Reply to thread

Message

[QUOTE="GCB, post: 1240205, member: 57911"]
Probably includes not doing the following well. These are all general principles of handling risk. 
[LIST=1]
[*]Overcoming fear.
[*]Remaining flexible.
[*]Taking reasoned risks.
[*]Preparing to be wrong.
[*]Focusing on reality.
[*]Responding to change quickly and decisively.
[*]Concentrating on decisions, not outcomes.*[/LIST]These are all important, but 4 and 7 are the most striking to me because they are ones I might not think of at first. 
 
With 4, when you are taking on any task that includes making decisions with incomplete information, you need an escape plan for when you find out you were wrong. This is why I like small ball poker. It extends the escape window.
 
With 7, if you concentrate on your decision-making process, rather than worrying about outcomes, you are focusing on that which you can do something about, rather than on that which you can't. 
 
That is, with any set of events (poker hands) where the overall percentage of particular outcomes is predictable, but the outcome of each event is random, it is important that you execute your decision-making consistently so that the expected percentages can work out. Obsessing about winning one hand clouds the bigger picture, and might easily cause you to abandon your normal decision-making process for something that wrecks the percentages.
 
* List from [I][url="http://www.amazon.com/Inside-Mind-Turtles-Worlds-Traders/dp/0071602437"]Inside the Mind of the Turtles[/url][/I], by Curtis Faith
[/QUOTE]

Verification

Search

Reply to thread

About CardsChat

Our Community

Our Site

Follow us