On Hold

Start Date: 3/24/08 @ $600
Current Balance: $965
Current Limit: 1/2 Limit Hold'em

Bankroll Status:
On a down swing this week. Nothing too crazy, lost $80 (-40BB) straight yesterday but was able to recover most of it today.

Lessons Learned:
This week was the first "dry run" I've had since starting. Premium hands not holding/hitting, Top Pair Top Kicker no good, sets getting flushed, blah blah blah you know how it goes. It kind reminded me of this one time I had at the Borgata where I bought into a 10/20 game for $800 and almost got felted. Shit wasn't holding up and I was down to $200 (-30BB).

During the entire time I was telling myself to remain in control because these swings are expected. Poker is afterall, gambling. Every time I got rivered or crushed by some donkey 2 pair or donkey gut shot, I took it as practice for the next time it happens. By consciously perceiving this situation as just practice for the next time, the (mental) blow was greatly softened. This technique turns downswings and dry runs into beneficial experiences which when repeated over time, has the potential to completely eliminate tilt. (By the way, that night at the Borgata I made all of it back +$200 by the end of the night)

Well, yesterday was that "next time" I was practicing for. I disregarded the fact that I'm playing micro stakes, because from a purely poker view points you have to see some pretty fucked up shit happen to swing -40BB in Limit. Proud to say I didn't tilt at all and the losses didn't effect my game at all (+1 for bankroll management!). The sessions were so rough that I just stopped playing and waited for today to try to make it back (I recovered $60).

On another note:

While spring cleaning today I took a look at old credit card statements and bills. I paid particular attention to the APR and finance charges that incurred over time and realized that I'm actually losing money by playing 1/2 limit! Even though my bankroll is growing, the time spent playing for $9/hr gets eating up by interest I'm paying on my credit cards, student loan and car loans.

Poker is a game of calculated odds and is a long term investment. The purpose is to make money and nothing else. So therefore I decided to stop playing poker until all my credit cards are paid off. Right now I've got approximately $2300 in credit card debt.

So today, I am cashing out my balance of $965 and using it ALL to take a whack at that $2300. Over the next 30 days I intend pay off the remaining $1300 in debt.

Once paid off, I re-deposit the $965 and get myself back on track.

I will post again once I'm debt free, should take no longer than a month.

Good Luck!