pulling out your winnings

[dfscott]

I searched around and was surprised not to find any posts on this (maybe I used the wrong search terms or searched the wrong forum?).

In any case, I'm starting to reach the level where I'm thinking about switching from just building my BR to actually starting to pull out some of my winnings. However, I don't want to pull out any big chunks and I still want to continue to contribute to my BR (I'm at 2/4 and want to get at least to 3/6).

I'm wondering if people have any systems for withdrawing money or if they just take out chunks when they need it? For example, I was thinking about maybe pulling out 1/3 of my winnings every two weeks or something like that. Any thoughts?

Also, am I jumping the gun? I don't have a critical need for cash right away, so I could build up to a higher level if the profits are so much better that it makes more sense to wait. But if that's the case, what should I wait for? 3/6? 5/10? higher? I imagine that somewhere around 5/10 (or even perhaps 3/6), I will reach the limits of my skill, but I really don't know when to expect that to happen.

[daveymck]

I hadnt pulled any cash out in 11 months until recently, I am at 3/6 with a bit getting my feet wet at 5/10 but my bankroll was at around 500bb's for 5/10.

So now I am pulling out once a month anything above 400 bb's for 5/10. This give me a nice cushion to allow me to get my feet wet (and I am months away from 10/20) and means I can have some cash to enjoy and also know I have payed for the odd times I play live.

If you are still in the building stage but feel you have some cash lying about maybe think about some casino whoring there are a number of sites with good bonuses where you can autoplay so be doing that while poker playing or sleeping etc. This can grow your bankroll quite nicely.

Check out bonuswhores.com for more details on casino whoring, I have nothing to do with them but they pay for advertising here so I dont think this is spam.

[Befolder]

"Killer Online Poker" suggests the following system.

Double your money then take out half the profit. Continue this pattern.

So if you deposited the $50, at $100, you would cash out $25.
$75 total, cash out again at $150 for about 1/2 of $75 which is the profit.

I can't remember if they mentioned exceptions to your trying to move up levels quicker or not though.

It's always a good idea to occasionally cash out because you could be earning interest on that cash.

I cash out to my checking account and then transfer the same amount to my savings account to accrue interest. It give me a good feeling rather than Party Poker getting to earn interest on my money.

That reminds me I need to cash out $150.

Befolder

[CardCuda]

dfscott -

Lifes little mishaps keep getting in my way, lately (truck broken into, washer broke down etc...) but I used to withdrawal about $500.00/mo. and keep the roll sufficient enough to continue to play 2-4, SNG's etc. (separate rolls for each)....(The $500.00 a month was enough during the "building stage" that I felt like I was accomplishing something during the learning process of my play) in other words something for the effort, extra cash in pocket etc.. The extra cash I used in B&M play - tournies, Home Games, local cash games etc... but lately the extra has been going to new windows, washer, new cd player in the truck blah, blah. /images/graemlins/frown.gif Just my 2c CC

[Yeknom58]

I usually make silly goals and just pull it out randomly. You honestly don't need a system just make sure you keep a proper bankroll for whatever game you're playing.

[J.R.]

Also, am I jumping the gun? I don't have a critical need for cash right away, so I could build up to a higher level if the profits are so much better that it makes more sense to wait. But if that's the case, what should I wait for? 3/6? 5/10? higher? I imagine that somewhere around 5/10 (or even perhaps 3/6), I will reach the limits of my skill, but I really don't know when to expect that to happen.

2 Things. Why not wait until you need it, instead of trying to create an artificial reason for taking out money you don't need. Second, if you keep playing and posting, your skillz will grow, so anticipating maxing out your skill level is kinda follhardy, IMO.

Anyway, you can/should certainly wait for 3-6. The adaptation to the 5-10 game is where many SSer's really seem to experience significantly diminished returns, while 2-4 performance seems to be fairly well correlated with 3-6 performance.

[dfscott]

[ QUOTE ]
If you are still in the building stage but feel you have some cash lying about maybe think about some casino whoring there are a number of sites with good bonuses where you can autoplay so be doing that while poker playing or sleeping etc. This can grow your bankroll quite nicely.

[/ QUOTE ]

I assume the "while sleeping" bit is a euphemism for "mindlessly," right? Just wanted to make sure I'm not missing a huge +EV opportunity.

[dfscott]

[ QUOTE ]
It's always a good idea to occasionally cash out because you could be earning interest on that cash.

I cash out to my checking account and then transfer the same amount to my savings account to accrue interest. It give me a good feeling rather than Party Poker getting to earn interest on my money.

[/ QUOTE ]

I never thought of that -- I need to set something like that up. How many BB do you leave "on hand" in your PP account to handle the inevitable small swings?

[dfscott]

[ QUOTE ]
2 Things. Why not wait until you need it, instead of trying to create an artificial reason for taking out money you don't need.

[/ QUOTE ]

Well, needing and wanting aren't exactly the same thing. However, it's not what you think: actually, my wife has been surprisingly patient with my hours and hours in front of the computer screen, but I would like to be able to make good on some of my promises of "riches beyond our wildest dreams!" (Ok, maybe I'm exaggerating a bit, but I did promise that we could probably pay a few bills with poker, and her reply was "I'll believe it when I see it," so there's a little pride at stake here.)

[ QUOTE ]
Second, if you keep playing and posting, your skillz will grow, so anticipating maxing out your skill level is kinda follhardy, IMO.

Anyway, you can/should certainly wait for 3-6. The adaptation to the 5-10 game is where many SSer's really seem to experience significantly diminished returns, while 2-4 performance seems to be fairly well correlated with 3-6 performance.

[/ QUOTE ]

I'm currently at about $1500. I think I might just go ahead and build to around $2500 (moving to 3/6 in the process) and then start pulling it out.

And thanks to everyone for their advice.

[bisonbison]

scott, when you move to 3/6 at party, you'll probably be grateful if you keep a 400BB roll.

[jrobb83]

I'll second the 400bb roll for the Party 3/6 game. I tried to move up with a 300bb roll earlier, and immediately went on a 120bb slide. I'm waiting till I have 400 before trying it again, and almost there...

[dfscott]

[ QUOTE ]
scott, when you move to 3/6 at party, you'll probably be grateful if you keep a 400BB roll.

[/ QUOTE ]

Good point. I started with 400BB at 2/4 and lost about 150 of that (still working back). So I'll probably hold off pulling cash out until I get over $2500 (and am winning at 3/6)

[Tosh]

When I get some winnings I'll let you know what I do with them. /images/graemlins/crazy.gif

[daveymck]

[ QUOTE ]
[ QUOTE ]
If you are still in the building stage but feel you have some cash lying about maybe think about some casino whoring there are a number of sites with good bonuses where you can autoplay so be doing that while poker playing or sleeping etc. This can grow your bankroll quite nicely.

[/ QUOTE ]

I assume the "while sleeping" bit is a euphemism for "mindlessly," right? Just wanted to make sure I'm not missing a huge +EV opportunity.

[/ QUOTE ]

No literally while sleeping/eating/mowing the lawn whatever.

Some casinos have autoplay software for blackjack and video poker. Witha couple of slight changes to the strategy you can set it away and clear the bonus requirements.

Search the internet forum for more details or goto the website mentioned they have a more appropriate forum there.

[dfscott]

[ QUOTE ]
When I get some winnings I'll let you know what I do with them. /images/graemlins/crazy.gif

[/ QUOTE ]

I hear you -- my 2/4 experience has been:

-150BB
+75BB
-33BB

At least the oscillations are getting smaller...

[Befolder]

[ QUOTE ]

I never thought of that -- I need to set something like that up. How many BB do you leave "on hand" in your PP account to handle the inevitable small swings?

[/ QUOTE ]

Well I actually just learned that I should have 300BB in order to move up to another level. My system really isn't that developed yet, but the more I read this site and find out what amount I should have at each level, that will come around I think.

Your question is a good one and one I have to figure out for myself right now. The double/1/2 system doesn't take that into account. So maybe thinking of a new one would be better.

Say you have grown to $600, which is the minimum number of big bets for $1/$2 right? I guess if you double that to $1200 (Which then gives you enough to move up to $2/$4), you could cash out half the profit ($300). You'd be back to $900, thus giving you a little more time to experience $1/$2 before moving up to $2/$4 after another increase of $300 more if you want.

The system may work for having those extra bets too it seems so far because your next withdrawl would be at $1800 ($900x2) and you'd take out $450 leaving you with $1350. Still plenty for $2/$4.

So I think it may work out. I might make adjustments like taking out $600 when I hit $1800 which would knock me back to the minimum of $1200 for $2/$4 if I wanted to get more experience there.

I'm basically just talking ideas here and would welcome feedback and other suggestions too.

Befolder

[MaxPower]

[ QUOTE ]
scott, when you move to 3/6 at party, you'll probably be grateful if you keep a 400BB roll.

[/ QUOTE ]

I'm not sure how good a player Scott is, but I believe that most of the better players on Party 3/6 could go with a 200BB bankroll with minimal risk of ruin.

[lil']

Use your winnings to move up in limits, then you'll have even MORE money.

Mwa ha ha ha ha!

That's what I did, anyway, but I'm a greedy bastard.

[J.R.]

Oh well, I quess I'm not one of the better players as I had a -168 over my last 4kish 3-6 hands since the begining of this month (that's like -4bb/100). Thank God I moved back up to the smooth, pleasing, lite jazzy non-swingy feeling 5-10 6-max games /images/graemlins/blush.gif, I'm too scared to play 3-6 and see how much further down the ship can sink. /images/graemlins/blush.gif

Seriously though, I have had a 175 and this current one, as well as a few -100 to -140 steaks in the 3-6, so maybe I play too fast but I kind like to err on the side of having a little extra cushion. MY st/dev is like 16/100 I believe.

[sprmario]

I'm at about 1,600 and I my plan for the next month or so it to get it up to 2,400 and then pull out any half of any amount over 2,400 at the end of the month and then pull out half the amount over that months beginning balance at the end of next month... etc. That way I build past 2,400 but I can pull out some extra money every month (hopefully) while doing that. I'll be playing 3/6 at that point. I will start fooling around w/ 5/10 6 max when I hit $5k which will probably take a while. I'll actually probably play a significant amount of 1/2 6 max to work on that and get comfortable w/ short-handed play before trying the 5/10. Good luck!

[MaxPower]

Aha, but you never had a 200BB swing!

I'm quite sure your risk of ruin is less than 1% with 200BB at Party 3/6. I don't think we've played together much, but I can tell from your posts.

I think this just means that your chances of going broke starting with a 200BB bankroll are less than 1%. So you could have a -200BB swing and not go broke (for instance if you have increased your bankroll to 300BB before the swing).

Perhaps I am overstating this. Someone who has a lower BB/100 or is just moving up should really have a larger bankroll. Also, people who cannot put more money into their bankroll if they go broke. I am not overly concerned about about going broke.

[MAxx]

wait till your babystacks are fullgrown.

said another way, treat your roll as an investment where you are reinvesting your earnings.

that seems like the best approach to me, but i think it really just comes down to a matter of personal preference.

[StellarWind]

Do not confuse your bankroll with your online poker account balances.

Any online poker room regardless of size could go bankrupt tomorrow. Money in a poker account is not safe. We are talking about young companies in a new industry located in strange places with virtually no independent oversight or regulation. Theft, corruption, mismanagement, and excessive debt are natural events in this type of environment. Bad things have happened before and they will happen again.

Never keep more money online than your need for your day-to-day playing requirements. Transfer excess funds back to an interest-paying bank account or other safe liquid investment.

Your bankroll is the money you are willing to lose playing poker. It's still your bankroll even if it's in a bank.

[Bigdaddydvo]

huh huh, the title of this post is "pulling out" huh huh

[MAxx]

Stellar, great post IMO. I have never confused my bankroll with my online poker accounts, as some of it is located in different places/ types of accounts. However I think I tend to keep much more than I need in my poker account. I think I am going to take your advice and transfer the excess to savings.

[dfscott]

Excellent point.

I was aware of the difference, but never thought about the inherent risk.

What about Neteller? Would you consider that a "safe" enough place to keep money? Of course, it doens't pay interest, but since I'm only talking about around $200-300 right now, I'm not worrying about the interest until I have a larger BR.