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#722 – Great Moments in Low Stakes History, Part 2 – Rebound or Dead Cat Bounce?
Last Sunday, with under $500 in my Full Tilt account, I had to contemplate an entirely new poker schedule. Instead of deciding how to divide my attention among the dozen or so $150+ tournaments, I was checking the starting times of the $1 events and debating if I could afford a single $50 + $5 turbo satellite to the $750,000 Guarantee.
It sucks being broke.
I decided to play that turbo satellite and made it into the big tournament. With my account by this time down below $400, I made it into the money and briefly entertained fantasies of what I would do with $145,000. Those plans crashed when my A-K ran into pocket queens and we both improved on the flop, but I still picked up $433, more than doubling my bank roll.
That helped, but, realistically, not very much. All it did was buy me a few more days before having to make a hard decision about whether to make my first deposit since 2006.
That was how I found myself with nearly 3,400 other players in the Daily Dollar Rebuy on Wednesday. As I have mentioned in some previous blogs, I find the bi payouts in the large-field, small buy-in events irresistible. It’s like shopping at Costco for your poker schedule. Consequently, I have been playing both Daily Dollar events almost every day since they started last week. I’ve had some success, finishing 50th out of 6,396 in the inaugural Daily Dollar on March 25th (worth a whopping $15) and a finish in the low money in the Daily Dollar Rebuy on March 29 (which earned me $5.92, a profit of $0.92).
Yesterday, I nearly reached the brass ring. Out of 3,398 players, I finished second. My $4 investment earned a total of $1,454. And I had to WORK for that money. The tournament lasted over 8 ½ hours. You have to play for more than 5 hours to make fifty bucks and the final table itself took over 2 hours.
This doesn’t really change my financial status, though it boosts my bankroll on Full Tilt to $2,000 so at least I can play poker for a little while more.
April 2nd, 2009 at 9:59 pm
I think I’m paralleling you. I had to withdraw most of my bankroll to pay taxes on what I won last year. A week later, last Sunday, I won the 17:30 $10+1 knockout for ~$1900. It’s nice to have something to work with again.
It’s also nice to brag on someone else’s blog.
April 3rd, 2009 at 2:16 am
Michael, at least now you can start playing at tourneys in the $40 start range or 2% of your current bankroll as suggested by FullTilt Academy. Choose carefully and your bankroll will grow. There are also some bankroll management tips on FullTilt Academy as well. Good luck at the tables.
April 13th, 2009 at 1:13 am
Working from a small bankroll is good and keeps the value of money well and truly in perspective. Congrats on the good results. Keep going! The beauty of poker is the next big score may be just around the corner!