I'm afraid of losing it all...

[ClaytonN]

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]

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]

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.

[ClaytonN]

[ 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.

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And unfortunately, this is what's afflicting me.

[Online247]

[ 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.

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

[/ QUOTE ]

You donating your winnings or something? Come on, anyone who plays poker, does so for the money. And your idea of risking every cent to make +Ev decisions is ridiculous. That's what a bankroll is for.

[kyleb]

[ QUOTE ]

You donating your winnings or something? Come on, anyone who plays poker, does so for the money. And your idea of risking every cent to make +Ev decisions is ridiculous. That's what a bankroll is for.

[/ QUOTE ]

My point is that if you keep looking at your bankroll and say "Man, I could buy X and Y for this if I just cash out..." it leads to bad tilt and playing weak-tight.

As for risking every cent to make +EV decisions, I didn't mean on one hand. Obviously that's what a bankroll is for, but you still have to be able to put that money into play when you have the best of it - even when you've been running bad.

[greg nice]

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

[Online247]

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

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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.

[kyleb]

[ 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.

[malorum]

I like 2000BB it means your downswings will usually not be more than 10% of your bankroll. Just my preference and I'm not exactly risk averse [img]/images/graemlins/laugh.gif[/img]