Silver Stackers logo

Silver Stackers

Discussion forum for those
who love to stack precious metals

You are not logged in.

Announcement

Forum registration is open.

#1 2016-05-30 04:54:38

Bargain Hunter
Member
From: Sydney, Australia
Registered: 2010-07-11
Posts: 730
Trades :   18 

Professional Poker

I wanted to hear from members on this forum about their thoughts on trying to make money from poker as a side income.

From articles I have read on the internet online poker is getting increasingly competitive with each passing year. However the lowest limit tables (good players don't bother with these tables therefore not as competitive) still possibly offer a profit opportunity due to the higher ratio of amateurs to professionals.

How realistic is it for an average guy with average intelligence and average mathematical ability who reads books about poker strategy, uses the right tools and software and plays daily for 6 months to become good enough to earn a side income from online poker? The strategy would be to play sit and go poker online on the lowest limit tables whilst playing multiple hands at a time. The goal is to win money from amateurs a.k.a. 'fish'.

I understand the concept of variance, but how possible/likely is it over the long run for Mr. Average to make say an average hourly rate of $5 - $10 AUD? While it does not sound like much it allows you to be location independent and live in cheap countries (think South East Asia or South America or Eastern Europe).

Also what about applying the concept to playing at low limit tables at physical casinos where less professionals tend to play (because they can play more hands/tables at once by playing online)?

Last edited by Bargain Hunter (2016-05-30 05:29:19)


"Paper is poverty,... it is only the ghost of money, and not money itself." --Thomas Jefferson
"You only find out who is swimming naked when the tide goes out" --Warren Buffett
"These days man knows the price of everything, but the value of nothing" --Oscar Wilde

Offline

#2 2016-05-30 05:03:01

whinfell
Silver Stacker
From: Australia
Registered: 2012-03-22
Posts: 3,325
Trades :   45 

Re: Professional Poker

If an average guy has average intelligence and average mathematical ability, then I'd say they would most likely be an average poker play, on average.

Offline

The following 2 users say thank you for this post: sammysilver, scrooged

#3 2016-05-30 05:21:59

Sa_bogan
Silver Stacker
From: Adelaide
Registered: 2012-08-26
Posts: 1,345
Trades :   88 
Website

Re: Professional Poker

there are a lot of things to consider, ability to learn strategies and use mathematics are just as big as having luck on your side and having the balls to know when push it. Also your opponents ability to play/luck

your own well being can also effect the game you play i.e how tired you are, the ability to concentrate for long periods of time and being able to take the down swings (going on tilt)

Offline

#4 2016-05-30 05:34:55

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,482
Trades :   189 
Website

Re: Professional Poker

If you're at the poker tables and can't spot the sucker, then you're most likely him.


The price we pay for the good life is public servitude.

Offline

#5 2016-05-30 06:36:19

serial
Silver Stacker
From: wa
Registered: 2012-08-19
Posts: 3,350
Trades :   213 

Re: Professional Poker

last time I played poker at a casino I didn't know what to do (eg casino decorum) , I walked in with $100 and folded on my buy in not knowing I didn't have to
I must have had sucker written on my face and had to check my cards on each card turn whilst getting told off by the card dealer for not knowing what to say at each point (only played the computer game before). I would say all the other players saw a neon sign over my head saying sucker.
walked away after 40 mins of pure dumb luck with $700+
Funny thing is I only went there to kill some time whilst I was waiting for someone at the casino
out of interest, when i left they all knocked on the table for a few seconds. What does that mean?

Offline

#6 2016-05-30 07:03:00

Rhinosaur
Silver Stacker
From: Australia
Registered: 2013-04-28
Posts: 213
Trades :   25 

Re: Professional Poker

Serial, that's a nice story...

A player will usually knock on the table in acknowledgement of being beaten by a better hand....

Offline

The following user says thank you for this post: serial

#7 2016-05-30 07:09:06

Sid
Member
From: WA
Registered: 2015-05-14
Posts: 73
Trades :   

Re: Professional Poker

With a decent understanding of the game of poker and a good strategy you could make $5-$10 an hour playing multiple low buy in sit 'n' go tournaments.
Probably start with 'fifty:fifty' tournaments and be willing to put in the hours. Don't play tired, frustrated or while drinking.

Online

The following 2 users say thank you for this post: scrooged, Bargain Hunter

#8 2016-05-30 07:20:37

Rhinosaur
Silver Stacker
From: Australia
Registered: 2013-04-28
Posts: 213
Trades :   25 

Re: Professional Poker

Luck plays a large role in poker, and not being seated next to a player makes it impossible to get a 'read' on them.
And the OP is 100% correct, it's much harder to make money from online poker now than it was, say, 5 or 10 years ago.

Offline

#9 2016-05-30 07:23:09

scrooged
Member
From: Melbs
Registered: 2014-05-06
Posts: 1,227
Trades :   54 

Re: Professional Poker

Give it a crack.

Only way is up.

Offline

#10 2016-05-30 07:53:09

serial
Silver Stacker
From: wa
Registered: 2012-08-19
Posts: 3,350
Trades :   213 

Re: Professional Poker

Rhinosaur wrote:

Serial, that's a nice story...

A player will usually knock on the table in acknowledgement of being beaten by a better hand....

thanks for that, I thought they were taking the piss as I walked away.
believe it or not I actually got in trouble with the missus when I got home, not to allowed to gamble in my house hold
its considered financial Darwinism
anyway long story short, I am banned from going into Burswood again in case I try to do it again

Offline

#11 2016-05-30 08:02:56

scrooged
Member
From: Melbs
Registered: 2014-05-06
Posts: 1,227
Trades :   54 

Re: Professional Poker

serial wrote:
Rhinosaur wrote:

Serial, that's a nice story...

A player will usually knock on the table in acknowledgement of being beaten by a better hand....

thanks for that, I thought they were taking the piss as I walked away.
believe it or not I actually got in trouble with the missus when I got home, not to allowed to gamble in my house hold
its considered financial Darwinism
anyway long story short, I am banned from going into Burswood again in case I try to do it again


.. where to start. neutral

Offline

#12 2016-05-30 08:24:54

errol43
Silver Stacker
From: Bundaberg
Registered: 2010-04-13
Posts: 6,325
Trades :   

Re: Professional Poker

Don't drink alcohol when playing! I've seen good players suffer brain snaps by drinking just a few too many as their bravado increased,.

You have to know when to hold them, know when to fold them and know when to walk away smile Old Song

Regards Errol 43

Offline

#13 2016-05-30 08:27:42

trew
Silver Stacker
From: Melbern
Registered: 2011-08-24
Posts: 3,958
Trades :   

Re: Professional Poker

I believe projack was a professional poker player once (hence the name)

try sending him a PM if he doesn't post on the thread

Online

#14 2016-05-30 08:36:25

scrooged
Member
From: Melbs
Registered: 2014-05-06
Posts: 1,227
Trades :   54 

Re: Professional Poker

Running the risk of making a shit thread shittier, blame Errol

Offline

#15 2016-05-30 09:03:51

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,776
Trades :   37 

Re: Professional Poker

It is possible to grind out a very, very low wage on low limit tables like this, but it is hard going (fatigue, boredom) and there are better ways to make a buck if you're a risk taker.

I'd suggest sharpening your game online, but playing local tournaments in pubs/clubs.  A lot more "fish" in those I reckon, plus there is often a fair amount of alcohol involved as with the social players.  I find face-to-face players to be a lot looser and more bullish than online players.  These tournaments are often subsidized or run with no house cut as the venues are trying to draw in patrons.

But it does mean working nights and weekends and you have to get out of the house tongue

Offline

#16 2016-05-30 10:25:52

Roswell Crash Survivor
Silver Stacker
From: Zeta Reticuli
Registered: 2011-04-11
Posts: 1,951
Trades :   32 

Re: Professional Poker

I hate to rain on your parade but thats a seriously -EV (minus Expectation Valuation) play in this day and age.

Today I can tell you there are hundreds of operators running thousands of bots on all the major poker sites, dragging up nets full of fishes.

The bots are profiling your play, applying stochastic algorithms, quantify the likelihood of your decisions, they are almost always following a near-optimal mathematical strategy.

They are specifically designed to exploit human emotions. If you think playing chess against a learning computer was infuriating, wait until you see them playing Texas Hold'em or Omaha.

The house looks the other way, because they get to keep collecting their rake.


The Roswell Crash Survivor

Offline

The following 2 users say thank you for this post: Bargain Hunter, errol43

#17 2016-05-30 10:46:39

Bargain Hunter
Member
From: Sydney, Australia
Registered: 2010-07-11
Posts: 730
Trades :   18 

Re: Professional Poker

Okay Roswell. What about playing at physical Casino's and RSL clubs?


"Paper is poverty,... it is only the ghost of money, and not money itself." --Thomas Jefferson
"You only find out who is swimming naked when the tide goes out" --Warren Buffett
"These days man knows the price of everything, but the value of nothing" --Oscar Wilde

Offline

#18 2016-05-30 15:00:25

projack
Silver Stacker
From: Brisbane
Registered: 2009-08-12
Posts: 3,142
Trades :   143 

Re: Professional Poker

trew wrote:

I believe projack was a professional poker player once (hence the name)

try sending him a PM if he doesn't post on the thread


I only played blackjack or any other games single or team in the 90s, against the house only where mathematical advantage was possible. I thought about casino poker as well, but very soon, even before any actual play realised that is not going to work for me as an income.

Last edited by projack (2016-05-30 15:01:17)


The US dollars and Treasury debt called "risk off" because the global fiat system can only survive as long as that remains the case.

Offline

#19 2016-05-30 16:30:34

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,482
Trades :   189 
Website

Re: Professional Poker

Back in the mid sixties as a 14 year old I started playing poker in the back room of the Manhatten Club snooker hall in Castlereagh Street. I was quite successful as it was impossible to get into credit debt as a kid. School got in the way as it was my School Certificate year and it was sex, drugs, and rock & roll after that.

I can't imagine being a professional poker player today without the smokes.


The price we pay for the good life is public servitude.

Offline

#20 2016-05-30 17:31:27

Stoic Phoenix
Silver Stacker
From: little things big things grow.
Registered: 2014-11-12
Posts: 2,950
Trades :   183 
Website

Re: Professional Poker

12 Basic Poker rules.

1 - A GOOD player will have a better chance live than online of % returns.
2 - Prepare to lose to two outters and still be able to say nice hand to a clown who got his 20/1 card on the river.
3 - play the player not your hand.
4 - read The Art of War by Sun Tzu, you will get more out of that than a generic book on hand percentages.
5 - know your odds
6 - Are you extremely patient?  - tournaments are for you.
7 - do you prefer action? - play Omaha cash games.
8 - It is mandatory to drink in a fixed limit tournament to numb the boredom. (ok well that one is a personal rule)
9 - Have a bankroll that enables a minimum 20 buy ins to cover fluctuations (some days you just wont win).
10 - luck plays a lot less in a game than most are aware. A solid player will beat a "lucky" player over time.
11 - stay away from pub poker....you will only learn how to play poorly here.
12 - Be prepared to keep antisocial hours.

Online poker is a good learning tool to grasp fundamentals and percentages. With no actual read on a player though your task is harder.
Follow these basics and you too can be a degen with some interesting stories.

14335_degen_-_copy.jpg


Disclaimer - prior to returning to college I spent 3 months of every year in Melbourne playing the major tourneys.

Last edited by Stoic Phoenix (2016-05-30 18:28:14)


www.searchnstay.com    ....for all your accommodation needs worldwide

Offline

The following user says thank you for this post: BuggedOut

#21 2016-05-30 17:48:54

Stoic Phoenix
Silver Stacker
From: little things big things grow.
Registered: 2014-11-12
Posts: 2,950
Trades :   183 
Website

Re: Professional Poker

whinfell wrote:

If an average guy has average intelligence and average mathematical ability, then I'd say they would most likely be an average poker play, on average.


^ Thats best case scenario


www.searchnstay.com    ....for all your accommodation needs worldwide

Offline

#22 2016-05-30 18:38:36

Stoic Phoenix
Silver Stacker
From: little things big things grow.
Registered: 2014-11-12
Posts: 2,950
Trades :   183 
Website

Re: Professional Poker

If you are looking at +EV at poker and are green/average my best tip would be to learn seated massage and charge $25 per 15 min at the tables or set up a "bad beat" booth and charge $5 to listen to peoples stories.


www.searchnstay.com    ....for all your accommodation needs worldwide

Offline

#23 2016-05-30 18:40:36

Roswell Crash Survivor
Silver Stacker
From: Zeta Reticuli
Registered: 2011-04-11
Posts: 1,951
Trades :   32 

Re: Professional Poker

Stoic Phoenix wrote:

Disclaimer - prior to returning to college I spent 3 months of every year in Melbourne playing the major tourneys.

"Aussie Millions"?

Last edited by Roswell Crash Survivor (2016-05-30 18:40:46)


The Roswell Crash Survivor

Offline

#24 2016-05-30 18:43:48

Roswell Crash Survivor
Silver Stacker
From: Zeta Reticuli
Registered: 2011-04-11
Posts: 1,951
Trades :   32 

Re: Professional Poker

Bargain Hunter wrote:

Okay Roswell. What about playing at physical Casino's and RSL clubs?

My 'applied' experience with that domain is less developed, see reply #20 by Stoic Phoenix for some good advice from someone who's been 'in the trenches', especially starting with a bankroll of (at least) 20 buy-ins.


The Roswell Crash Survivor

Offline

#25 2016-05-30 19:02:18

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,482
Trades :   189 
Website

Re: Professional Poker

Stoic Phoenix wrote:

If you are looking at +EV at poker and are green/average my best tip would be to learn seated massage and charge $25 per 15 min at the tables or set up a "bad beat" booth and charge $5 to listen to peoples stories.

That'll cost you $5 for me reading your post.


The price we pay for the good life is public servitude.

Offline

Board footer

Powered by FluxBB