Money management for dummies...

[cata1yst]

I take my last post back. HAHA. I like this idea more. I have been doing this the past couple weeks but almost nightly since I have been crushing 5/10 limit. I need to scale back though like you do because if I don't cash out I feel crappy about my 200NL game.

I do think that cashing out like you do builds confidence in your game and play at the moment.

So I should wait until I hit a 6-8 buy in profit? What are you doing with this profit? Investing? Savings account? Other?

[maxtower]

In my opinion, if you are actively trying to move up in limits, you really shouldn't cash out before NL$200. The money to be made just isn't that much, and the difference in levels not great enough such that they can't be overcome.
Obviously for a recreational player who has a real job and just likes playing NL$100 for fun, cashing out whenever they make a little money is part of the fun.

[wegs the wegs]

cata1yst I think you're looking for an answer on this question that no one can answer but you. Money management is essential for everyone but different for everyone too.

Is poker your only source of income? Do you have a lot of savings already established outside of poker? What is a reasonable amount for your monthly expenses? How much poker do you play? Are you trying to move up in limits as quick as possible or grind at your current level for awhile? How old are you? What are your short term and long term goals for your life?

These and a hundred more questions like it determine the best possible way for you to determine when to withdraw and when to keep it in the bankroll.

[Tickner]

I'm about to try a new approach to this which I do not think will last very long but I will see how it works.

I have $1,800 and I am going to be rebulding from $100nl starting next week (im on a break until then and I have been since 8 days ago).

I am going to play nl$100 until I hit $5k. But along the way, I will withdraw 2 buyins per week as my "salary" at whichever level I am playing. As a bonus, I get half my unmentionable every month as a bonus and half of it goes to my bankroll.

This will encourage me to give myself a "raise" by moving up when I can and playing well enough there so that I do not have to move back down.

-Tickner

[cata1yst]

I like this. Taking $200 out can get you used to a higher level and also build your bankroll faster proving you are ready for the next limit. I think I would only play 100NL to 4k though. Playing to 5k would just drive me nuts. Haha.