You'll be asking for a raise next!


Part I revised a position I had taken five years ago: "Don't quit your day job." Because poker has changed so much, I shifted to don't quit unless you:

1. Play very well.
2. Fully understand what you will gain and lose.
3. Are willing to take very large risks.
4. Can handle the emotional roller coaster.
5. Are willing and able to make some huge changes in your attitudes and lifestyle.

That article stimulated considerable controversy. Two threads on our Magazine Forum contained over 125 posts, and they were read by over 6,000 people. Some people agreed with me, but far more disagreed and criticized me for being too negative.

After writing that article, I viewed a DVD, "Poker Bustouts." It tells the stories of several pros — including ones with very good track records — who are now broke. Before deciding to turn pro, you should go to http://www.pokerbustouts.com/ to learn more about this side of poker.

I mentioned this DVD in our forum, but some people insisted it was irrelevant because the busted pros were all brick and mortar players. They ignored the posts on our forums that stated that someone had made a great deal of money online, but ended up broke, depressed, and disillusioned. (For example, several months ago a poster reported that he had gone from $15,000 per month to busted.) A few of them even stated that it's easy to make it as a full-time pro.

Of course, online poker is different from brick and mortar, but many of the problems of being a full-time pro are very similar, and it is wishful thinking to believe that it's easy to succeed. This article is addressed only to people who:

* Are seriously considering becoming full-time pros
* Accept that it's a difficult life
* Have the five qualifications listed above
* Want to increase the probability that they will succeed

Keep Tight Control Over Your Finances

Read Ed Miller's articles in this magazine on going pro. Some people have objected that his position is too conservative, but a cautious approach dramatically increases your chances to survive. If you aren't careful about your finances, you will probably end up busted no matter how much money you make.

Unfortunately, many pros are financially irresponsible. Some live beyond their means. Others have leaks such as craps or sports betting. Others arrogantly think: "I don't have to be conservative because I'm so talented."

How can I be so sure? Because I've seen too many talented players fail precisely because they did not manage their finances well. Quitting your job to become a full-time pro is essentially the same as starting a new business, and the most common cause for new businesses failures is undercapitalization.

Even graduates from elite schools have attempted undercapitalized startups, and many of them failed. They had studied the financial principles involved, but foolishly believed that these principles did not apply to them. They weren't just anybody; they were MBAs from Harvard, Wharton, and Stanford. Their arrogance had the same destructive effects as believing that you are so talented that you can violate the well-established bankroll and other financial guidelines.

In addition to starting with enough capital, you must tightly manage your finances forever. Countless pros have made a pile of money and then blown it. In fact, some of the famous names you see on TV are broke. To succeed as a pro you must have the same sorts of financial controls as any other business. If you spend too much, gamble heavily, or move up too quickly, you'll probably go broke.
Accept Responsibility for Your Results

Accept that nobody twisted your arm to make you quit your job, that you're taking a risk, and that the odds are against you. Poker is a ruthless meritocracy, and only the best can thrive as full-time pros.

If you go busted or don't like the lifestyle, don't blame bad luck, bad players, or anyone but yourself. Shrug your shoulders, say, "Oh, well," and make an informed decision about what you will do with the rest of your life.
Don't Burn Any Bridges

Don't tell off your boss, give up any licenses, walk out on any debts, quit college just before graduating, tell everyone you're becoming a full-time pro, or take any other action that makes it much harder to come back to the "straight world."

There are two types of barriers to returning. The first is objective. If you tell off your boss or give up your license, you may make it much harder to get a straight job. Creating psychological barriers can be almost as destructive. For example, you may be tempted to brag to your friends, "I'm not like you suckers. I'm giving up the 9 to 5 world because I can make a fortune playing poker." If you go broke or just don't like the life, you may be too embarrassed to admit that you made a mistake. Keep your options open.
Don't Take Poker Too Seriously

I've written two articles on this subject, but now I'm concerned only with current and prospective full-time pros. Some of them are much too serious. They overreact to the inevitable swings, becoming depressed when losing, feeling invulnerable when winning. They don't talk at the table except to tell others to hurry up or to criticize their play or habits. They play only to win money.

They hurt themselves both financially and emotionally.

* The weaker players don't want to play with them.
* The better players may try harder to beat them.
* They are more likely to become lonely and depressed.

The first two points have been made by many writers, but relatively little has been written about loneliness and depression. I believe they are serious problems for pros. Our game is intrinsically lonely because we try to take each other's money. If you don't lighten up, that "everyone is my enemy" mentality can have a devastating effect on your relationships and moods.
Get Involved With Support Groups

I believe that many pros fail because they can't cope with the emotional side of their work. The Psychology Forum always contains posts about being depressed, misunderstood, and lonely.

Join more than one support group because you need at least two kinds of help.

* Advice to help you to develop your abilities
* Purely psychological support to help you to cope with the inevitable loneliness and frustration

You are already part of a very large support group, the 2+2 community, but you may not think of it as one. In addition to providing excellent advice, it will help with those unpleasant feelings. I spend a lot of time here to learn about poker and, equally important, to stay connected to people. But our community is not enough for me or for you.

Nearly everybody needs to meet regularly with people we know and trust, including other players. I belong to the Wednesday Poker Discussion Group (WPDG), and we have invited many 2+2ers and other visitors to our meetings. Our group gives us four things we can't get from an Internet forum.

* Face-to-face discussions give faster and more complete feedback. If you ask a question, you get an immediate answer, and people talk more freely and provide more details than they will write, especially to strangers.
* We know and trust each other. If you describe a hand, someone may say, "You made the same mistake in the hand you discussed last week." That sort of comment from someone you trust can help you to see a pattern that you may never grasp or accept from an online discussion.
* Internet discussions are not remotely as helpful about emotional issues as face-to-face conversations. Online posters can give excellent advice, but it is not the same as being with supportive friends. When you get angry, lonely, or depressed, you need to be with people who understand and care about you.
* We get together all the time, not just at meetings. We have coffee or a meal, or play poker together, or go to the movies. Sometimes, we don't even talk about poker. We just enjoy each other's company.

You should also stay involved with non-players. It doesn't matter whether you meet them at church, the Kiwanis Club, or the golf course, you should relate to people who have common interests besides poker.
Don't Always Try to Maximize Your Win Rate

That statement may sound heretical, but I think it's essential. Even if it's your full-time profession, don't forget that poker is a game, and it should be played — at least partly — for pleasure. Sometimes you should play just for fun or education.

If you always try to maximize your win rate, you will become bored and boring. You will be grinding out "wages," living the same sort of life you were trying to escape by becoming a full-time pro. One day will seem just like another, and you may wonder, "Where did my life go?"

Focusing too intently on your win rate will also increase your vulnerability to the emotional swings.

* When the inevitable bad beats and losing streaks occur, you won't have much defense against them.
* You will be more isolated. People don't want to be around someone who thinks only of making money.

Some successful pros take various negative EV actions.

* A few occasionally play crazily in low-stakes games and small, multiple rebuy tournaments. They may rebuy 20 times to blow off steam and satisfy their gambling urges. Then, when the big money is on the line, they can play more sensibly.
* Every so often, 2+2ers or WPDGers get together to play against each other. Since there are no really bad players, nobody has much of an edge, and the group as a whole must lose money to the house, but it's fun.
* BARGE and its spin-offs are extremely popular. They may be the world's toughest low-stakes games and tournaments. Some top pros and other great players are BARGERS. How often can you play for low stakes against top pros? Some pros don't even record their results because they feel that they "aren't working."
* In addition to the psychological benefits of playing for fun, you should play occasionally against tough competition just to improve your game. Matt Lessinger wrote: "I have played in games in which my EV was very clearly negative� [they] were learning experiences, and thus well worth the sacrifice. I was willing to pay my 'tuition' in order to get schooled." ("Less is back for more," Card Player Vol. 16, No. 12) If you never play against tough competition, you won't develop the skills needed to advance your career.

Maintain a Healthy Lifestyle

A pro's lifestyle is not intrinsically unhealthy. The freedom and flexibility offer opportunities to live any way you like. As one online pro put it: "I'm playing at home, in a big leather chair, no smoke, any healthy food I want, and the opportunity to take plenty of breaks for exercise." Alas, many people — including me — do not take full advantage of the opportunities to live healthily. We join gyms, start diets, and so on, but don't stick to them. Don't talk about it. Do it!
Have a Passion for the Game

Barry Tanenbaum, a successful pro, coach, and writer, told me: "Long term successful poker play requires a real love for the game. It must not be just a living, but a passion."

If poker is just a way to make money, the negative elements of being a full-time pro can ruin you. The swings, frustrations and loneliness can make you into one of the bitter, whiny people we meet all the time. That's no way to live.

On the other hand, if you have a passion for the game, you'll cope with the negatives because you're making your living doing something you love. So take a really hard look at why you play poker. If you don't really love it, don't quit your day job. If you love playing, and you have all the other qualifications, it may be the right career for you.