Joined: Aug '11
Location: United Kingdom
Age: 36 (M)
Posts: 3
Hi guys iam setting myself a profit target of $60/£40 a day. Just wondering what you all think the best and minimum risk way of hitting this target regularly would be? what stakes you would suggest? cash games, sit n go's or MTT's? What bankroll you think someone would need?
There is no "minimum" risk way of trying to achieve this. Every hand runs a risk, and it depends on what you are prepared or able to lose.
I personally would recommend you set your sights a bit lower and aim just to break even to start with. If you can achieve that you are doing well. Most poker players never achieve that, let alone run at a daily profit.
Joined: May '09
Location: India
Age: 37 (M)
Posts: 4873
u shud set monthly/yearly targets, 1 day is bit short time to beat variance. as for the risk, it depends on your winrate and variance in various game formats/stakes. so pls post some stats so we can giv better replies. there are formulas out there on web which u can use to estimate ur risk of ruin, never used them myself though. anyways there are some games which hav less variance. eg sng hav less variance than mtt, normal hav less variance than turbo. and in case u are new to poker, u are in for a big surprise.
Joined: Feb '12
Location: Canada
Age: 64 (M)
Posts: 6036
In tournament play,....say and $11 buy in for example, if you 'JUST' get into the money,...you'll make about $5 - $6...
...BUT,....if you lose it, you'll be down $11 and will have to buy in again the next day and do fairly well by winning $22 just to break even,....or 'JUST' get in the money TWO days running, just to get your money back and stay even...
You're setting the bar PRETTY high for yourself there my friend,.. Of course,....if you were to lose a bunch,...then KILL IT in one game and do very well, you could get back your losses...
If you were to stay approximately even for weeks, then get a 1st or 2nd place,...then you would make a nice profit,...and maybe achieve your $60 per day target...
Joined: May '08
Location: Germany
Age: 59 (M)
Posts: 6786
60 bucks is a lot of money for the lower stakes. So you either have to play quite high, or a lot of hands at decent limits. But you can't expect to walk away a winner every day.
Joined: Apr '11
Location: Romania
Age: 35 (M)
Posts: 6669
You can easily make 60 if you play cash games at NL/PL 20/25...
This is the limit on which i play and the sum is really realistic. I think the best thing should be SNG's, 5 dollars buy ins should be enough if you play enough. The risk is present on any game though.
Joined: May '11
Location: United Kingdom
Age: 32 (M)
Posts: 97
I also tried to do this while back, but it didn't work out as I wished. I decided to win $30 a day and I did it for a week by playing rush poker at PartyPoker, but there will be a day when you'll run bad and then get angry for not making the money that you should that day and you keep losing. Just play without setting a goal for every day.
Joined: Jul '13
Location: United States
Age: 37 (M)
Posts: 9
i personally think setting daily targets will make u lose more than you will win. because it will force you to play hands that you wouldn't if you did not set a target. just my opinion. good luck on whatever you choose to do
Joined: May '08
Location: Lithuania
Age: 39 (M)
Posts: 10090
i think it's uber silly to set yourself specific targets in the world of gambling. it's totally different thing if we're talking about business/job etc., but gambling is not something where your decisions alone make you profit- there's one factor called "Luck" that can easily spoil all the targets. as mentioned above- if there are any targets to set, those probably should be long term: monthly/yearly...
Joined: Aug '11
Location: United Kingdom
Age: 36 (M)
Posts: 3
Thanks for all your advise guys some good points for sure. I think I will just play my normal game but start to play more cash games n just try to hold my own and I will be happy with any profit and then use that profit to enter tournaments and hopefully one day everything goes rite and I can cash big in a tourney. I will repost how Iam getting on in a few weeks
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
If you are starting now unless you gave loads of money then you should lower your goals. Thats a lot of money as a goal. And as it has already been said above you should put a monthly goal., since some days no matter what you cant win. So that at the end would set you back for good.
Posted by andyfairgame: Thanks for all your advise guys some good points for sure. I think I will just play my normal game but start to play more cash games n just try to hold my own and I will be happy with any profit and then use that profit to enter tournaments and hopefully one day everything goes rite and I can cash big in a tourney. I will repost how Iam getting on in a few weeks
Just remember that in cash games people play a lot looser because its so easy to just reload and keep playing.
The advantage to cash games is you get points quicker, so things like bonus' and FPP points rise quicker.
Depending on your bankroll. I would consider playing 2-3 tables at once and really grind. Just build up the points and clear every bonus you can. THat way your bankroll grows and you can then move up stakes.
Joined: Feb '11
Location: Germany
Age: 31 (M)
Posts: 1859
Was not going to post any more on this forum but so much horrible advise here,just cant help it
If you are fairly inexpirienced (and setting a goal like that shows you seem to be),it's time to 'invest',as in paying for some coaching before really getting on the "making money road". Take it easy,slow and step by step. Then once you get to put in decent volume,after a few weeks you can see a tendency in terms of winrate. Depending on the game this is calculated at BB/100 hands in cashgames or $/game in SNGs and tournaments. Once you have an actual samplesize in a specific game type including stakes,you can calculate your own hourly rate based on how many hands/tourneys you play on average her hour and see how many hours per day you have to play on average to reach this target. It is,however,a long way to go to reach $60/day,either you have to put in loads of volume at microstakes (including massgrinding) or be a very solid and consistent winner at low-/midstakes,in my opinion the first way is easier than the latter,it will limit your improvement though,it's a way to just make money and to not improve further.
Joined: Apr '11
Location: Romania
Age: 35 (M)
Posts: 6669
Keep us posted on your evolution OP!
What game and on what limit did you decided to start playing? It's okay to start with cash since it has the lowest variance but if it was to start poker from zero like i did when i first started i would start with sng to build up a br.
Joined: Apr '09
Location: Australia
Age: 40 (M)
Posts: 6483
$60/day is quite a bit. That is essentially a semi-professional target, since you're talking about ~$400 a week, which is enough to live off and a great "boost" to a regular income.
How big is your roll? How many games a day do you think you can play?
Using SNGs as an example, let's say your ROI% (after rake, rakeback, bonuses and everything else) is 10%
Then if you're playing $10 SNGs, you would need to play 60 games per day, which even if you're playing 10 games at a time, it's going to eat quite a bit of your day.. If you want to play a smaller volume, then you're talking about say 30 x $20 SNGs or 10 X $60 SNGs, but as the stakes go up, your ROI will go down also, I doubt you'll manage any where near 10% ROI on $60 SNGs, you'll be lucky to get 1-2%.
Also - don't set daily targets, variance will make sure there's ZERO chance you'll win every day, in fact - when you hit serious downswings, even averaging $60 a day profit, you'll have whole months where you actually LOSE money. That is the nature of this beast.
You're better off settings annual / bi-annual targets, if you want to set targets, that way you won't be 'chasing' your target every day; that is an easy way to go on huge losing streaks, continuing to play when you're playing bad, trying to hit a target or turn-back after a loss.
So $60 a day hey. The minimum risk way is to achieve this is playing microstakes poker (less variance than the tournies and sngs) . U need to put in a lot of volume so would need to multitable. To get the maximum volume you could try zoom poker on pokerstars.
Im assuming a bankroll of less than 100$ for this next bit...
Buy in for $1 (full ring, again less variance) and quit when u double up (u must quit else lady luck WILL provide the situation to kill your stack b4 u've stored it neatly away)
Play 4 of them at once and you will be putting in around 1000 hands per hour. Play super tight. [ak,aq,ajs, 22+] Now When u load the zoom tables they are number for you sequentially. E.g. Mcnaught 1, would be the first zoom table you open and then Mcnaught 2 etc...
So its easy once youve reached Mcnaught (60 + x) where x is the amount of zoom tables where you lost your stack then you have reached your target
Now it all boils down to what your winrate for zoom poker is. as you want $60 per day at 2nl that is
3000 bbs you need to win daily. If your winrate is 10bb per 100 hands OR 100bbs per 1000 hands
you would need 30 hours of 4 tabling zoom to achieve the required figure of big blinds(BB). this wouldnt fit in with your plans but if u can eek out a higher winrate then its achievable within a long day of grinding
Final point: if youve got >= $100 you could try 4 tabling 5nl zoom. 60$ is then made up of 1200 BBS which the same winrate would take 12hours of grinding to achieve.
Helpfull? they are only my own thoughts but Ive earned $70 a day on good days and $10 on bad days using this method.
Joined: May '13
Location: Mauritius
Age: 32 (M)
Posts: 2688
Hmm my advice is to not set monetary targets? Why?, well if you does not hit the daily target you will tend to try playing differently just to get it and will ends up losing more and tilting and losing even more. Been there and done that.
Maybe try to have volume goal, say 500 hands daily etc..if you just starting off I think you better stick with SNG, once you get the basis you can build a roll easily and then move to cash game, where the money is, at least on the upper limits.
Anyway just improve your game and winning will come by iteself!
Joined: Feb '13
Location: Slovenia
Age: 41 (M)
Posts: 554
Posted by Heskor: Hmm my advice is to not set monetary targets? Why?, well if you does not hit the daily target you will tend to try playing differently just to get it and will ends up losing more and tilting and losing even more. Been there and done that.
Maybe try to have volume goal, say 500 hands daily etc..if you just starting off I think you better stick with SNG, once you get the basis you can build a roll easily and then move to cash game, where the money is, at least on the upper limits.
Anyway just improve your game and winning will come by iteself!
that is right approach. dont set money goals go for volume and work on your game.
Joined: Feb '11
Location: Romania
Age: 34 (M)
Posts: 478
there are lot of promotions in a poker platform ,thats why i can t make another target ,my only target is to get on + at the end of the day and if not to reduce the looses.
