When to cash out ?

    • thesundancekid
      thesundancekid
      Bronze
      Joined: 09.05.2011 Posts: 151
      Hey guys, would like to hear your thoughts in when to cash out..?..

      I've been playing professionally for around a couple months now,
      I just play tournaments, I know all about BRM which I do use of course, but I do take the odd gamble and maybe play 1 or 2 or 3 games out with roll.

      Basically recently , I was planning to make over 2k and then cash out anything I make over, buy my roll due to variance can be a bit of a yo yo.

      so im thinking now whatever I win , well anything decent , take out half and keep half ????

      Also was chatting to a m8 who also plays for a living , he told me he takes out anything over $500's and just keeps playing $11 etc , which sounds like a good plan, but I like $22 deep stacks and shit, so I might still try to get that target of 2k then cash out anything over I dunno, or WIN take out half leave half ...

      was just wondering what you guys do ???????
  • 8 replies
    • DeMarcohsp
      DeMarcohsp
      Bronze
      Joined: 15.06.2010 Posts: 1,975
      First of all, don't play the 22$.
    • ExternalUseOnly
      ExternalUseOnly
      Bronze
      Joined: 30.01.2010 Posts: 3,373
      Hey there,

      So is poker your sole income then? If so, i think you need to sit down and work out how much money you need each month or whatever. Before you turned pro did you save enough money to live off for a few months incase things get rough? Because if you have some sick downswing for 2-3 months what will you live off then? How will you continue to play the stakes that can sustain the income you need. I'm sure you worked all this out beforehand though :)

      I'm not quite good enough to go pro (just yet) but i imagine that before i did i would work out all my finances before hand and say i need x amount for rent and bills y amount for food and z amount for myself (even if thats close to 0 for a while) = the min i would need to withdraw each month and if i don't have this at least i have my emergency reserves. Then anything left over the amount you want to leave on your poker account would be for pocket money or for building a bankroll to move up in stakes.

      There are some threads about how people playing for a living manage their finances i'll see if i can find you one soon and il paste it back in here for you.

      All the best
      Carl
    • ExternalUseOnly
      ExternalUseOnly
      Bronze
      Joined: 30.01.2010 Posts: 3,373
      Hey again for a start there is this thread here:

      When to withdraw??

      Let me find some older ones for you i'll be back
    • thesundancekid
      thesundancekid
      Bronze
      Joined: 09.05.2011 Posts: 151
      thank you my friend, :)
    • canniballsy
      canniballsy
      Bronze
      Joined: 22.04.2012 Posts: 119
      What?? kindly off topic here but do we really have downswings for 2-3 months??
      I would probably kill myself if I have such downswings. I cant handle a week long downswing properly.
    • ExternalUseOnly
      ExternalUseOnly
      Bronze
      Joined: 30.01.2010 Posts: 3,373
      Originally posted by canniballsy
      What?? kindly off topic here but do we really have downswings for 2-3 months??
      I would probably kill myself if I have such downswings. I cant handle a week long downswing properly.
      Ofc you can especially in high variance games like MTTs I've seen graphs of people just scrape back to break even after 5-6 months of long hard grinding.

      Also some of the blogs here, some guys that have well and truly crushed their limits in the past have gone 70k+ hands at B/E.

      And if you need to withdraw $$ to keep a roof over your head then you are obviously gonna have to move down stakes which again makes it harder the next month
    • ExternalUseOnly
      ExternalUseOnly
      Bronze
      Joined: 30.01.2010 Posts: 3,373
      Here's another btw:

      How ddo you decide when to withdraw money
    • thesundancekid
      thesundancekid
      Bronze
      Joined: 09.05.2011 Posts: 151
      welcome to the world of poker my friend,

      the question is not will I hit a downswing its WHEN will I hit a downswing

      and the longest I have was 6 months............



      I actually consider myself lucky bcoz i dont play online cash games I know cash game players that have lost 10's of thousands..

      this is why Bankroll management is soooooooooooo important ..

      there is sooo much to poker than just playing.