It has been over a year since the last Cake Challenge.
I was just browsing over some of our blogs for it, and realizing how much we all learned and gained from it. I have been fooling around a bit online, but mainly been focusing on live play as of late. Some of our most regular players (Chuck and Woodrow for example) weren't really around for the heyday of the Cake Challenge.
I am proposing the Cake Challenge II today. I am going to lay out some groundwork for it, but I think anyone who is interested should give their input, and we can pick the terms as a group.
For me, there are 3 main reasons to do a challenge like this.
1. Motivation. I am a competitive person and always seem to do better when I am being put against someone else than when I am on my own. I doubt I am the only one in our group that feels this way.
2. Bankroll Management. The #1 most important factor for the Cake Challenge is simply managing your bankroll properly, which is a skill that has applications in real life poker and also outside of poker.
3. The Grind. One of the most important things in poker is just putting in the hours. This often goes overlooked, but if you want to succeed at poker, you have to be willing to put in the time, and this urges you to do that.
So here is the deal as I see it:
You start with a set bankroll. In the first challenge we started with $50.00, but I think maybe $100 or $200 is more appropriate this time around. This initial buy-in represents your ENTIRE poker bankroll for the purposes of the challenge. This means that if you lose this amount, you are busto, broke, out. No re-buys are allowed. You are challenged to treat this relatively small amount of money as if it were your entire net worth.
This isn't easy. You can't have a moment where you just say "Ah fuck it, it's only a hundred bucks" and just punt it off cause you are steamed.
This also means that playing within your roll and game selection will be key.
Last time around, most players chose around 5% of their current roll as the most they were willing to put on the table at once. Percentages for tournaments varied amongst participants.
Part of this challenge is to come up with your own bankroll management system. This can include stop-losses, shot taking, capping your wins etc. You have to come up with something that works for you while protecting your roll at the same time. There are no set rules for this at all.
I am proposing that this happen on Cake again for 2 main reasons:
1. Most of us are comfortable with Cake and the player pool is generally kinda bad.
The downside to Cake is that they don't allow HUD's on their site. (Although Hold'em Manager does work now for capturing your own data and analyzing it).
One other part of the challenge is that you are expected to keep track of your progress accurately (again, HEM should be great for this).
So who is in?
For those interested, what do you think the buy-in should be? Any other suggestions?