Mind Over Poker

I received an e-mail recently from the Working Class Trader, highlighting some common pitfalls that many a trader falls victim to. As I was reading them, I found myself applying them to poker rather than trading, so I thought I’d share them here.

1. You don’t put in the proper amount of effort. You don’t put in the full-time commitment it requires to be profitable in trading because you treat it like a hobby. Trading is not a part-time job. It’s serious business. Whether you play poker professionally or for recreation, you should play your best. That requires a commitment to learning as much as you can about the game and to paying attention to everything going on at the table. Even if you are strictly a recreational player, the game is a lot more fun when you’re winning.

2. Failure to be disciplined and consistent with your process. There’s no excuse for this. It’s all up to you. Don’t stray from solid play. It’s recommended that you mix up your play, but it should always be purposeful. Have complete control over your composure and your actions, regardless of the short-term results. Maintain a long-term commitment to withstanding variance and ending up a winner.

3. Trading like a gambler instead of a trader. You’re taking irresponsible risks rather than thinking in terms of probabilities and trading when you have an edge. I was playing in a tournament recently when Player A called off 80 percent of his stack on a flush draw when he wasn’t getting anything close to the proper odds to do so. When he hit his flush and his eliminated opponent asked him how he could make that call, Player A responded that he “had a feeling.” Those kinds of feelings will bankrupt you fairly quickly.

4. Actually putting on trades without a solid game plan. What are you thinking? You must know your game plan and execute it. Your every action at the poker table will solicit reactions from your opponents. Not contemplating all of the possibilities or knowing what you will do based on those reactions is the equivalent of asking others to exploit you. Be prepared.

5. You over-think things. Trading is a simple game — up, down, sideways. Keep it simple and make money. At its core, poker is a simple game. You try to play hands on your terms. You build a pot when you’re ahead, and you keep the pot small or cut your losses when you’re vulnerable. Be on the alert for opportunities to exploit the poor play and weaknesses of others. Keeping it simple is the surest way to take advantage of all of the mistakes that others will make.

6. Not trusting yourself to do what you know you need to do. You spend too much time listening to other people. Trust yourself and execute what you know. Ask 10 poker players about any given hand, and you’ll get 10 different answers. That’s a function of the endless permutations of the game, and is not meant to be a criticism of the knowledge of others; quite the contrary, I highly recommend reading as much as you can about the game and talking strategy and hand specifics with other players. Just do it critically, and filter what makes sense for you. At the end of the day, you have to be confident in your play, and only you can make the correct decisions for you. If you consistently implement the first five items on this list, this last one will become second nature.

David Apostolico’s latest book — Compete, Play, Win — aims to help the reader find his maximum competitiveness in all aspects of his life. You can contact David at [email protected].