You do realize that 4 million win came purely from one weak player who was on tilt (isildur) and was due to data mined hands and generally illegal/shady practices?

That's what usually happens at higher stakes. Your winnings will come from a small handful of huge whales. Like Galfond, Dwan et al. had with Guy Laliberte.

There has been a lot of talk in this thread about protecting your bankroll. One way to do that is the same way that investors do--diversity. If you have $50,000 to invest, you don't want to use all of it to buy one stock or to invest it all in a startup. That's why retirement funds are invested in a variety of stocks.

You can do the same thing with your poker money. I diversify for two reasons, safety and accounting. This year I will be playing at a casino, at charity poker rooms in the area, and on two online sites. Why this is safe is obvious. If one of my online poker sites goes down I can play on the other site, or at the casino. If the casino poker room and/or the charity room closes (I've seen both happen) I can still play online.

Now, to the accounting. I break down where I'm making my money. Does what I'm making at the casino more than cover my costs, such as my 70-mile drive to the casino and expensive casino food? You do NOT need bottle service or a massage girl (sorry guys.)

What about my local poker room? The tournaments aren't as good, but there are few expenses compared to the casino. The local drive is only 10 miles. If I eat before I go I won't need to buy any food. Also, my father's house is nearby, so I could stop in for a visit.

I use spreadsheets, one for every place that I play, to see where my profit is coming from. My spreadsheets are 17 columns, but yours can be simple--maybe what you played, where and for how long, and your related expenses. Those spreadsheets will come in handy if the IRS has any questions. If your casino drive is long, include the cost of wear and tear on your vehicle. I want to be able to look at all of my options and see where I'm making the most money.

As any Ferengi would tell you, never forget about your expenses, including the times when you don't cash. It's not about the amount of your cashouts, it's about PROFIT.

Yes, this is basically what I was asking. I understand the comments around keeping the balance low online, as we don't want to repeat a Black Friday type devastation again. The question is more around managing the roll while trying to move up but also cashing out some too for fun/expenses, etc. Thanks for all the comments! Its nice to hear other people perspectives and strategies.

That's easy for you to say. Some of us have significant others who don't necessarily give us carte blanche to play poker because they just see it as gambling.

well then show them that you are a winning player and draw out some money every month from your winnings. enough to satisfy them that you are only going up yet keep enough for a playing bankroll that cant go broke.

that is a good strategy anyway and invest not spend that money for your future. that should stop all fears.

Exactly

This is basically what I have been doing lately. Throwing out a little nugget here and there for reinforcement. Bankroll is still healthy. This just hinders the moving up process a little bit. Must balance family happiness EV with poker EV!