I'm afraid of losing it all...

ClaytonN · #1 06-29-2005, 12:39 AM

Background: I'm going to college in the fall as a freshman. During the summer I hold a $8/hr part time job and play poker on the side.

Since Jun 3 I've run $300 up to approximately $1250 and now my net worth is $1900-$2000 if you include the rakeback I have earned.

This is more than enough money I will need at college this coming year (I am a frugal person).

So, when I just had a rought downswing from 1450 down to 1250, I have had fears. Persistent downswings could hurt my bankroll, and I do not like the prospects of not having enough money going into college.

It's the sort of thing where I am contempt with what I have, but due to a recent downswing I am afraid to keep playing and earning. Which is bad, earnings-wise.

How should I approach the upcoming month and a half before school starts?

I have considered cashing everything out besides 600 as something of an "insurance plan", this way I can keep playing at 1/2 and have more money in the bank. But I am still unsure.

reddred · #2 06-29-2005, 12:48 AM

sounds like a good plan (the pull out everything except $600).....I mean, you gotta leave something in there....what are you going to do, stop playing poker for the rest of the summer and school year?

kyleb · #3 06-29-2005, 12:53 AM

If you keep looking at your bankroll as money you can buy things with or spend it elsewhere, you need to not play poker.

You have to be willing to risk every cent in your bankroll to make +EV decisions in order to play winning poker.

greg nice · #4 06-29-2005, 12:54 AM

perhaps consider cashing it all out. you have no way of knowing if you are even a winner.

Online247 · #5 06-29-2005, 12:59 AM

[ QUOTE ]
So, when I just had a rought downswing from 1450 down to 1250, I have had fears.

[/ QUOTE ]

I'm a very risk-adverse type of person so I keep way over 1000 BB for the levels I'm at. I think this helps neutralize downswings. In other words, 600 bucks isn't enough to protect you from the fear of losing that you have.

ClaytonN · #6 06-29-2005, 01:01 AM

[ QUOTE ]
If you keep looking at your bankroll as money you can buy things with or spend it elsewhere, you need to not play poker.

[/ QUOTE ]

And unfortunately, this is what's afflicting me.

poker-penguin · #7 06-29-2005, 01:23 AM

I guess it's easier for me because my bankroll is in US dollars (a currency I have used very little in my life).

Ultimately your bankroll is money. But it's only money. It comes, it goes, it's not worth getting worked up over.

It might be a good idea to cash out all but 600, that way you've made a profit from poker no matter what happened.

TripleH68 · #8 06-29-2005, 01:29 AM

You might consider the following...

Cash out $1,000. Drop down and see if you can grind that $250 into another $1,000 before the end of summer.

You will be challenged and will not have to worry much about the $$$.

While you are at it you might set some restrictions on how much you plan to play while in college.

Good luck.

kyleb · #9 06-29-2005, 01:43 AM

[ QUOTE ]
I'm a very risk-adverse type of person so I keep way over 1000 BB for the levels I'm at. I think this helps neutralize downswings. In other words, 600 bucks isn't enough to protect you from the fear of losing that you have.

[/ QUOTE ]

I think 1000 BB might be a bit overboard for the OP. 300-400 BB is plenty - but if he keeps looking at the money as things he can buy or money he can save, it doesn't matter how many BBs he has in his bankroll.

The two most underrated things in poker are game selection and bankroll requirements. I estimate that they make up more than 30% of your total poker profile makeup, and a flaw in either severely weakens your profitability. If you don't have the mentality of being okay with losing your entire bankroll because you ran bad for a few months, you can't play poker for profit.

That is my advice to the OP.

Hybrid_11 · #10 06-29-2005, 01:45 AM

I just finished my first year of college and ill chime in on a few things. First off if you are currently employed making 8 dollars an hour that should be a great help in having college fund. After going through my first year, bear in mind this cost is only books, small school stuff, and of course the outside extra curricular stuff will call it. I think it only takes about 500-600 for the entire year.
If youve been a succesfull poker player online then id consider cashing some of that out depending on the stakes you intend to play but take some of the poker profit online and save it for live play at college. I know school comes first but there will be games out there and to be honest with you the competition is very lacking. I only played the first semester of live games and built up enough to last me the entire second.
Safety money is good but don't be afraid thats just going to make the downswing tougher to turn around