A few years ago, as the 'dotcom' share-dealing boom reached its peak, I knew a guy in London who opened an office to cater for the growing number of 'day traders' wanting to play the stock market. Anyone with ¯¿½50,000 to spare could rent a desk and trade shares 24 hours a day at the rather ordinary-looking office which contained masses of screens showing share prices in locations as varied as Tokyo and New York.
To make any money, traders had to be in and out of their deals within minutes; on average, they were making around 250 trades a day, taking a tiny profit (or loss) on each one. I asked the guy who set it up what he was looking for in people who were prepared to give up their day jobs in order to trade stocks and shares: "They have to concentrate and they have to love it," he said, "otherwise they'd be better off keeping their fifty grand."
Playing poker for a living can sometimes appear similarly exciting. Moreover, given the fame and fortune that accompanies winning televised poker tournaments, I've met a surprising number of players recently who are contemplating turning professional.
On paper, the most attractive aspect of being a full-time poker player is that it provides freedom to work your own hours. But there is an old saying about poker: "It's a hard way to make an easy living." Although these words were uttered 50 years ago, they hold true today.
To be successful, players have to display real talent, an overwhelming desire to constantly improve and a great passion to play. This isn't just a liking of the odd game, but an unquenchable love of poker. Unless budding pros absolutely love to play, they'll struggle to be successful.
It's true that the biggest events pay out big money to the winner, which means that poker can provide a great life for the successful. The problem is that the majority are not; anxiety and frustration become the norm for most, while adversity is the constant companion for those wishing to embark on the tournament trail. Succeeding in tournament play is an extremely difficult art which means that knowing how to handle defeat becomes an integral part of the job.
Yet perhaps the game's most underrated skill is money management. Just like the dotcom day-traders, a decent poker professional who manages his money well will invariably make more money than the outstanding player who displays the money management prowess of a drunk at the bar. Furthermore, your post-match stack can soon disappear if you have any bad habits such as betting or enjoying a tad too much to drink.
Of course, many high-stakes poker players are gamblers by nature who enjoy a bet, but this brings consequences, not least of which is the anxiety caused from being broke, borrowing money, and then "getting staked" when they do play, meaning they can win only half of what they should be making.
As the guy in London told me a few years back, "I don't want to discourage anyone, but they should recognise how tough it really is before giving up the day job." Although his advice was meant for the stock market, it's equally applicable to the poker table.
