So, I let my blog go for a few weeks, and it was summarily deleted by my host. My fault. Maybe I just needed a fresh start. Sorry to see all my old material deleted, though.
I had a big day yesterday. I came in fourth place in the $20 $15,000 Guaranteed on PokerStars for $1,478! It is my 5th largest cash ever. If you take out the three tourneys I won as a donk in the early days, it is only my second best cash, LOL!
At the beginning of the year, I said the only withdrawal I was going to make was to pay my 2010 taxes, if need be. So far, I have kept to that resolution. I still have to make my withdrawal for taxes, but it has definitely been a good beginning of the year – which includes an entire month of no poker. In two months, I have definitely put myself in good position bankroll-wise.
That brings up another important discovery for me from early this year – PartTimePoker. PartTimePoker is a poker staking website. Players can request to have a portion of their buy-ins purchased by investors. In turn, the investors get a percentage of whatever winnings they may earn. Of course, there is also the chance that they may lose their investment. But I have hit upon a strategy that has been working wonders for me. I have made over $1,000 there so far this year. All of my investments have been in BAPs (Buy a Piece) as the name implies, I have bought a piece of a player, and they, in turn, have sent me a portion of their winnings. I am currently invested in about 25 players and I have agreements with 5 more players to invest in them. That information is actually public – you can see who I am investing in here.
One thing I am excited about is I might have my first stake. A stake is when you are the only person investing in a player. I have been talking with a player who is interested in being backed. We are in the negotiating stages right now, but it is definitely looking promising.
I will definitely have an entry up later about how I invest in BAPs and Stakes. Suffice to say, the old investing adage, “Don’t put all your eggs in one basket” definitely holds true when investing in poker players! I learned that by investing a large portion of my bankroll in one player. I mean a very large portion – about 40% of it. Fortunately, I had other winnings that allowed me to offset that large loss. I will leave you with that small tidbit until a later blog post.
It is good to be writing about poker again!