Nothing is the hardest thing to do in Poker
Poker And Investing- Two Games of Incomplete Information
On any given hand, poker is about 85% luck and 15% skill, but over the course of thousands of hands, it is the reverse - 15% luck and 85% skill. See Poker's Pattern's Are Not Our OwnMo' money is pissed away by players who know the right thing to do , but don't do it anyway. See My Brain Made Me Rebuy!
The Poker Universe always has the first move. There’s uncertainty with every hand? Yes, it’s always a coin flip, not always 50/50, sometimes 60/40. This is not rocket science. It's brain surgery. Give yourself a poker lobotomy with Behavioral Finance. see What you think is right is wrong with your game.
Behavioral finance can inform poker. Superlative performance is not just the ability to eliminate chance, but also to recognize opportunity, and, more importantly, when your LEFT brain gets good at telling your RIGHT brain what to do.
Holdem is too random to be left up to chance.When you treat No Limit Hold em as only a game of chance instead of skill, it is not a law of probability, it's a fact for games with negative expectations: Risk of ruin is 100%.---Have the best hand, the best draw, or get out.
In other words, know the 60/40 end of a proposition--- when to hold em and when to fold em--- when you have some competitive advantage over somebody else. Know when the odds are in your favor and bet, or know when the odds are not in your favor and get out of the way. You don't "invest", unless you have some competitive advantage.
Making the wrong mistake---playing too many hands. "Why? do we do it. Because we didn't come to play poker just to fold. We want action and we want to take down pots. The average Joe thinks they have to get into more pots to win more hands. What you need to do is play fewer, better hands. Win Chips, not pots.
Folding, is the "invisable" way to win. Try telling that to a Friday night action player: "Let's go to the casino and fold 60% of our hands!" Yet there is no cure for the common cold-of getting EVENitius---aka Chasing, staying in a pot to make an unlikely hand, usually (but not always) with poor odds.
Making the right mistake-Many irrational poker-player behaviors actually “make sense” when viewed from a Behavioral Finance point of view. Spotting someone the nuts and sucking out can take you from Zero to Hero.
Poker is a game of maximizing wins (when you have the best hand) and minimizing loss (when you don't have the best hand). In the last hundred hours of play I have had pocket aces 25+ times, and they held up about 80% of the time. This is really a rare incredible run. Although against a random hand, they do tend to hold up more. Still, if you know your opponent has them, and you're in a multi-way pot, suited connectors looks real good, because Pocket Aces is gonna push all-in with a continuation bet on the flop. So: DON'T BET DANGEROUS FLOPS IN MULTIWAY POTS. AA demands isolation.
GREAT players experience more bad beats than GOOD players. Great players get their money into the pot with the best hand and the suckers are forced to draw out. As a corollary, great players rarely deliver a bad beat: they almost never get their money into the pot drawing slim.
Raise or fold," is another maxim used in poker. If you have a hand that's worth being in, then the hand is worth raising. If it's not
worth raising, then it's probably not worth being in. You can save a lot of money in poker and in investing if you know when to say bye bye.