Live the Dream as a Poker Pro

"Dream as if you'll live forever. Live as if you'll die today."

- James Dean

I believe in living my dreams. There are few things sadder than a life that's full of woulda, coulda, shouldas. A fellow by the name of John Fox once wrote a book titled Quit Work, Play Poker, and Sleep 'til Noon! I've lived that most of my life, and let me tell you, it is not as easy as it looks, and it's not exactly what it appears to be. But, it built a life for me, and it can for you, too, if you're willing to do what it takes.



I constantly receive letters from players who are looking to go pro. In their eyes, it's a dream life: no boss, do what they want to do when they want to do it, travel and live life in the fast lane, and so on. Poker can be a great life for those who do it well and manage it correctly. But there are many misconceptions among most who are looking to enter the business of poker. And it is indeed a business. As Stu Ungar once said, "Show me a guy who doesn't treat poker as a business and I'll show you a loser."



Poker is a different type of business. No tangible goods are created to be bought or sold, unless of course you consider a chip a good. No services are given or received. The business involves acquiring money from people with nothing given or received, except, of course, a few bad beats.



There are different business models for the wannabe poker pro to follow. As I've written previously, there are two main mentalities of those who seek to make a living at the green felt's battlefield: "live to play" and "play to live." I've always been a play-to-live kind of guy, but with the recent changes in the poker world, this is definitely the era of the live-to-play type of player.



Some pros just love the game and want to play "King of the Hill." They wake up in the morning seeking a competitive challenge. Winning is everything to them. They want to be the best; that drives them emotionally. And there is nothing wrong with that. Winning pushes their buttons, gives them a sense of accomplishment, and satisfies their egos. Most importantly, it makes them feel good about themselves. Like Steve McQueen in The Cincinnati Kid, they yearn to be "The Man."



The most successful among them not only make the big bucks, but also get the glory. The good news for them is that glory pays much more in the way of financial dividends these days than it did just a few years ago. Card Player Player of the Year winners Erick Lindgren and Daniel Negreanu have parlayed the notoriety accompanying their achievements into some pretty sweet spots. And they are by no means alone. Phil Hellmuth has done a great job of drawing attention to himself and generating endorsement opportunities. Phil Gordon turned a World Series of Poker final-table finish into a TV host position. And so on. Sponsorship opportunities are more lucrative and more plentiful than they have ever been for those who excel at the game, and they can make a name for themselves in the television world.



The best way to create a name for yourself is to win some high-profile tournaments that are on TV or make many final tables. Luck is a huge factor in these tournaments, which is a good news-bad news issue. You don't have to be the best player or even one of the best to win a tournament, but on the other hand, you can be one of the best and go long periods of time without ever getting a significant paycheck. That can get very expensive – as it costs around $600,000 a year to travel the circuit and enter most of the major tournaments. Many players create "tournament teams" to share the financial risk. That can be effective, but it brings up integrity issues when players from the same team play at the same table. Fortunately, this subject is getting some serious discussion at the tournament director level, and there may be rule changes regarding disclosure coming sometime soon.



The battle to be "King of the Hill" leaves lots of battered bodies farther down the mountain. Most players who attempt to climb the hill spend their lives attacking the hill and fail. They live their lives constantly hustling a stake into the next tournament, and many are deeply in debt. Even those who succeed in climbing the mountain find it very demanding to stay on the top of the mountain. Maintaining a world-class game over time is very demanding, and is significantly more difficult than getting there in the first place. And getting there is no easy task. New talented players are always looking to take you down, which can be a double-edged sword: It buys you action, but eventually somebody knocks you off, leaving you clawing with the crowd for the top.



Being "The Man" can get you lots of challenges and action, as the live-to-play guys will look to knock you off your throne. A current example of this phenomenon is the $500,000 challenge matches that Daniel Negreanu hosts at Wynn Las Vegas. More players are lined up to play him than he has time to play. He has played some very tough customers and more are waiting in line to play. (As of this writing, Daniel is kicking booty overall) . You can lose a lot of money very quickly at $500,000 a pop!



It requires major mental and emotional toughness to handle the slings and arrows of battle when playing King of the Hill. The likelihood of burnout and its effect on your game is an added risk. If you're playing King of the Hill, your best game must be very good and brought to the table every day – which is no easy feat! Even among those who can handle the stress and pressure, it often has a significant negative impact on their lives.



Of course, not everybody has the time, the drive, and the talent to do what it takes to take their game to the top level. Among other things, the world's best poker players are gifted mentally with great recall and logic skills. I played the King of the Hill game in my youth, always looking for trophies and tournament wins. As I got older and the glamour of the poker world lost some of its glitter, I found myself much more comfortable in the play-to-live faction. Poker players who understand their limitations but are good enough to beat given levels can make good lives for themselves within their element. Good money and a good life can be made at the poker table by being consistent, staying within your limitations, and hitting a series of singles instead of trying to hit a home run. Remember, home run hitters tend to strike out more!



Business management issues are important to both classes of players, but affect the play-to-live grinders more. These players tend to play low- or middle-limit games, in which the edge they hold over their opponents is large and their swings and bankroll requirements are small. That life is not near as glamorous as being a TV tournament star, but it is easier to attain, easier to maintain, and a much more stable existence. And it certainly lends itself better to family life.



The best of these players often make more money over the course of time than some of the "TV superstars" (the truth be told, some of the TV superstars have no money). That said, this business model is more like a job, with the need to grind out a living day in and day out, week in and week out, year in and year out.



Many wannabe poker pros pursue the life out of a desire not to work. These people are in for a rude awakening. Playing poker well requires hard work. It is nice to work at something you love – but it's still work. And to succeed, you need to treat it that way.



I am a believer in actualizing your dreams. But, many players pursue life as a pro only to find that their dream was illusory and the realities they face are not close to the ones envisioned. So, if you want to be a poker pro, do your due diligence work, check out what you are getting into, and make sure your dream is attainable, realistic, and not just a pipe dream.



And then, dream as if you'll live forever …

Roy Cooke played winning professional poker for more than 16 years. He is a successful real estate broker/salesperson in Las Vegas. His books are available at conjelco.com. His longtime collaborator, John Bond, is a free-lance writer in South Florida.