Archive for May, 2009
Some players learn the basic mechanics of playing poker by reading a pamphlet or watching others play. Then they sit down at the table and jump into the game. Some of these players may get lucky for a while and consider themselves to be savvy poker players. You will see many of these types at the low-limit tables and some at higher limit games as well. Sooner or later reality kicks in for these players and their lucky winning sessions turn into losing sessions as they find themselves outplayed by more skillful players.
If you want to be successful, you need to learn a little more than just the basic play of the game. Successful poker players are constantly learning. Seasoned pros will tell you that they still learn something new with each session they play. Most successful players started with a strong foundation and built their game from there.
When I made the decision to learn Texas Hold’em, I wanted to make sure that the method I used would give me the best chance of success when I played in the casino. Since two of the most important traits necessary for winning in poker are patience and discipline. I decided to practice both of these as I learned the game. I did this by setting a target date for my first match that was a little more than a month away from the day I started to learn the game. By choosing to do this, I would force myself to be patient and not hurry into a game before I was ready. I set aside a minimum of an hour a day for study and practice and disciplined myself to stick to my schedule.
It’s human nature to want to jump into the action of playing poker, and some may feel that the guidelines I set for myself were a little obsessive. I disagree. I plan to play winning poker for years to come. I felt that spending a month or so learning the basics of the game and building a strong foundation was a minimum investment for the rewards I plan to collect in the future. Furthermore, this was not some boring subject that I was trying to sift through. I was learning to play Texas Hold’em, which I soon discovered is one of the most exciting games I have ever played. My approach to learning the game was not only educational, but also fun. When I finally sat down at the poker table for the first time I found that it was also profitable.
In the beginning of this book I told you that I usually recommend three essential items to anyone wishing to learn a casino game. They are a book, software program, and videotape. My training got under way with these items I had purchased from the Gambler’s Book Shop. I soon discovered that I would need to do just a little bit more to make myself ready to play Texas Hold’em. Since poker is more complex than other casino games, it would require more than reading a single book and playing a few hands on the tutorial software.
What follows is the training program I used before I sat down in the casino for the first time. I will also detail some of the ongoing methods that I am still using to improve my game. I realize that studying, practicing, and learning more in conjunction with live play is the only way to improve my game.
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Whatever you choose to do in life you will need knowledge to succeed. In order to gain that knowledge, you need to participate in some sort of training process. Unfortunately you can't learn by flipping a switch or swallowing a magic pill, but there are many ways you can choose to learn about your given area of interest. You obviously need formal education for some professions, but other subjects can be learned through home study, reading, on-the-job training, or spending some time at "The School of Hard Knocks."
No matter what you chose to learn about, you will need patience and discipline. Learning is an ongoing process that does not happen overnight. People who only learn the minimum about a given subject usually find themselves on a fast track to disaster. This was borne out in January 2000 when many people learned how to open an online brokerage account and suddenly considered themselves to be savvy investors. They started investing in the latest hot stock without regard to PE ratios or other financial indicators. Reality kicked in when the market took a downturn in April of that year and their financial gains turned into losses. The same thing happens in the casino and poker rooms.
I use the stock market analogy because playing poker is similar to investing in the stock market. You invest your money in the pot and you are looking for a return on that investment. When choosing a stock you are looking for solid companies that have a good business model and thus the best chance of returning a profit on your investment. In poker, you want to start with solid starting hands that have the best chance of winning you the pot. Many investors gamble on penny stocks. Occasionally, they will find one that makes a huge profit, but most of time they lose money in the long run on them. This can be compared with the poker player who constantly plays any two cards as a starting hand. Occasionally the player will get lucky and win a big pot, but this will not offset the losses from continually playing poor hands.
Many other skills and traits of a successful investor can be found in a winning poker player. A poker player must have the patience to wait for a strong starting hand and the investor must patiently wait for his investment to show a return. Discipline is needed to be able to refrain from jumping into speculative investments or playing marginal cards. It is also needed to be able to bail out when the investment goes bad, or fold the cards when the hand is beaten. Being properly capitalized is also required in both endeavors. Some good stocks are too expensive for your portfolio and some good poker games have limits higher than you can afford. Money management is a factor, as you don't want to invest all your money in one stock or risk your entire bankroll in one playing session.
To be successful in both poker and investing, you need knowledge. Investing and poker require making the correct decisions at the right time. You need an understanding of all the principles involved in order to achieve this.
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