Poker and the Beginning Trader
- Thread starter FanOfFridays
- Start date
Really enjoyed my time playing there, I ended up just breaking even by the end but never went into minus. Only played a few hours (a good run in blackjack kept me busy all afternoon), but I could see how the game could be quite profitable for some.
There were a couple guys there just itching to throw their money away, one guy dropping $600 (most stacks starting out at $200, being a new table), calling off his stacks a couple times with just plain garbage.
There was really only one guy who I pegged as a fish early on playing really loose who I'm wondering about. He we calling alot of small pots with very little when we started out; early on I flopped broadway and he ended up paying me off with just middle pair (he didn't have many chips by then). He re-bought a couple times, then after a while people started paying him off. The biggest loser at the table ended up giving most of his chips to this loose player, so in the end I couldn't really figure out if he just got lucky or if it was all just an act. But by the time I left he had busted out 3 guys and didn't seem all that surprised by how things ended up.
Everyone was playing pretty loose and passively after a while, so I just hunkered down and tried to wait for premium hole cards that never came. I dunno, I didn't feel like gambling for the rest of the chips at the table after seeing the easy money had left, maybe I was just being chicken.
One specific question: what would you do with AK in the big blind when 8 people have limped in behind you?
There were a couple guys there just itching to throw their money away, one guy dropping $600 (most stacks starting out at $200, being a new table), calling off his stacks a couple times with just plain garbage.
There was really only one guy who I pegged as a fish early on playing really loose who I'm wondering about. He we calling alot of small pots with very little when we started out; early on I flopped broadway and he ended up paying me off with just middle pair (he didn't have many chips by then). He re-bought a couple times, then after a while people started paying him off. The biggest loser at the table ended up giving most of his chips to this loose player, so in the end I couldn't really figure out if he just got lucky or if it was all just an act. But by the time I left he had busted out 3 guys and didn't seem all that surprised by how things ended up.
Everyone was playing pretty loose and passively after a while, so I just hunkered down and tried to wait for premium hole cards that never came. I dunno, I didn't feel like gambling for the rest of the chips at the table after seeing the easy money had left, maybe I was just being chicken.
One specific question: what would you do with AK in the big blind when 8 people have limped in behind you?
Quote from Joab:
If I wasn't such a COMPLETE FISH, I'd understand that the skilled poker player always holds a +EV edge over his opponents.
Can someone change my water now please? It's full of fish-poo, and this makes me rather uncomfortable.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1185624>
Quote from Joab:
POKER is a FOOLS game
You will be much happier with trading, it will take you longer to learn BUT you will have a REAL skill set for life once you understand what a REAL edge is.
Joab
I would suggest that poker is a game of mostly fools, but not a fools game (much like trading).
During the 70s & 80s I ran a fairly large no limit home game. At least for that time it was, the big winner and big loser were usually in the $2000 to $4000 range. But at the end of each year we basically had the same four winners and the same four losers.
I play a lot of no limit holdem and 20/40 & 30/60 holdem.
In most card rooms you have a handful of consistent winners supported by a steady stream of ever changing losers. Again much like trading.
There are a lot of fools and gamblers in every card room.
But believe me, there are a lot of individuals there who are neither.
Good Luck (Not that in the long run that really has much to do with it)
Nutsneal
I think this conversation relates to the person involved and the game they play.
99.9% of blackjack players lose money. Card counters either make money or get barred (or both in my case)...and, to be completely honest, my brother is a better card counter, why? Because he worked harder and longer at it decades ago...I just read the book, and played a lot with him...I may have a half of 1% edge, and he probably has a 2% edge (these days).
99.99% of video poker/slot machine players will obviously lose.
Lottery ticker buyers...well you know the odds there.
In trading, if 50% last to their second year, and half of them continue to do well for the long term.....is it the "game" or is it the trader?
As trite as it sounds...we've found that the "harder our trades work, the better they do"....i.e. our Pairs trading group spends 20 extra hours every week with research an program development, and they are our most successful large group.
FWIW,
Don
99.9% of blackjack players lose money. Card counters either make money or get barred (or both in my case)...and, to be completely honest, my brother is a better card counter, why? Because he worked harder and longer at it decades ago...I just read the book, and played a lot with him...I may have a half of 1% edge, and he probably has a 2% edge (these days).
99.99% of video poker/slot machine players will obviously lose.
Lottery ticker buyers...well you know the odds there.
In trading, if 50% last to their second year, and half of them continue to do well for the long term.....is it the "game" or is it the trader?
As trite as it sounds...we've found that the "harder our trades work, the better they do"....i.e. our Pairs trading group spends 20 extra hours every week with research an program development, and they are our most successful large group.
FWIW,
Don
btw... with 8 limpers?? That's a tough one, because if you raise it to 3x the BB, and UTG decides to call (he's paying 2 bets into an 11 bet pot), and UTG +2 decides to call (he's paying 2 bets into a 13 bet pot, an auto call), all the guys after that are getting easily priced in, and you can end up with 5 or 6 guys in the hand.
I think you have to raise a lot more than that or else just try to flop a monster and get away from it.
Any other comments? I am assuming this is at a super-loose low buy-in NL table.
Sklansky would probably say just push 'em all in here, especially if you haven't seen guys trying newbie tricks like limping with KK or AA, the only two hands that you really don't want to see. I wouldn't, just because I hate getting into coin flips for my stack, and guys will call this bet with 99 or some crap like that.