Losing $$ having money in neteller doing nothing

valor

Was just thinking about the fact that I have thousands of dollars sitting online that I dont really need as an active bankroll unless I took a massive downswing so I want to put it into a savings account or somesuch so its working for me

Thing is, I cant really cash out of neteller into AIB and do a savings account because then If I need the money for bankroll reasons I get screwed over twice on the exchange rate, erroding any gain I would make from savings accounts

What do other players do with their bankroll?
Any tips on good online banks I can set up savings accounts in Dollar amounts that wont take long for transfers?


Thanks,
V

cardshark202

Move up levels so u need your whole roll at once, preferably as a short buy-in on a high-stakes cash game. One double-up and thats more interest than you'll ever get from AIB.

Hectorjelly

cardshark202 wrote:

Move up levels so u need your whole roll at once, preferably as a short buy-in on a high-stakes cash game. One double-up and thats more interest than you'll ever get from AIB.

Nit! Real poker players only play with money they have borrowed

cardshark202

Hectorjelly wrote:

Nit! Real poker players only play with money they have borrowed

Yeah I meant to add that borrowing money to beef up your roll or cover your losses is also a necessity

valor

any loansharks you can reccommend?

Lafortezza

The investments forum here: http://www.boards.ie/vbulletin/forumdisplay.php?f=544 might have a few suggestions, but their answers will definitely not be as funny as ours.

Imposter

I asked a similar question here a while back and got no answers. The investments forum is all well and good but i'm not sure any traditional investment fits the requirements here. After all having your money constantly available to you, not having to pay unwanted fees (in this case exchange rates mainly) and yet having your money invested in something that will give a decent return is kindof what every investor wants!

One idea may be to take a small % of your roll, say 20-25%, as that is the last of your virtual roll and most unlikely to be needed and invest that in something relatively long term but easily accessible (like shares). Of course there's a higher risk involved in doing this compared to a deposit account and you'd have to do a lot of homework on the share front before buying.

One question for those out there who use proper bankroll management: Has your bankroll ever dipped so much (or how often does this happen) that you are using the last 50% of your money (from a peak in your bankroll)? Did you drop a level (or more) or ride it out at your current level?

If this happens rarely surely some sort of an investment is a good idea?

I've had it happen once when I played a new game and got ahead of myself. But once I moved back a level with the new game, and continued playing my 'best' game at the level I was at previously, I worked it back up. I'm on a downswing atm too but only down about 25% from the peak at the moment, but I intend to ride it out for a while more.

Culchie

Buy land in Romania

ionapaul

If you are only* talking about $5,000 or less, I am not sure that any of investment options will be worth the fees incurred moving the money from dollars to euros and back again - that said, if you don't think you will need the $5,000 for poker purposes again, it is very foolish to leave it lying in your Neteller account. Could you open an account with a US-based stock brokerage? If so, and if you can transfer directly into this account from Neteller, you should be able to get money market interest on your cash while it is lying around unused in dollars**. Neteller should offer this facility, but I guess they make the huge bulk of their turnover via interest on their customers' balances, rather than the fees they charge!

*obviously $5,000 isn't a small amount of money...but with fees and commission it quickly becomes prohibitive to move in and out of investments with this amount or less.
**unfortunately, you would still be exposed to currency risk by doing this - you might be getting 3% money market interest on your dollars, but if the dollar falls by 5% against the euro you will still come out at a loss!

Imposter

ionapaul wrote:

- that said, if you don't think you will need the $5,000 for poker purposes again, it is very foolish to leave it lying in your Neteller account.

I'd like some sort of formula (or figure) as to how often people need the last X% of their bankroll. That way you could make a better stab at what sort of investment would suit best.

Dub13

Send a load of flowers out to Charlie Haugheys grave,if it was not for him you would have no cash or job to play poker.He also got the old folks the free travel on public transport.