![]() There’s one more part in play: a mindset shift. If it doesn’t add up to a good value, it’s an easy decision to lay it down. Without knowing the pot size, you’re playing blind. If it’s $200 to win $300, you have to take into account how many possible cards could help you, and how many players you’d have to face. If you have to only put in $100 to win $1,000, for instance, that’s an easy call regardless of the strength of your hand. It’s essential, Duke adds, to know much money has already been played in order to calculate the return on a possible bet, the pot odds. If two amateurs are going to battle it out, giving her the chance to move up the money board, it’s not a hard fold because she’s playing the long game, not just that one hand. You just have to notice, believe, and use it, Carder says. You can tell how tight people play, how they respond to being raised, how quickly they bet when they have something. Paying Attention at the Tableĭuring a poker game, information is on constant display. ![]() Good players know when it’s time to move on to the next hand. How many friends do you know who have stuck-it-out with a job or relationship or house or so-so daycare provider because they’d already invested in it? There are many reasons a person remains committed, as notions of ego, pride, fear of failure, and more come into play.īut there are ways to think about such situations and poker players can teach us all a lot. The sunk cost fallacy sinks a lot of people. In both, effort or money already spent is causing you to stay around even though it’s a losing proposition. In business and life, it’s known as the sunk cost fallacy. In poker, the latter situation is known as being “pot stuck”. In such situations, folding is no longer seen as an option, even if your hand is likely going to be beaten, because so much money has already been pushed forward. Other times, folding is the wise move, but when you’re already heavily invested in a hand, your thinking gets murky. There are moments during a poker game when you’ll have full confidence that your hand can’t be beat, that you have “the stone cold nuts,” says Tricia Cardner, licensed psychotherapist, poker player and author of Purposeful Practice for Poker. In both, to use the eternal words of Kenny Rogers, you have to know when to hold ’em, and know when to fold ’em. ![]() Should you call the bet? Should you leave your job? The poker table might not seem like the place to go for guidance on decision making, but the game is about calculating risk and reward, all in what Annie Duke, a retired poker champion, decision strategist, and author of Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts, calls “a cloud of imperfect information.” Poker, it is said, is life distilled into a game.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |