The title of this post might seem strange since it's only June 10th, but everything is different now. I'm smashed all of my goals for one month and I'm close to meeting all of my goals for the year.
Since the beginning of 2017 I've played about a thousand online tournaments, most of them at the $1 level. The idea was that I would gradually build up bankrolls on one or more sites so that I was able to play higher. I have used very strict bankroll management.* If I don't have 100 buy-ins at a level, I don't play. That means that if I wanted to play $1.10 tournaments, I better be backed up by a bankroll of at least $110.
That slog from the beginning of 2017 until now sometimes seemed like it would never end, but as my Juicy Stakes Poker bankroll was up to $220, then $330, I could play $2.20 and $3.30 tournaments. I knew that it was a good long-term plan and that I had to trust the process. Eventually I wanted to have solid bankrolls to play higher levels on at least two poker sites, as well as a separate bankroll for playing live tournaments.
This has been, by design, a long, almost plodding, step-by-step process. I didn't want to skip any steps on the way to a five-figure poker income. By sometime in 2019 I hoped to have good bankrolls on two online sites and a separate online bankroll. I work at least 40 hours a week, with at least 10 of those hours being study. I knew that it was a good plan and I stuck with it--until now.
In June everything exploded.
I have been doing very well playing mostly online tournaments, so well that I consider it a bad day if I don't make it to at least one final table. I'm so much better than most of the players in those $1.10 tournaments that it's like we're playing a different game. Then it happened.
When my bankroll went over $400, I had a chance to start mixing in some $4.40 tournaments and I did very well. I thought that as the levels got higher the players would be better, but so far that hasn't happened. I'm making money so fast that in less than a week my bankroll was over $500. I kept winning, growing my bankroll and moving up. It's been crazy.
Here are some of things that have happened in the first 10 days of June:
Not long ago I said that it was about time that I had a $100 month. That ship has sailed and it's still gaining speed. I cashed for a total of $96 in the first two days of June. In the first ten days I have cashed for $40 or more six times. Compared to my grinding out the small cashes in $1.10 tournaments, it's a whole different world.
I realize that I won't always win at this rate. At some point I will have a bad week, or even a bad month, but at the levels I'm playing on Juicy Stakes Poker the competition is so weak that I'll certainly make a lot more money than I did last year.
What I have to figure out now is what's next. Many of my goals for this year have either been met or are very close to being met. The landscape has changed and I have to figure out how to react. Look for that post in the next few days.
As always, your comments and questions are welcome (see box below.)
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*In the mathematical and investment worlds, this is called a "risk of ruin" formula. The idea is that if you are an investor with a lot of money to back you up during a downswing, you'll come out OK in the long run. In the poker world it's called "bankroll management." If someone is making a career of playing multi-table tournaments, that player should be backed up by a bankroll of at least 100 buy-ins.
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