August was a reminder as to why this is called gambling. In the first four days I had an incredible run of good cards, lucky play, and bad opponents. Playing $1/$2 poker, I was up over $300. Then my bad play caught up with me and I ended up about even again. I then moved up a level to play $2/$4 poker and was up $200, but like Icarus I got cocky and swung back down to a loss of $100. I spent a week looking hard at my game and did some analysis. With work and discipline I worked myself back up to profitable.
I’ve also taken up 7 Card Stud and Omaha. August was my first month of stud, and it was profitable. Not by much, but profitable it was.
I found a couple more local games that aren’t likely to be raided, and I did well ($77) in a $1/$2 No Limit cash game. I also played 3 hours in New Orleans on a trip earlier this month and picked up $50 there.
Coming in September:
For the month of September I’m going to try and experiemnt with $10 Sit ‘n Go tournaments. In the summer I played a small sample of 31 of these at different times and I showed a 67% return on tournament entry fees, which is excellent. I doubt you could have made much more than 67% on your money even in a boom market.
I’ve set aside $300 to use as a stake to enter $10 tournaments all month. My math suggests that this should be enough to protect me from the swings unless I have a statistically improbable bad run.
Also I play in another World Poker Tour satellite this month. I’m playing for the $10,000 entry into the tournament and a cruise for two. (The tournament takes place on a boat.)