enough in the past but is worthwhile if I can budget for the right amount.
In the coming blogs I will try and cover the specific application of this game plan and some projected volume and ROI calculations. I will also try to track the leaks in my game and the adjustments that will be needed along the way through further study.
Hopefully the journey along the way will be an interesting account to recreational players such as myself as I go through the variance (and bad play?) swings. Wish me luck with this endeavour!
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