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I play live $1/2 NL, $200 capped buy-in poker at least 2 or 3 times a week. I always buy in for the max, and I keep $100 extra in chips in my pocket as a re-load reserve. If I go below the max, I top up until my stacks gets north of the max buy in and then of course the plan is to never look back. If things go according to plans (which they usually do because the competition sucks so much) I usually end up deep stacked (200, 300BB and higher kinda range) in these games.
If you are good at picking your spots and getting away from hands when beat, and knowing when to push marginal situations, you should be more inclined to be comfortable playing with as many chips on the table as you can. With better competition to contend with, in a nutshell, you'll tend to be put to more difficult decisions, more frequently for stacks (or at least a large part of your deep stack). This is the heart of what Fnord is getting at. That is why he asked the hypothetical about buying in for more if a really good player came to the table who now has you covered.
Here's another hypothetical that will hopefully make you think about this topic a little more. If you were playing in a $1/2, $200 max buy-in capped game, and you had a stack=300BBs or more, and you were allowed to take any amount of money (from 0x your stack to (1x stack -$200) of your stack) off the table , would want to do this and if so, why. If not, why not? (Hint: you better be asking a bunch of clarifying questions and/or defining a set of assumptions or observations about the game before answering these questions. IOWs, without this background context, there is no right or wrong answer per se)
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