SoCalPat
12-11-2003, 09:42 PM
Great movie with Pacino, Ed Harris, Kevin Spacey, Alec Baldwin and Jack Lemmon. Anyway, there's a scene pertinent to many of the newer micro players I see creeping on here more often.
With all apologies to the original script ...
A --- Always
B --- Be
C --- Cashing out
You're going to go through inevitable swings in your bankroll. However, don't allow your bankroll to be 100 percent accessible at all times. You should constantly be putting aside/cashing out a percentage of your winnings.
You should be doing this because, as you progress in your early poker playing days, you will hit ceilings. Whether you can break those ceilings or not is up to you. But while you're trying to do so, don't expose your entire bankroll.
Example: About eight months ago, I bought a $50 stake into Paradise. I built it up to over $500 several times. But I was never cashing out winnings. I hit a prolonged bad streak just before a trip to Vegas and had but $180. Had I been cashing out regularly, I still might have had only $180, but I would have had a second bankroll set aside that would have been much greater.
After Vegas, I bought in again for $50. My bankroll at Paradise is $325, but I've cashed out eight times for $50 or greater every time. In seven weeks, I've turned $50 into almost $800.
When you have your entire winnings available to you, it can create a dangerous mindset. You remember what you started with, look at what you have and figure you're invincible. Soon, your starting hand requirements dip slightly, you chase gutshots getting 8-1 instead of 11-1 or better and ... voila! ... your bankroll has taken a 35 percent hit.
Conversely, if you continue to play strong poker and still take a hit, you can take a look at this second bankroll as inspiration and a pick-me-up of sorts. It's a reminder to keep doing the right thing.
Some of you might be so uber-disciplined that the above isn't necessary. That's fine, but that's an exceptional case at these levels.
I play mostly .5/1, with some 1/2 and $10 SNGs mixed in. When I win 100 BB at the .5/1 level, I cash out for half. What do I do in bad streaks? For instance, I had gotten my PP bankroll up to $400 about two weeks back. Then I hit a skid where it fell to around $280. I built it back up to $450 and cashed out back to $400 -- right where I was when the bad streak began.
There might be better systems of money management -- regardless, I'd like to hear them all. In any event, treasure your winnings and set them aside so you always have tangible proof of your success.
With all apologies to the original script ...
A --- Always
B --- Be
C --- Cashing out
You're going to go through inevitable swings in your bankroll. However, don't allow your bankroll to be 100 percent accessible at all times. You should constantly be putting aside/cashing out a percentage of your winnings.
You should be doing this because, as you progress in your early poker playing days, you will hit ceilings. Whether you can break those ceilings or not is up to you. But while you're trying to do so, don't expose your entire bankroll.
Example: About eight months ago, I bought a $50 stake into Paradise. I built it up to over $500 several times. But I was never cashing out winnings. I hit a prolonged bad streak just before a trip to Vegas and had but $180. Had I been cashing out regularly, I still might have had only $180, but I would have had a second bankroll set aside that would have been much greater.
After Vegas, I bought in again for $50. My bankroll at Paradise is $325, but I've cashed out eight times for $50 or greater every time. In seven weeks, I've turned $50 into almost $800.
When you have your entire winnings available to you, it can create a dangerous mindset. You remember what you started with, look at what you have and figure you're invincible. Soon, your starting hand requirements dip slightly, you chase gutshots getting 8-1 instead of 11-1 or better and ... voila! ... your bankroll has taken a 35 percent hit.
Conversely, if you continue to play strong poker and still take a hit, you can take a look at this second bankroll as inspiration and a pick-me-up of sorts. It's a reminder to keep doing the right thing.
Some of you might be so uber-disciplined that the above isn't necessary. That's fine, but that's an exceptional case at these levels.
I play mostly .5/1, with some 1/2 and $10 SNGs mixed in. When I win 100 BB at the .5/1 level, I cash out for half. What do I do in bad streaks? For instance, I had gotten my PP bankroll up to $400 about two weeks back. Then I hit a skid where it fell to around $280. I built it back up to $450 and cashed out back to $400 -- right where I was when the bad streak began.
There might be better systems of money management -- regardless, I'd like to hear them all. In any event, treasure your winnings and set them aside so you always have tangible proof of your success.