Online Poker as your part time job!!!

[farmslicer7]

I must be the only one that builds, then goes on a horrendous downswing and yanks it all out. No?

[mce86]

[ QUOTE ]
My personal compromise between building a roll to move up in limits, and getting some immediate benefit out of the money:

at the end of the month, total up how much is in my poker accounts;
if this is a new record-high balance, withdraw half of the difference between the current balance and the previous peak to my regular bank account; the other half goes towards moving up in limits.
if not, it all stays in the poker account.

Obviously this approach is only an option if you are not relying on poker for any portion of your regular monthly bills.

[/ QUOTE ]
That is closer to what im looking for I guess...Im in debt...but instead of getting a part time job, i want to play poker to earn money.
My thought is to maybe budget 50% of my winnings to be withdrawn and budeted accordingly, and the other 50% stays in my bankroll.
I play NL200 mostly, and I am not in a giant hurry to move up. I generally move up when im about 10 buy ins rolled, but I dont buy in for the full amount....I stay there when Im winning, but I try to only buy in for 50BB's at a time.

[bigt2k4]

25 buyins, pffffff. I keep like 7 and then 6 table.

I just went busto 2 days ago, coincidence?
Maybe

[MadMat]

I keep $2k in netteller / pokersites and withdraw the excess at the end of each month to a high interest savings account (I play mainly $50nl)

If you are not from the US, and doing this as a part time job rather than for fun (as I am) take a look at casino whoring as well, I make $200-$400 a month on top of my poker earnings just doing better ones of the monthly reloads I'm offered.

Mat

[PrimogenitoX]

[ QUOTE ]
I keep $2k in netteller

[/ QUOTE ]

LOL

[Boredom]

[ QUOTE ]
50 buyins in quite a lot. If your playing 1/2nl thats 5K. Thats definitely more than you would need. I normally keep 25 buyins, and thats on the safe side. I cant imagine you being good player and losing 25 buyins, let alone 50.

[/ QUOTE ]

This is great.

[JavaNut]

If you are as you say in debts, then you should be even more carefull with your bankroll, as you can't as easily deposit more money, as you do not have a 'surplus' to deposit from.

One great risk here is if you are in any need to make money on poker just to get by. If your day job takes care of your rent, food and keeps up with the payments on your debts, then you might be ok trying to reduce your debts by winning money in poker. But if you need to win at least say $500 a month in poker just to get by, any major downswing could see you in the next Gamblers Anonymous meeting. In that case I would suggest trafficing pizzas, and taking up poker again when your back is not up against the wall financially.

[rubixxcube]

This is all well and good if you don't want to move up in stakes, theoretically you would want to move up in stakes, if you are good enough then moving up in stakes i spretty much like giving yourself a raise.

I would be more inclined to approach it like this. I am making these numbers up.

I have 10K in my poker roll we shall say my monthly expenses + spending money is 1k.

I would leave 1k in my checking/spending account. and like 3k in my savings account.

End of month we will assume the following:

Poker Roll =12.5K.
Checking account/spending money is $200
Savings is stillat 3k.

No we need to replenish checking/spending account, so we take $800 from poker and move to savings so start of next month we have:
Poker 11,700
checking/spending 1k
savings 3k.

This plan allows your poker roll to grow and afford higher stakes and you always start each month with same amount in savings and spending. Unforseen expense, such as $500 car repair would come from savings so next month replenish savings and spending from poker roll.

That would be my plan if i was to play full time, which i don't, i play recreationally part time and don't spend my poker money, just let it build up for later in life.

If i played full time i would leave 1 month bills/spending in 1 account and 6 months worth in a savings account. So numbers would change to 1k and 6k as no matter how good you are you will have some losing months i would imagine, this way you can always pay bills.
Just my 2 cents
Ruby

[cianosheehan]

A 25 buy in roll is not enough for a pro player. I've been pro for 2.5 years and recently went on a -20 buy-in downswing. It happens. Be prepared!

fwiw, where games are laggier you have to be bigger rolled because variance is so high. 2/4 i'd recommend 30 buy ins, 3/6 40-50 buy ins and anything above you should be looking at 50+ buy ins

[wahooriver]

The most important factor in picking a level is the willingness to drop when your bankroll suggests. I believe everyone should read Chris Ferguson's bankroll article Chris Ferguson on Bankroll

If you decide to get aggressive and move up, take a shot, but have a plan for moving down. If you feel very comfortable at NL200, and have 20 buyins available, then feel free to try NL 400 - but be willing to drop back down if you lose 2 or 3 buyins quickly.

I particularly like to set goals on each site for withdrawal. I use ePassporte, and currently use their VISA as my main ATM spending money source. When I have plenty in ePassporte, I also use it for online purchases.

I do not need the money - but certainly enjoy using poker profits as my "mad money." If I needed to make money I would probably develop strict rules.