Zen and The Art of Trading

martys · Jan 19, 2005

"POKER RULE #91: While being in a good mood doesn't guarantee success at poker, being in a bad mood almost always guarantees that something is going to go wrong."

This is like road rage. Distorted perception can get you killed a hundred ways. There is a tendency to come up with imaginary crap (fuel) to sustain and worsen the distortion in the process.

Larry Phillips · Jan 19, 2005

Quote from martys:

"POKER RULE #91: While being in a good mood doesn't guarantee success at poker, being in a bad mood almost always guarantees that something is going to go wrong."

This is like road rage. Distorted perception can get you killed a hundred ways. There is a tendency to come up with imaginary crap (fuel) to sustain and worsen the distortion in the process.

I would say here, if you're having the kind of day where things are really annoying you-- other drivers, standing in line behind people, various obstacles keep popping up and you're not dealing well with them-- it's important to note this tendency in yourself. Because this attitude is also going to pop up in the bigger things-- trading, or poker, or business decisions, or money decisions (or whatever else)-- that is, you're probably going to react this same way, and probably to your detriment.

Larry Phillips

martys · Jan 19, 2005

Quote from Larry Phillips:

I would say here, if you're having the kind of day where things are really annoying you-- other drivers, standing in line behind people, various obstacles keep popping up and you're not dealing well with them-- it's important to note this tendency in yourself. Because this attitude is also going to pop up in the bigger things-- trading, or poker, or business decisions, or money decisions (or whatever else)-- that is, you're probably going to react this same way, and probably to your detriment.

Larry Phillips

Thanks again, Larry. This reminds me to address such problems in a top-down manner... Time for me to dust off that meditation cushion.

martys · Jan 20, 2005

"POKER RULE #92: Skip the last two hours of the game."

This may apply to the final hour of the day session when people have to reach for stocks to accomplish their agenda... running out of time and energy to fight. In general, it is good not to fade a late move.

Larry Phillips · Jan 20, 2005

Quote from martys:

"POKER RULE #92: Skip the last two hours of the game."

This may apply to the final hour of the day session when people have to reach for stocks to accomplish their agenda... running out of time and energy to fight. In general, it is good not to fade a late move.

Very few people are actually going to do this, of course-- skip the last two hours of the game-- any game, poker or trading, or anything else. But it makes the point that time-running-out or impulsiveness or tiredness or simply cutting-corners mentally, at the end of the day, can lead to doing things that cancel out all the good from all the rest of the day.

Larry Phillips

Virtuoso · Jan 20, 2005

Larry,

First off I want to say I loved the book, both of them actually, great job.

I was just wonering, do you play stricly cash games or are you also on the tournament circuit?

PEACE and good poker playing,
Commisso

Larry Phillips · Jan 21, 2005

Quote from Virtuoso:

Larry,

First off I want to say I loved the book, both of them actually, great job.

I was just wondering, do you play stricly cash games or are you also on the tournament circuit?

PEACE and good poker playing,
Commisso

Hey, Virtuoso--
Thanks for the kind words on the books.
I play both cash games and tournaments. The current poker boom has created a range of tourneys all over the country, as you know, though frankly, it's getting hard to even get into the bigger tournaments. And by that I don't mean win your way "into", I mean physically get into the buildings and the poker rooms to play in them. Huge lines, huge waiting lists-- standing in line for 5-6 hours, that sort of thing. It never used to be like that, even a few years ago. The actual "physical plant" of the poker world was never that big to begin with-- even the biggest poker rooms in the city of Las Vegas were some reasonable number: 10 tables, 18 tables, 24 tables, something on that order. This world was never set up for having 10,000 people walk through the door wanting to play. So it's getting crowded, but people are adjusting. (Next year's World Series of Poker will be at the Rio, in Las Vegas, which has a banquet room which seats 3,800 people, for instance). I also play online, where tons more people are also playing (60,000 people playing at PartyPoker the other night when I was on there). At any rate, there's no shortage of places to play. I am currently however backing off somewhat to try to get some writing done that I was supposed to be getting done all along, but have been scr*ewing off not doing, because I played too much. If it isn't one thing it's another. :mad:

Best,
Larry Phillips

martys · Jan 23, 2005

"POKER RULE #93: Don't Panic... Stay focused, quiet, and alert. The good things can occur suddenly, and they can occur in bunches. (They can also occur right at the end of the night.)"

Marty Schwartz also believes in good things happen after bad and you have to be there to take advantage.

Larry Phillips · Jan 23, 2005

Quote from martys:

"POKER RULE #93: Don't Panic... Stay focused, quiet, and alert. The good things can occur suddenly, and they can occur in bunches. (They can also occur right at the end of the night.)"

Marty Schwartz also believes in good things happen after bad and you have to be there to take advantage.

I just got out of a poker tournament about 20 minutes ago in which good things happened to one player right at the end. He was down to just a couple chips, in about 7th place, and came all the way back to win it. The heavens magically opened up and the good things suddenly came in bunches. Instead of throwing up his hands earlier, as he had every reason to do, he stayed focused, quiet and alert, and hung in. He didn't throw in the towel or find some way to defeat himself. When the breaks came, he was ready.

Larry Phillips

martys · Jan 25, 2005

Quote from Larry Phillips:

I just got out of a poker tournament about 20 minutes ago in which good things happened to one player right at the end. He was down to just a couple chips, in about 7th place, and came all the way back to win it. The heavens magically opened up and the good things suddenly came in bunches. Instead of throwing up his hands earlier, as he had every reason to do, he stayed focused, quiet and alert, and hung in. He didn't throw in the towel or find some way to defeat himself. When the breaks came, he was ready.

Larry Phillips

Testing my new stupid resistance theory right out of the gate, lost 2 points in a minute fighting the trend... lost another point and more trying to get my money back. Scalp back to 1.25 point loss and took a nap. Scalp back to even and took another rest. Ride the late move after 3 pm and end with 2 point win for the day and stop. It's never easy for me but the break will come, provided that I can keep my focus.