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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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