I often get people asking me for advice, whether they can
make a living playing poker etc. My answer is always, "if I can, why can't
you?" But to delve a bit deeper into the subject, I want to share with you
what I think is important to think about before considering poker as a career.
Some of the factors are pretty straightforward but some you might not have
thought of before. Here’s my top 8 ranked by importance.
1. DISCIPLINE
I have seen so many great players around me, heard so many stories of poker
players with amazing skills that do not make it, because of the lack of
discipline. Discipline is about plugging your leaks, staying away from casino
games, watching your lifestyle, watching your physical and mental health,
sticking to your ranges, not tilting and keeping your composure, managing your
expenses. Although sometimes it is tempting to take a punt, I am proud to say
for the whole of 2019 I did not touch any mode of gambling outside of poker.
Lifestyle and health are very important too, for example if you stayed up the
night before, you should be very aware of your mental state the next day.
Sometimes taking the day off is the most +EV thing to do. Some players like to
party and get hungover the next day. Being aware of your physical and mental
state will help you know when to play and when to stop. Some players play different
ranges when winning/losing, which is also a sign of ill-discipline. You should
always be playing your A-game and not be affected by external factors.
Discipline to manage your money is also key. Money may come easy when your life
is about playing games, but it doesn’t mean you should spend it irresponsibly.
Learning to control your expenses, saving up for a rainy day, invest your
winnings into passive income earners, these are some things a disciplined
player would do.
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| The general benchmark on success or failure as a poker pro is making $100k a year |
2. PASSION
Most poker players started their careers because they hated their day jobs.
They were not passionate about their jobs and thought that poker is a way out.
However it is also easy to lose passion in poker. In the middle of a downswing,
getting bad beat after another, tilted by the fish who just keeps winning due
to pure luck…. I sometimes question myself is this a job I want for the rest of
my working life? I am surprised that after grinding more than 200+ hours a month every
month for the last 4 months or so I am surprised I still love this game. My
recommendation is to think of a greater goal, and poker is the means to achieve
that goal. That will keep you motivated and focused. For me it is saving up
enough money to start some businesses, and also to earn money for my charities.
Also think about which aspects of the game you enjoy and don’t. Focus on the
things you enjoy the most and the things you don’t are still better than a
nagging boss, deadlines and reports that you would have to do at a 9-5 job.
3. GAME SELECTION
If you're the 9th best player in the world, but you're playing on a table with the 1st to 8th, then you're the fish. You don't have to be a super good player to be a winning player. As long as you choose games and tables that you can dominate, then that's a profitable game. I've had the pleasure of working at 777 poker club and the reasons the games are good there is because of a bunch of great action players that don't play anywhere else. Because of multiple reasons, they do not want to be seen at a casino because they have an image to keep, or business partners to impress, or some have political connections, but they are comfortable playing in a private club. I was also lucky enough to find a juicy private game last year where I was playing with a bunch of rich bookies, and possibly drug dealers, who had deep pockets and shallow skills. Games are also usually fishier the higher the stakes. There are a lot of solid players playing low to mid stakes who are trying to grind for a living, but those stakes are too low for rich bosses who don't care about losing 10-100k a day. If you can afford higher stakes, I personally think private games are the way to go.
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| Having a balanced lifestyle helps too |
4. SKILL
Of course you need to be skilful, but I think it is still not as important as
the three above. Skills can be learned and gained from experience. However
discipline and passion are harder to build without a very strong mindset. But
when you’re starting off, you still need to be better than most of your
opponents if possible. If you’re not one of the top 3 players on your table
then you need to find a fishier game, or get better quick. I think if you are
disciplined and passionate enough, you will be motivated to study and improve.
I am quite a lazy person and to be honest I don’t study much. Thankfully one of
my strengths is observation and sensitivity. I learn a lot from watching other
players play and formulate strategies based on what I see. One of the quickest
way to improve is to work with other players. They say 2 heads is better than
one. It is always useful to have another person analyze spots with you. I am
lucky to have different players come into my life at different times that
helped me develop my game.
5. BANKROLL
No money no talk. Poker is an investment. An investment of your money and time
with a decent long term return. I know some players who borrowed money to start
their career. It’s great if you have that kind of resource but I still feel its
better if you saved up that money yourself. You will respect your bankroll more
and feel more invested into it. Let me show you a quick way to calculate how
much bank roll you need and what stakes you need to be playing.
- Take your previous monthly income and times it by 1.5 (You don’t want to quit your job and earn less than 150% of your previous income (X is your previous income)
- Set yourself your playing hours, generally I would use 20 days a month, 8 hours a day = 160
- A modest goal would be to be making 5bb per hour
- 1.5X / (160 x 5) = The bb stake you should be playing (let’s call it Y)
- Y x 100 (100bb per buy in) x 30 = Healthy bankroll you need (x20 is okay too but x40 if you play Omaha or deep games)
The problem with proper bankroll management is, it shouldn’t
hurt when you lose 100bbs. But as most poker players have a gambler inside of
them, if losing 100bbs doesn’t hurt, it means winning 100bbs isn’t good enough
too. So you often find yourself either trying too hard in that game, or playing
stakes too high for your comfort zone. The way to combat this is set yourself
modest goals. Cash game poker is a grind, and you should be happy picking up
5bb per hour.
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| You'll collect currencies from your travels |
6. ADAPTABILITY
I have played poker in 19 different countries now, and I can tell you there are
distinct differences in each game. What works in your usual game might backfire
in another. There is this private game that I go to, many pros can’t seem to
win there. Honestly sometimes I feel I make some moves that would be considered
fish moves in other games, but they work. Maybe in poker tournaments the
strategy does not deviate much because the dynamics of it remains pretty
similar. But in a cash game, there are so many variables. Things like table
dynamics, mood, fish to reg ratio, seating position, player skill level, player
drunkenness level, player tilt level etc. should affect how you approach the
game. Unlike Europe or America, poker is not as accessible in Asia. So
adaptability also means being able to play and live in countries you never
thought of settling in before. Being able to quickly establish a routine and
get comfortable will help you play better on the tables too.
7. PR SKILLS
I recently saw a video of Jungleman Cates speaking Mandarin and Cantonese at a
poker game. I am sure over time playing in predominantly Chinese private games
he has picked up some words. However it also goes to show being able to PR with
the bosses will allow you access to games that might otherwise be unavailable. I
know some pros like to be focused, usually unfriendly because they feel they
are just there to make money. But I can tell you, I have so many unexpected
doors opened for me because I am friendly and chatty on the tables. Sure you
will come across some assholes that are not worth your time, but you will also
make friends. Whether that leads to +EV opportunities or not shouldn’t be the
focus. I just feel it is always better to make friends than not. No one wants a sore loser, and we often forget the players we play against are paying our "salaries" so they are in fact our bosses, so talking back or being rude to our bosses is not the smartest of things to do.
8. SIDE INCOME
Many poker players set off on their careers with big dreams and hopes, but they never have a plan for a rainy day. Have some side income, whether that's agenting for poker sites, rental income from properties, dividends from other investments, interests from fixed deposits, something to help you alleviate stress when you're on a downswing. Players often make mistakes or push themselves too hard when they are stressed. I know this is a luxury for many but make it a concerted effort to create a side income stream because it will help your career immensely.
