In this series we'll discuss the considerations to take when becoming a full time poker professional.
It's impossible to tell you exactly when, why and how you should transition in to becoming a full time professional poker player. Circumstances will differ for everyone - Some will be students, some will be unemployed and some will be looking for a career change.
However - There's a set of universal considerations to take in to account when making that decision and making the transition.
Is your hourly rate good enough?
if you are crushing poker and making a lot more per hour than your current job then this could be the route to take. However, make sure you look at your hourly in your countries currency and also be aware that an hourly can never be fully estimated or projected. There are so many variables that change in the poker world. For example, say you're currently making £10p/h...it won't be like this forever when variance comes in to play. In a job you will know your current hourly which will always be at a set minimum (minimum wage), will rise with inflation and also the longer you work, the more likely you are to get promoted and earn a higher base salary.
Expected earnings
As said above we need to know what we expect to earn over a long period of time. We can easily work out what volume = in bonuses and that will always be roughly the same. but we cannot make a 3,5 or 10 year plan. We must be aware that anything can change in the poker world and nothing is forever.
Self Control
What kind of person are you? you have a bankroll, you go on tilt, downswing then you find yourself gambling in the pit or on the sportsbook and all of a sudden your bankroll has gone and now you cannot earn. Do you have the mentality to ride out the storms, drop levels or move up levels at the correct time.
Self Motivation
In a job we can be lazy if we don't care about results or getting work done, or we can be motivated by staff and colleagues around us. Neither of these will help you succeed in the poker world - It's down to you. You need to have a routine, get work done and always be the one working the hardest. Its the same as running your own company, you have to control everything and no one else is going to do it for you.
Long term
Long term anything can happen in Poker - If you work hard enough, you can have an easy life just grinding away and printing money. Sadly things can change... For example full-ring is almost now none existent online, these games have largely faded away. Black Friday is another example of the unexpected hindering many players careers...Many players had their bankrolls locked away for good. How good are you at maintaining the high levels needed to consistently beat the games? Games get tougher, we get lazier. Having the mind set of being ahead of the game and not catching up with it is a must...this game can soon leave you behind.
Taking of a wage
Knowing how much to take from your poker winnings is essential. No one will ever take too little, the problem is taking too much. Buying a car or holidays from your roll can leave you seriously damaged and hard to recover from. This is the main reason many players need to be staked - They've taken too much money from their bankroll and spent it, and now they're on a downswing and in deep trouble. Take as little as you can to live off and live frugally - You never know what might be around the corner.