Lets get things started off here by talking a little bit about the online poker scene and the many accusations of online poker being "rigged". Now if you have played no limit hold-em long enough, you realize that variance is a natural factor of the game, and the transition from being primarily a live cash game player to the online landscape is not as easy as most may think. There are so many variables that are critical when playing in a live cash game or tournament that you need to apply to the online landscape. First attribute to exploit when first sitting down would need to be table dynamics. Each individual at the table has a unique dynamic that dictates the style of play. First you should assess the dynamics of the table and then change gears if necessary to adjust your play that will ultimately give you an advantage. Secondly to be a winning poker player you must possess intelligence and the ability to compute various bits of information before logical decisions can be made. Exploit your ability to demonstrate emotional control to avoid going on tilt and self destructing before your very eyes. Try to keep an even keel. Now there are definitely valid arguments that players have obtained an unfair advantage online. Just look back at the Ultimate Bet & Absolute Poker scandals. Other than players participating in collusion, I am lacking the technical computer skills as far as what it would take to infiltrate the servers for these sites and create a software program that can identify your opponents hole cards. So what are the poker sites doing to prevent these types of scandals from occurring? Why does the gaming commission not adopt more stringent policies for reoccurring audits for all approved software? So now with that said let me know what you think and maybe we can continue this subject in a later blog.
So now lets discuss one of the hot topics concerning online poker, HR 2267. This is a bill that is sponsored by Representative Barney Frank that should go to vote in the House within the next few weeks. Frank has taken the stance that ultimately there would be a 42 billion dollar tax increase with in the next 10 years. Well What does that do for poker players. Only the ability to make easier deposits? Well I am not a Lawyer by any means, but if I am not mistaken there are no specific federal or state laws that prohibit online gambling. But from a tax stand point I do have a little more insight and experience. First it all begins whether the gambling income was a source of primary income or by way of a hobby. As a hobby the income is exempt from self employment taxes of 15.3%, but is still fully taxable as other income. Also you can only claim the amount of losses equal to the amount of income, and you can not net your expenses against your income directly, but if you meet the requirements for itemizing your expenses you would be able to itemize qualifying expenses. As a professional gambler you can claim your gambling income and offset your losses against your gambling income. There are several distinct factors though that the IRS requires in order to file as a professional gambler. One of the primary advantages to filing as a professional gambler would be that all incurred expenses would flow through a schedule C and be netted directly against reported income. This is extremely helpful when it comes time to calculate the federal taxes owed. If you are unsure whether or not you qualify to file as a professional gambler or should report the income as a hobby. I highly suggest finding a qualified CPA and make sure you keep thorough records and retain receipts.
Now to the WPT Event, The Southern Poker Championship which is being held at the Beau Rivage Resort & Casino in Biloxi Mississippi. Recently, like maybe of ummm last night. Daniel Negreanu comments on the structure of the 10k No Limit Championship event. It was the most recent topic that Negreanu had discussed in his blog. I do certainly admire Daniel from every standpoint and this statement is in no way criticizing him for his opinion, as the first amendment entitles him to one. But when one of the worlds most respected poker players has an opinion, I assume that the masses tend to listen.
Well I'm not sure if any of this makes sense as I have not taken my medicine in a few days and shit is just kind of spaced out. Please feel free to post your comments or suggestions as I am open to constructive criticism. Enjoy!
Sunday, January 24, 2010
Wednesday, January 20, 2010
The Blonde Bombshell of Poker
So I am talking to Kai Landry on facebook, commenting on his status. Kai sez New Orleans Saints 33 & Vikings 20. Well considering how close Kai was on the last game I decide to tell him I will bet the farm on his prediction. Kai sez take out a 2nd & 3rd mortgage, sell all my belongings, take a loan out on my soul, and SHOVE! Sounds like great advice. So I ask where can I take a loan out on my soul? A few minutes later a woman named Hannah Elisabeth comments on the post suggesting that I Google "Dr. Faustus". So before I continue with the search for my answer, I take a second to take a look at her profile and first reaction is wow, what a Cougar! This woman is not only gorgeous, but she is a gifted writer, has a tremendous personality, & is a phenomenal poker player.
So lets take a second & talk about her desire to write/blog. If you are interested in a unique perspective that comes with a warning label, then this woman is for you.
WARNING: Enter Blog site at your own risk! Author will not be held responsible for spikes in blood pressure caused by reactions to what you have read. Seek immediate medical attention for any reactions lasting more than four hours. I think I have read something similar to this before, but it was the warning label on a box of Viagra. Anyways.....
Talk about a sense of humor...good times. Her mission is to provide an in-depth look into poker, politics, polemics, & pasta primavera. Her opinion on these subjects may be controversial to the views of others, but that's what makes us individuals. No doubt that after reading a few of her entries you will have an insatiable appetite for more. She has a tremendous personality and is definitely not your average woman. Lets review again shall we...she is hot, plays poker....blond hair....large breasts...great smile...oh did I mention personality?
So lets talk a little about her poker skills. She first started playing about 20 years ago in Southern California. Limit was the game of choice for most of the worlds best players. She started out playing for smaller stakes and gradually moved up in limits. Now that she lives in Las Vegas and in the 21st Century. She has access to brick and mortar rooms as well as the online landscape. She has many tournament and cash credentials to her name; most recently 2008 Main Event feature table at the World Series of Poker. Even though she didn't cash, it is great publicity. On the other hand she did chop the Caesar's Mega-stack for $31K, which is a pretty sweet score. This year she will undoubtedly be the next future ex wife of Norman Chad. That is an honor in itself.
Mark my words on this one. This woman will be the next big name woman in poker. Check out her website at http://hannahqueenofhearts.com/. As my boy Rod Ryan always says "AMF" it stands for adios mother fuckers! Enjoy.
Ross
So lets take a second & talk about her desire to write/blog. If you are interested in a unique perspective that comes with a warning label, then this woman is for you.
WARNING: Enter Blog site at your own risk! Author will not be held responsible for spikes in blood pressure caused by reactions to what you have read. Seek immediate medical attention for any reactions lasting more than four hours. I think I have read something similar to this before, but it was the warning label on a box of Viagra. Anyways.....
Talk about a sense of humor...good times. Her mission is to provide an in-depth look into poker, politics, polemics, & pasta primavera. Her opinion on these subjects may be controversial to the views of others, but that's what makes us individuals. No doubt that after reading a few of her entries you will have an insatiable appetite for more. She has a tremendous personality and is definitely not your average woman. Lets review again shall we...she is hot, plays poker....blond hair....large breasts...great smile...oh did I mention personality?
So lets talk a little about her poker skills. She first started playing about 20 years ago in Southern California. Limit was the game of choice for most of the worlds best players. She started out playing for smaller stakes and gradually moved up in limits. Now that she lives in Las Vegas and in the 21st Century. She has access to brick and mortar rooms as well as the online landscape. She has many tournament and cash credentials to her name; most recently 2008 Main Event feature table at the World Series of Poker. Even though she didn't cash, it is great publicity. On the other hand she did chop the Caesar's Mega-stack for $31K, which is a pretty sweet score. This year she will undoubtedly be the next future ex wife of Norman Chad. That is an honor in itself.
Mark my words on this one. This woman will be the next big name woman in poker. Check out her website at http://hannahqueenofhearts.com/. As my boy Rod Ryan always says "AMF" it stands for adios mother fuckers! Enjoy.
Ross
Tuesday, January 12, 2010
The IP and The Beau Rivage
Oscar Levant once said "There's a fine line between genius and insanity. I have erased this line."
I believe that this quote describes my last 36 hours that I was awake. Its Sunday morning and I wake up around 10am. I decide to venture over to the IP in Biloxi to play in there nightly $200.00 dollar buy in no limit holdem event. Things went well, I made the final table, and I made it heads up with Will Souther aka The Poker Monkey. The rest is history, I finished second by the way. We finish at roughly midnight and immediately thereafter I decide to head down to the poker room and play a little 1-2 no limit cash game. After playing for several hours and leaving slightly ahead. I make my way to the Beau Rivage to get into a slightly larger game. I sit in a 2-5 no limit which is my game of choice. But I do have to say that it isnt out of the ordinary for me to buy in a 2-5 no limit game for a minimum of $1200.00 or so, but this game was stacked slightly deeper. The guy in the 10 seat is from Tampa Florida and has roughly 20k behind. Also remember we are in Mississippi and cash is allowed on the table. Average stack at the table is somewhere in the neighborhood of #2500.00. So I play for an hour or so and end up cashing out for about a $300.00 dollar winner. I decide to go eat some breakfast and by this time it is about 4am. After eating breakfast I head back to the poker room and sit in another 2-5 no limit cash game. Roughly the same as the table before, deep stacked and aggressive. I did have some nice highlights during that session that made sitting in that game well worth while. I am in late position with pocket 7's, roughly $1300.00 behind and I am facing a three bet with two callers. The raise was to $25 and eventually we would go 5 handed into the flop. The flop came 2-7-5 rainbow, which is a pretty wet flop. The original raiser utg+1 decides to bet the pot which is roughly $130. We loose 2 players and the action returns to me. I decide to re-raise to $350.00 in this position to eliminate any draws that may be lingering and to entice someone that may have a pair think that I am just making a move to take down the pot. We lose the guy behind me and the original raiser snap shoves all in and I immediately call. I flip over pocket 7's for top set. He decides not to flip his cards over. The turn sealed the deal when the case 7 hit. With him being at best a 19:1 underdog, he instantly mucked his had and left the table. It was a pretty good feeling. Just a few hands later the table begins to break and we are moved to start a new game.
After moving tables there are 5 new players added to the mix. Still playing 2-5 no limit and in the top 33% of stacks at the table. It is about 9am. Ive been up for at least 24 hours straight. So the game begins and things seem a little tight. After several hours of play at this table, I feel that I have a pretty solid read on the players that surround me. Once again I get involved in a big hand. I am on the button with around $2000.00 behind. I look at KQ of diamonds. There is no raise ahead of me so I make what seemed to be the standard button open raise for that table to $25.00. After a few folds, I get 3 bet to $75 with one caller. The pre-flop pot is at about $275.00. So I decide to flat the 3 bet. Now 3 to the flop and the flop comes 2-J-10 with 2 diamonds. So I have two overs to the board, king high flush draw, open ended straight and straight flush draws. Original raiser now decides to lead out for $500.00 and gets a call. I decide with the size of this pot and the plethora of outs that I was priced in. So now we are around just shy of $1800.00 in the pot. The turn comes a Q of spades. Well that now given me a pair in addition to all of my draws. At this point with a Q high board with straight and flush possibilities that the original raiser has to have one of two hands. Pocket aces or pocket kings. It would be tough to think that he was just on the ace high flush draw but it was a possibility. So after the turn the original raiser decides to shove. The player in between us folds and now I have a decision to make. I have a little over 25% of my stack invested in the pot of what I had when the hand began, which gives me at least 33% equity in the pot. So I go into the tank for a bit and start calculating my pot odds and probabilities of hitting one of those outs. Well I figured if this guy has aces, I was a 4:1 underdog pre-flop, after the flop I am just on the downside of a coin flip, after the turn I am now around a 3:2 underdog. So basically I think to myself that any of the 9 diamonds, any 9,K,A,or Q would book me a winner. So that is 9 diamonds + 2 Kings + 2 Queens + 2 A's= 15 outs. So my math entering the turn was (15 x 3 + 9)% which comes down to 54% which is basically a coin flip even though at the table if I thought this was the senario that I was in that I would be a slight underdog. When the turn hit, I went from being a slight favorite to having a realistic 33% chance of hitting one of my outs. The math on the turn to improve on the river was 15 x 3= 45. 45 rounds up to 50 and I add the first digit of the rounded number to get my percentage. So 55% of the time, I am going to improve on the river in this situation. So I decide to make the call and he leaves his cards face down. The river is dealt and its a FUCKING QUEEN! Holy shit!!! He did flip over pocket aces and was dealt the bad news. One time for the kid. So now the adrenaline is definitely rushing and before my chips are all raked in and stacked I look at KK in the cutoff. I am thinking to myself you have got to be fucking kidding me. So after several limpers, I decide to make it $80.00 to go. All the limpers fold except the gentlemen (And I use that term very LOOSELY) two seats to my right. He just decides to flat my raise. So the flop comes out I dont even remember what, just a bunch of undercards and rainbow. Well the gentleman decides to lead out for about $250.00, I snap call, because I figured that it may have been a continuation bet. The turn reveals a Q. He then makes it $500.00 to go. I have to go into the tank again and replay the last minute or so in my mind. Is it really possible that I am going up against aces, a set of queens or another set of some kind? I felt that it was unlikely that I was going up against a set unless it was queens or I was up against aces. So I just flat the bet on the turn. The river was dealt a blank and the board is not paired. Howard the Duck then makes it $1,000 to go and after a short while I am thinking to myself that this guy is going to have to show me a set of queens or aces because I am not laying this down. So I call and flip over my kings. The son of bitch slow rolled pocket aces. He was such a cold hearted asshole that I wanted to beat him, but I politely said nice hand sir and went on about my business. After that the day went completely down the drain and what seems like every time I was a favorite in a hand, I was destined to get out drawn. I ended up taking one on the chin, but that's poker. Tomorrow will be another day and today was just another lesson learned. It is what it is and I will just have to keep grinding it out.
I believe that this quote describes my last 36 hours that I was awake. Its Sunday morning and I wake up around 10am. I decide to venture over to the IP in Biloxi to play in there nightly $200.00 dollar buy in no limit holdem event. Things went well, I made the final table, and I made it heads up with Will Souther aka The Poker Monkey. The rest is history, I finished second by the way. We finish at roughly midnight and immediately thereafter I decide to head down to the poker room and play a little 1-2 no limit cash game. After playing for several hours and leaving slightly ahead. I make my way to the Beau Rivage to get into a slightly larger game. I sit in a 2-5 no limit which is my game of choice. But I do have to say that it isnt out of the ordinary for me to buy in a 2-5 no limit game for a minimum of $1200.00 or so, but this game was stacked slightly deeper. The guy in the 10 seat is from Tampa Florida and has roughly 20k behind. Also remember we are in Mississippi and cash is allowed on the table. Average stack at the table is somewhere in the neighborhood of #2500.00. So I play for an hour or so and end up cashing out for about a $300.00 dollar winner. I decide to go eat some breakfast and by this time it is about 4am. After eating breakfast I head back to the poker room and sit in another 2-5 no limit cash game. Roughly the same as the table before, deep stacked and aggressive. I did have some nice highlights during that session that made sitting in that game well worth while. I am in late position with pocket 7's, roughly $1300.00 behind and I am facing a three bet with two callers. The raise was to $25 and eventually we would go 5 handed into the flop. The flop came 2-7-5 rainbow, which is a pretty wet flop. The original raiser utg+1 decides to bet the pot which is roughly $130. We loose 2 players and the action returns to me. I decide to re-raise to $350.00 in this position to eliminate any draws that may be lingering and to entice someone that may have a pair think that I am just making a move to take down the pot. We lose the guy behind me and the original raiser snap shoves all in and I immediately call. I flip over pocket 7's for top set. He decides not to flip his cards over. The turn sealed the deal when the case 7 hit. With him being at best a 19:1 underdog, he instantly mucked his had and left the table. It was a pretty good feeling. Just a few hands later the table begins to break and we are moved to start a new game.
After moving tables there are 5 new players added to the mix. Still playing 2-5 no limit and in the top 33% of stacks at the table. It is about 9am. Ive been up for at least 24 hours straight. So the game begins and things seem a little tight. After several hours of play at this table, I feel that I have a pretty solid read on the players that surround me. Once again I get involved in a big hand. I am on the button with around $2000.00 behind. I look at KQ of diamonds. There is no raise ahead of me so I make what seemed to be the standard button open raise for that table to $25.00. After a few folds, I get 3 bet to $75 with one caller. The pre-flop pot is at about $275.00. So I decide to flat the 3 bet. Now 3 to the flop and the flop comes 2-J-10 with 2 diamonds. So I have two overs to the board, king high flush draw, open ended straight and straight flush draws. Original raiser now decides to lead out for $500.00 and gets a call. I decide with the size of this pot and the plethora of outs that I was priced in. So now we are around just shy of $1800.00 in the pot. The turn comes a Q of spades. Well that now given me a pair in addition to all of my draws. At this point with a Q high board with straight and flush possibilities that the original raiser has to have one of two hands. Pocket aces or pocket kings. It would be tough to think that he was just on the ace high flush draw but it was a possibility. So after the turn the original raiser decides to shove. The player in between us folds and now I have a decision to make. I have a little over 25% of my stack invested in the pot of what I had when the hand began, which gives me at least 33% equity in the pot. So I go into the tank for a bit and start calculating my pot odds and probabilities of hitting one of those outs. Well I figured if this guy has aces, I was a 4:1 underdog pre-flop, after the flop I am just on the downside of a coin flip, after the turn I am now around a 3:2 underdog. So basically I think to myself that any of the 9 diamonds, any 9,K,A,or Q would book me a winner. So that is 9 diamonds + 2 Kings + 2 Queens + 2 A's= 15 outs. So my math entering the turn was (15 x 3 + 9)% which comes down to 54% which is basically a coin flip even though at the table if I thought this was the senario that I was in that I would be a slight underdog. When the turn hit, I went from being a slight favorite to having a realistic 33% chance of hitting one of my outs. The math on the turn to improve on the river was 15 x 3= 45. 45 rounds up to 50 and I add the first digit of the rounded number to get my percentage. So 55% of the time, I am going to improve on the river in this situation. So I decide to make the call and he leaves his cards face down. The river is dealt and its a FUCKING QUEEN! Holy shit!!! He did flip over pocket aces and was dealt the bad news. One time for the kid. So now the adrenaline is definitely rushing and before my chips are all raked in and stacked I look at KK in the cutoff. I am thinking to myself you have got to be fucking kidding me. So after several limpers, I decide to make it $80.00 to go. All the limpers fold except the gentlemen (And I use that term very LOOSELY) two seats to my right. He just decides to flat my raise. So the flop comes out I dont even remember what, just a bunch of undercards and rainbow. Well the gentleman decides to lead out for about $250.00, I snap call, because I figured that it may have been a continuation bet. The turn reveals a Q. He then makes it $500.00 to go. I have to go into the tank again and replay the last minute or so in my mind. Is it really possible that I am going up against aces, a set of queens or another set of some kind? I felt that it was unlikely that I was going up against a set unless it was queens or I was up against aces. So I just flat the bet on the turn. The river was dealt a blank and the board is not paired. Howard the Duck then makes it $1,000 to go and after a short while I am thinking to myself that this guy is going to have to show me a set of queens or aces because I am not laying this down. So I call and flip over my kings. The son of bitch slow rolled pocket aces. He was such a cold hearted asshole that I wanted to beat him, but I politely said nice hand sir and went on about my business. After that the day went completely down the drain and what seems like every time I was a favorite in a hand, I was destined to get out drawn. I ended up taking one on the chin, but that's poker. Tomorrow will be another day and today was just another lesson learned. It is what it is and I will just have to keep grinding it out.
Friday, January 1, 2010
Thoughts on investing: A look into similarities in the stock martket and on the felt
Whether making investments in the stock market or at the poker table, it is essential to have a reliable set of rules or a system that has been tested in real time, you should follow these rules in order to preserve capital and cut losses. The investor must also consider the odds of their stock making a gain or a loss. Price objectives and targets should be a large part of every investors system. With proper money management and calculated expectancy, you should aim to trade only in situations where the odds are in your favor. Another major component that works its way into investing is psychology and/or human emotion. Stocks are made up of human character traits, similar to the type of people that own them. Some stocks are risky and volatile while other stocks are conservative and predictable. The market repeats cycles and specific chart patterns because humans repeat their actions and character tendencies.
The same is true in investing; I can cut a loss short and wait for the next opportunity without risking the farm if a realizable loss is recognized. If the cards are good and my probabilities of winning the hand are high, I can call the bet or raise the bet. The connection I am trying to make with investing in the stock market and playing poker relates directly to cutting losses short (capital preservation and money management) and my odds of winning the game (in the stock market this could be called expectancy).The no-limit aspect allows your upside potential to be unlimited which carries through to investing. If you cut losses short and ride your winner, the up-side potential in investing can also be unlimited. In the real world of investing in the stock market, you should always invest in the most optimal situations and ideas. The ensuing gain or loss will prove or disprove your prior theory. Again the most important component of both ventures is cutting losses short and moving on without becoming emotionally involved.
All investors and poker players bring emotions to the table, some control them better than others. The bottom line is to understand your surroundings. Implement an optimal strategy that maximizes your success & minimizes your risk. Tomorrow is a new day and there will always be an opportunity, because they are always around the corner. 2010 is a new year and I wish you much success in all of you future investing endeavors.
The same is true in investing; I can cut a loss short and wait for the next opportunity without risking the farm if a realizable loss is recognized. If the cards are good and my probabilities of winning the hand are high, I can call the bet or raise the bet. The connection I am trying to make with investing in the stock market and playing poker relates directly to cutting losses short (capital preservation and money management) and my odds of winning the game (in the stock market this could be called expectancy).The no-limit aspect allows your upside potential to be unlimited which carries through to investing. If you cut losses short and ride your winner, the up-side potential in investing can also be unlimited. In the real world of investing in the stock market, you should always invest in the most optimal situations and ideas. The ensuing gain or loss will prove or disprove your prior theory. Again the most important component of both ventures is cutting losses short and moving on without becoming emotionally involved.
All investors and poker players bring emotions to the table, some control them better than others. The bottom line is to understand your surroundings. Implement an optimal strategy that maximizes your success & minimizes your risk. Tomorrow is a new day and there will always be an opportunity, because they are always around the corner. 2010 is a new year and I wish you much success in all of you future investing endeavors.
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