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. [img]/images/graemlins/frown.gif[/img] 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.