Larry, thanks for the Gladwell references. Both books look interesting, and I plan to get a copy of each. Experience, knowledge and the ability to view failure as a learning experience are key to any successful endeavor (poker, trading or writting). Experience, knowledge and the lack of fear of failure help create an open mind to opportunities, and to make good snap decissions as easy as breathing. And - practice, practice and practice. Too many beginning traders, and I suspect, poker players also, want that instant success without the learning curve period. They do not want to take the time to learn the nature of markets or human interactions to various circumstances. The reason that there are only a few master traders or poker players is that there are only a few that take the time to obtain varied experiences and knowledge in order to develop the "Master" mentality. Charles
"POKER RULE #89: Resist the temptation to develop a theme to the game." Stop the drama and the entertainment. Ultimately one has to choose actions based on conscious decision to either make (and keep) money or everything other than making money.
These days you see this in every facet of business (or even in life). Newsflash: It's not a play. It's not a movie. We're not on stage at the Roxy. It's just a JOB, people. Resist the temptation to think of oneself as being in summer stock or King Lear or some other "larger than life" drama. Focus and analyze is the better path. Larry Phillips
A year or two ago, I replied to a thread discussing S&P E-mini trades. Based on my data, I pointed out a probability of a certain trading pattern that was pertinent to the discussion between two principle repliers in the thread. These two wrote back saying that they were going to talk to some lady in a trading room that maintained a data base on the E-mini markets to confirm the probability. Here were two people wanting to be traders, yet were not willing to take the time to collect and maintain their own data base, and probably did not have the ability to analyze data even if they had it. They were wanting to make money by doing what someone else told them to do, or by shear luck. They had no basis for making trading decisions. I also suspect that they viewed trading as a game as many do. These two are probably no longer in the trading business. Suggestions: 1. Do your own work. 2. Collect your own data. 3. Study and analyze - over and over. 4. Be innovative. 5. Develop your own trading style. 6. Study the trading plan of others only as a guide or to spark an innovative idea in your own head. 7. Be persistent. Charles
"POKER RULE #90: If you lose the Zen, at least continue to play your cards right." If I lose my cool and focus, I can still get ahead a bit as long as I keep doing the right things and some luck. But eventually it will be difficult to not to screw up without the proper focus. Know when to back out and take a breather (sometimes take a nap).
Yeah-- okay, so events have taken you off your game, you're off your rhythm, well you can still use common sense, take things one step at a time-- even if ALL your other techniques seem to have briefly flown the coop-- no law says you have to raise the white flag and unravel completely. Focus. You're still in conscious control of your actions. Larry Phillips
Hi Larry, I need to do more of this. I am not very strong with this aspect. I have seen it working from time to time but it is just mentally tough for me... need more practice and experience. This is the scary area I shy away from which could get me into a new level of performance. Thanks again... something I overlooked. Regards, William
To me it's kind of like, just because everything is going to hell around a person, in all quarters, and from all sides, doesn't mean a person has to join in against themselves. This is one trend to buck-- not get on board with. Larry Phillips
Hi Larry, over the last couple of months my poker has got to a level where I sit down knowing the odds are in my favour of walking away a winner - at least on the low level tables. What I am concerned with is a few moral issues appearing. As a learner I had to deal with the stress of losing more than winning - and that brought up emotions such as anger, wish for revenge, and glee when I did win. However, these sinister occurences are obvious, and one can learn from them and overcome them. But what about the more devious emotions such as deviousness itself:Â@now I am becoming a master at sandbagging etc. , will this practiced manipulation at the poker table erode my character? I bought Doyle Brunson's book after you mentioned it, and he said something about poker twisting everyone eventually. You've written the only book on poker that has a spiritual base so I'd be interested in your thoughts?