HALT When You're Hungry, Angry, Lonely, or Tired

Logan is one of the best poker players in the world – as long as he is winning. In fact, if he quit every time he lost his first $500, he just might be a millionaire at age 30. The problem is, the minute Logan starts losing, he presses and goes on tilt quicker than that pinball machine you've been meaning to sell at your next yard sale.

Imagine that you have the business idea of the century. You set up three appointments with venture capitalists on the famous Sand Hill Road and fly to Silicon Valley at your own expense. Dressed in your new suit and heavily starched shirt, you arrive early for your first meeting and have your entire pitch down pat. As you are rehearsing in your mind, the secretary informs you that the partner you were supposed to meet is "indisposed" and won't be able to see you.

Fortunately, you somehow manage enough willpower to restrain yourself from saying, "Well, tell Mr. Indisposed to go fly a kite!" and decide to prepare for your next appointment. The second venture capitalist you are supposed to meet had told you to stop by either today or tomorrow. Your adrenaline is pumping and you are anxious to show the guy who just stood you up that he is missing out on his "one chance for greatness." But is this adrenaline a good thing? Logic dictates that since you are flustered, your delivery won't be as good and your chances of raising capital will diminish.

But you are in no mood for logic, so after downing a double espresso, washed down with a can of Red Bull, you show up at your next appointment, strutting in like the cock of the walk. When the secretary tells you that you should have called first and may have to wait an hour or so, your willpower deserts you and you scream, "Go fly a kite!" The next thing you know, you're being escorted out of the building by a security officer. What makes matters worse is that your third appointment is in the same office complex. Oops! Looks like meeting No. 3 just got canceled, too.

Can't you see the MasterCard commercial now?

Round-trip plane ticket: $700

New suit: $500

Ground transportation: $100

Heavily caffeinated beverages: $6

Being blacklisted by

venture capital firms: Priceless

Maybe this isn't you. Perhaps you can regroup quickly from rejection or defeat and carry on. But you certainly know when you're not at your best, and even more so, when you are capable of blowing up. If you are in danger of jeopardizing your wallet or your reputation, HALT (I can't take credit for inventing this acronym). Just go home and call it a day. HALT stands for Hungry, Angry, Lonely, or Tired. In this state of being, you are a dog in a poker game and of no value to your business.

When things are going well, you should ride the momentum. How many poker players do you know who will "hit and run" after a small score, but will play marathon sessions when they get stuck? Yes, it's human nature, but it's also bad business. Think about how much better you play with a lead. Not only are you less prone to chase, but you also hold a psychological advantage against your opponents. You may argue that you're one of the few who can keep your game solid when you are stuck, but do you honestly think you play better? The players who can take a small loss and walk away are the ones who prosper in the long run.

Any salesperson will tell you that the best time to make a sale is after you just made one. The positive energy and confidence carries over to your next sale. Conversely, the worst time to go on a sales call is after a disappointing rejection. If you're hungry, angry, lonely, or tired – add frustrated, irritated, disturbed, or annoyed – odds are that you can only hurt yourself by continuing to work. Poker author John Fox wrote, "The best player in the world with a temporarily dulled brain is not even a match for an average player using full concentration."

Having negative momentum does not give you a reason to sulk or go into a funk. At times, it may make sense to call it a day and get away from work. At other times, it means honing your skills by reading, listening to tapes, or finding some way to improve your future performance. Many poker players deal with losing streaks by playing simulated poker on the computer, which allows them to restore their confidence and enhance their skills. It certainly beats losing a few more dimes.

Losing is inevitable. "Running bad" is just a term for the statistical fluctuation that is inherent in any game with an element of randomness. Finding ways to be productive when things go wrong not only preserves your capital in the short run, but also makes you better in the long run. The next time you are stuck, remember that your ability to take a small loss will ultimately lead to an opportunity to make a big score.

Greg Dinkin is the author of The Finance Doctor. He is also the co-founder of Venture Literary, where he works with authors to find publishers for their books and producers for their films. He can be reached via E-mail at [email protected].