I came across this before in business studies but it was only when I read Cowboy's blog (aka Chris) that I realised that it makes perfect sense to apply this to bankroll building in Poker. The acronym stands for the following:
Specific
Measurable
Attainable
Reasonable
Time Sensitive
I set about at the beginning of December putting together a plan outlining what I hope to achieve during the month. So, what would I like to achieve? Well, for starters I'd like to build up by bankroll, that's always nice. I'd also like to improve my multi-table play ability. Could I achieve Silverstar status on Pokerstars? Let's throw it in the mix and see what happens, we are going to re-evaluate weekly.
For this challenge I'm going to set aside a starting balance of $20. While I always keep a record of my challenges using an Excel spreadsheet it should be easier this time as I've taken up the kind offer of a free trial of PokerPro poker tracker. One thing for certain, it will definitely be more detailed and I hope to be able to include a few nice graphs and photos in the updates.
So here it is, my cash challenge for December:
To increase a Starting Balance of $20 to $50 and achieve Silverstar status while improving my multi-table game.
Starting Balance - $20
Specific - Yes, target is $50 plus 750 VPP's.
Measurable - Yes, I'll use Excel & PokerPro to record my profit/loss and the Cashier to keep tabs on my vpp's.
Attainable - Yes, I plan to put in some solid hours of multi-table play.
Reasonable - Yes, I attained 150+ vpp's easily in November.
Time Sensitive - Yes, I hope achieve this by December 31st
I'll be moving up the stakes in levels as follows:
$20 - $30 - 1/2c
$30 - $40 - 2/5c
$40 - $50 - 5/10c
Wish me Luck!
Update #1
Well, I didn't get off to the blinding start that I had hoped for. The first few days were solid and I made a small incline. Basically I played very tight poker but unfortunately too passive. What happened next was that I tried to make up ground too fast and played poor starting hands out of position. This is something that's not in my character or ability to do and it showed on the results. I took a downward hit on the bankroll.
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The last few days I've began to make progress again and I'm confident that by the end of the month I will make a profit. So, lets evaluate!
Starting Balance - $20
Current Balance - $12.57 (-7.43)
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Can I hit $50 by the end of the month? Yes, I still believe this achievable.
Have I improved by multi-table play? Yes, I'm comfortable on 4 tables and hope to increase this to six by next week.
Will I reach Silverstar status on Pokerstars by December 31st? No, at the time of writing this I have a total of 38.96 VPP's. That's an average of 4.75 VPP's per day and at that rate I'd only accumulate 147.75 points for the month. Not near the 750 required for Silverstar, I'll leave that challenge for a later date!
I'm going to keep grinding, it's a fun ride! I'll update again in a week!
Update #2
Well, the month of December has come to an end and I've fallen way short here.
I finished the month with a closing balance of $25.52 with is up $5.52 from my Starting Balance of $20. It is however, no where near the $50 target I was hoping to achieve.
The highlight of the challenge however is that I quickiy adapted to multi-table play and i'm now quite comfortable playing 4-6 tables at a time.
I hope to continue with a similar challenge which you can follow in the January Micro Grind blog coming soon. I'll be taking on the NLHE course at PSO while doing this. In the first section they talk about good bankroll management! Watch this space!
Read more: The December Micro Grind (royalraise85) – Poker School Online: Learn Poker Strategy, Odds and Tells http://www.pokerschoolonline.com/blogs/post/?id=20878&preview=true#ixzz1icO00fRD
Raiser!
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