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The two main formats of playing poker are cash games and tournament play.. In cash games players exchange money for chips, and there is usually a.. Always make sure you understand just what is being offered for your tournament dollar.


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It's entirely common to go 15, 20 tournaments without cashing.
You can play great poker, sometimes over the span of a few days, and suddenly get hit with a cold deck or get unlucky and poof you are eliminated with nothing, along with your chance at a 5 or 6 figure top prize.
Then you have to suck it back up and move on to the next one.
The variance is just insane, which is why a lot of professional players are backed, or sell some of their action or swap with other players.
I played a ton online before the Black Friday days and did pretty well, and will usually try to play a few big live tournaments a year, but these days I mostly just play cash games as a fun hobby and a way to grind out some extra income.
There's less variance and the money is more consistent.
That being said, as brutal as the swings 888 poker casino play tournaments are, cash games have nothing like the rush of running deep in a poker tournament.
So for me, cash games are the way to go if your goal in poker is to make money, but tournaments are a fun way to chase the dragon from time to time.
I personally don't think I would have the stomach to play tournaments full time though.
Then you have to suck it back up and move on to the next one.
I specialized in small, quick tournaments for this reason.
Live players still weren't used to the even faster pace of online play but with rapidly escalating blinds it was critical.
They were lulled into indecision and procrastination by the low early blinds, not realizing that they escalated quickly to force stacking out of the small players.
I tried playing in a couple of Venetian Deep Stack events and usually busted out.
I finally adapted to the slower play, longer rounds, bigger field and frankly better players to leave after two days of play with the same payout from winning one three hour Binion's tournament.
The biggest upside being able to say I got my name published in Card Player magazine.
Since for me it was just entertainment and I could reliably pay for my vacation in the smaller tourneys I went back to small ball.
When WSOP was in the early spring when the weather is nice in Vegas and crappy in BostonI used to go for a week and a bit every year and grind out the trip cost and then some on single table satellites.
With the advent of online poker, televised NLHE, and the main event wins by Varkonyi, Raymer, Moneymaker, and Gold, it was like the universe provided how to make money playing poker tournaments endless stream of avid, willing, timid, and fairly predictable poker players in the weeks leading up to the main event.
Now that WSOP's in the summer, online poker is mostly dead in the US, televised poker mania has died down, and I have kids, I don't bother going anymore, but it was definitely fun and modestly lucrative for a while in my 30s.
So many people there to play poker!
Don't forget black Friday or whatever it was called when UIGEA murdered online poker.
That was the feeder into tournament live play.
I haven't been back in at least 8 years.
Vegas doesn't care about anything but whales and slots players anyway.
For those confused, Black Friday in this context refers to the criminal case against the three largest online poker operators.
Poker is brutal no matter how you go about it.
If it's not brutal - you're simply on a hot streak, or playing in unbelievably easy games.
Poker at the end of the day, is a matter of who cracks mentally.
It is just so tedious.
They call it tilt, I call it your inner wisdom letting you know you're wasting your life away.
Yeah, I love tournament poker but can't imagine playing live tournaments for a living.
I played a ton online before Black Friday too, pretty successfully, and then price is right free one of the top online tournament players when I got back into it for a bit while I was outside of the US a couple years back.
As a last hurrah before getting back to startups I traveled to one big live festival.
This is why I don't really like poker.
There's just too much variance.
Unless you play again and again and again there's not much correlation between skill and the winner.
I think it's why people also believe there is "beginners' luck" - there isn't really - the entire game has tons of luck.
But when confronted with someone who clearly isn't skilled but wins anyway, poker fans really don't want to face the reality that the game is mostly luck.
Another issue with poker - at least Texas Hold'em - is that the best strategy is folding 90% of the time, which is just boring.
I'm sure there are much better bluffing games.
The variance is also what allows poker to thrive and pro players to have an income though.
Since poker is zero sum really negative because of the casino's take there has to be a steady supply of losing money playing.
That means bad players have to believe they have a shot.
If they never or very rarely won against higher skilled players, they'd dry up.
Imagine casinos that had cash chess tables or basketball courts.
Would you have enough dead money willing to risk playing?
You'd get occasional fish willing to try but they'd get dunked on and go home.
Without enough new money, the game would dry up as the best players and the casino accumulate all the rest.
This is true for newbie investor after reading a book and investing in Wall-Street.
They almost always lose the money and again Wall Street releases a new easy book on investing.
I find a huge co-relation between how poker and wall street is aligned.
The difference between poker and the stock market is that the odds are in your favor in the stock market.
This plays out to between 6-8% per year.
Skill has a lot bigger edge in Omaha.
A fish that has a lot of money is called a "whale".
I always thought, are they good or too much oil money?
I would disagree with the blanket statement that folding 90% of the time is optimal, and can be discouraging to new players who are interested in learning poker.
Good players generally play around 20% of their hands, but even that vastly changes based on how aggressive the player is.
Also, there is much more to factor in than just the hand you are dealt.
You might want to play a tighter range play less percentage of hands in early position let's say first or second to act in a betting roundcompared to being last to act where you might want to play a higher percentage of your hands.
Only play a high pocket pair or AK, and play them aggressively.
Your hope being to take people 1 vs 1 for all the money you can.
You don't need to be any cleverer than that until people pay enough attention that they won't call you unless they think that they have you beat.
Then you will have to go for a wider range and start to play a better strategy.
Even that is highly dependent on your post-flop skill.
Marginal hands and drawing hands like small pairs and small suited connectors can be highly profitable on loose tables if you're confident in your reading ability.
Playing like a nit is the easiest way to play profitably on a loose table and has dramatically lower variance, but widening your range and playing intelligently post-flop can often be substantially more profitable.
I used to be profitable in the golden days being a nit and just letting the huge swaths of players pay me off.
So many all-ins to bluff me off while holding top set, nut straight, or nut flush.
Just recently got back playing and am trying to learn to play against real players.
I'm down overall after about 50 hours of play, but not very much.
Poker is much harder now and it's hard to find tables that will happily pay off nitty play ad infinitum.
I'd make a list of concepts you should learn about, but I think it'll be easier for me to make a list of books you should read: The Mathematics of Poker Chen and Ankenman Applications of No-Limit Poker Janda Expert Heads up No-Limit Hold 'em Tipton, this one is nice as the author is a Computer Scientist and also has a course on building a solver.
Professional No Limit-Hold 'em Flynn, Miller, Mehta Finally, you should get a membership to something like Upswing or RIO to help synthesize the information into a useful framework for play.
Also, you'll want access to something like PIO or Pokersnowie for analysis of your hands.
It gives fantastic advice that is still relevant and is extremely readable.
Covers a wide range of topics and came widely recommended to me.
It's all about ranges.
You're never going to succeed with a nitty style simply because it's going to immediately show up in a million different ways on peoples HUDs.
People are going to push you hard and immediately give up immediately whenever you fight back, unless they have the nuts.
Let's take a very simple toy game.
You are dealt a 1 to 3 in order of increasing strength.
The deck has one of each card, so if you have a 3 your opponent does not.
We have one round of play with only a bet or a fold allowed.
The goal of our game is simply to maximize the number of mistakes our opponent makes.
A mistake would be folding when he has the better hand, or calling when he has a worse hand.
We're going to assume we're playing against a good and logical player.
We can analyze this game pretty easily.
Our opponent is always going to call when he has a 3 since he can beat anything.
And he's never going to call with a 1 since he can't beat anything.
So our chance for an edge comes with 2s.
We need to get him to call our 3s with his 2s.
If we only bet our 3s, this is probably not going to work.
He'd suddenly see that everytime you go to showdown, you end up with a 3.
And indeed he probably would not even default to calling with 2s because, from his perspective, he only beats a 1 anyhow.
So we need to create a more balanced range that makes it where this decision is not so easy.
One idea is to bet our 3s and 2s.
But this would be a big mistake for reasons already alluded to.
Imagine we have a 2.
He has either a 3 or a 1.
He's going to be able to play perfectly.
No, betting a 2 will never lead to a mistake.
So the only other option we have is to bet our 1s!
And yeah this is where you start to see the optimal strategy.
Now if he folds his 2s when we bet, he's making a mistake 50% of the time!
Interestingly enough, if he calls with his 2s he's also making a mistake 50% of the time!
It's only by creating how to make money playing poker tournaments balanced range did we create a strategy where our opponent is forced to make mistakes.
And in regular poker too a general strategy is to aggressively play the top and bottom of your range.
The tough decisions of course come in with the middle of your range.
But you generally do not want to mix the middle and top of your range for reasons similar to this toy game.
You might push your opponent off a '2', but in general you're making it pretty easy for him to play correctly.
Your max edge is pretty limited in poker.
Even if you're playing against horrible players, you can only win for x bets per 100 hands big blinds per 100 hands is the general measurement of profit - e.
When I quit playing, sites were on a sharp upward trajectory of stupidity with rake.
I call it stupidity because I think they felt jacking up the rake was an optimal decision business wise.
Winning players take money out of the games, whereas article source bad players play all money eventually gets taken in rake.
But they miss the meta.
Many of those bad players are playing because they want to be one of the good players.
That good player might take some 6 or 7 figures out of the games, but in turn inspire deposits from bad players that might be many times that.
And then at my lower stakes games I found comparable players to aspire to emulate and so on up the stakes.
Like so many industries, optimize to maximize your profit and you very often end up doing the exact opposite!
Right, totally agree with you.
Very situational and dependent on the skill level of others, whether you need to opinion free play slot machines cleopatra apologise GTO or not, tournament vs cash, how deep you are in a tournament, how many BB you have left, etc.
A game of poker is not one hand of poker.
It is typical in poker games to be all in and have a 70% chance of winning.
If you are playing a bad player and you go all in 5 times against this person with a 70% chance of winning is there any luck involved?
visit web page me it looks more like printing money.
You should not be folding 90% of the time.
Depends how closely matched people are.
The skill is all in getting people to play with you more than once : And if you ever watch casino games -- it's just a constant money spigot from fish to sharks.
Beginners luck is notable because most of the time unskilled players get bled dry very quickly.
When a beginner makes all of the rookie mistakes but still wins out of sheer dumb luck then people take note.
But then as you note the skill cap isn't very high.
Once everyone figures out the strategy it goes back to being mostly luck and who has the biggest bank account to ride out the bad times.
That's what I always appreciated about professional poker players.
Their patience and their emotional regulation.
Both of which click here me terrible at the game.
Patience and discipline are probably present within anyone who manages to survive as a pro for more than a couple years, but it's not a guarantee.
There's a reason the term "degen" for degenerate gets thrown around so much in gambling circles.
This includes multiple people who each have multiple WSOP bracelets.
Oddly enough it's a good way to learn both.
Or at least putting cash on the line gives you the incentive to do so.
Another game I like recommending is Fluxx.
It teaches you how to lose.
The game is very chaotic and there are things that can happen which cause you to just lose.
There is some amount of skill involved, but you can be forced in a situation where you cause someone else to win randomly.
You learn to divorce your efforts from the immediate results and to accept loss and move on.
Partly because the games are pretty quick.
While the swings in tournaments are brutal, they're nothing vs having a break even or small losing streak for 200k hands in cash games.
I've had a few of those during my years of playing cash games professionally and when they happen you start to questioning why you're even playing, why even try to win, what are you doing with your life etc.
Variance is a bitch.
Even if you are winning and can tolerate the grind, as soon as you go up in stakes you lose most or all of your edge and variance goes way up.
The ugly truth about poker is its only fun if there are fish feeding chips to the good players.
As soon as it gets truly competitive you might as head to the roulette tables because at-least there you have consistent odds and don't have to grind out hands for hours to get your gambling kicks.
It's technically a type of cheating, but it's used here to mean profoundly bad luck.
A cold deck is one that has https://chakefashion.com/play/learn-to-play-casino-games-online.html rigged to the advantage of one player, and then swapped in after the cut and shuffle hence its "coldness".
Typically the deck would be stacked to give the victim a fantastically good hand, but the cheater one that's slightly better.
The victim would bet a great deal thinking their hand was good only to lose at the end.
Players now use the term to describe the rare occasions when someone loses with a particularly strong hand in a fair game.
Regarding your last paragraph, that how to make money playing poker tournaments be a bad beat.
A cold deck is a string of poor cards, perhaps an entire sitting without getting any strong hands.
GP was just distinguishing behind two kinds of bad luck - getting "cold decked" is being set up, where you're going to lose a massive pot no matter what because you get a huge hand when someone else has a better one.
I used to play a lot of poker online back in the day, two lessons stuck with me: Speaking to the variance of the game: "Eventually you will run worse than you ever thought possible" Poker teaches, contrary to most business literature, to not be check this out oriented.
It is the decision not the result that matters.
I'm not sure how many readers I would have if I tried to explain it in a book, but I'm tired to the point that I don't read the books, just the covers about how everything will be ok if you just wish.
When you just learn that sometimes people fail even having taking the best possible decision at any point, you get another perspective for your life.
It emphasises that a bad result does not have to be the result of a bad decision.
I haven't read the book, but if there's anything I'd trust her advice on, it's how to always position yourself one or two steps away from the fall guy.
It's A++ and is a great mindset shift for business.
Make high percentage decisions, and don't discount a decision if it was a good decision but the outcome happened to not work out.
Annie Duke calls it 'Resulting'.
I am about halfway through her book "thinking in bets".
Recommended read so far.
That's one of the big problems with self-help material or other advice.
Instead of telling you that you will have the best chances for success they give a guarantee and if you fail they will tell you that you did it wrong.
Means you should always do your best but there is still no guarantee for the expected result.
Super insightful and eye opening when I finally wrapped my head around it.
I've noticed this laddering Counterstrike and Overwatch.
Individual losses are frustrating, especially when you feel you made the right moves.
But if you keep making the right moves, you will eventually win more than you lose in the long see more />You just need to have the determination and drive to stick with it.
If you have enough knowledge, confidence in said knowledge, and the discipline to consistently apply it, you will know how much money is required to make it a near certainty that won't happen.
It's also kind of the philosophy behind "fail fast and often".
The outcome of any given decision is affected by so many things that all have to go right, it might as well be random, the only mistake is not making the decision.
Eventually, things will line up if you just keep swinging.
Being best friends with some of the best in the world +1M earnings I really want to emphasize this.
I've seen my friends be happy after loosing a hand that would have won them an extra 70k in a tournament and really mean it when they say: I'm happy because I played that well, no matter the outcome.
It's all about playing a lot.
Eventually, statistics pay off.
To maximize expected value EV.
You can go all in with AA pre-flop and get a bad beat from someone with 27o.
While the result is bad you lost this timeyou made a +EV decision because you were ~80% favorite to win so over the long run this move will actually be profitable.
But a key aspect of using the expected value idea is that you have to be able to make lots of these bets.
If you have a good expected value decision but only make it once or twice, you could just get burned by luck.
Only if you can make that same high percentage play many times does this work.
The book Antifragile is all about this.
His advice for entrepreneurs specifically is to "avoid your risk of ruin".
Starting a business is never guaranteed to succeed, and if you stake your entire life savings on one business venture and take out loans, you could just get unlucky regardless of EV.
If you, say, kept a part time job and worked on your business in the rest of your time and had infinite runway, you'll eventually succeed if you don't quit.
This idea has strongly impacted the way I face decision making.
I really like this way of thinking!
It gives an air of clarity and calm to your decision making because you are looking at the big picture, which is really hard to do.
I'm seeing a lot of responses related to EV.
Is this an evolutionarily stable strategy?
Is there any way for a minority to exploit every one's focus on EV?
I understand that, mathematically, this sounds ridiculous.
But I'm wondering if, psychologically, there's a way to exploit everyone's EV mindset.
So the first thing to mention is that psychology has very little to do with playing good poker.
Secondly we'll define perfect poker as game theory optimal poker.
Game theory optimal poker better known as GTO poker is by definition unexploitable.
In the long run, two people playing GTO poker against eachother neither player will win money.
GTO poker is not necessarily the form of poker that will make the most money.
Given that 99% of the time you are playing versus amateurs who do not know sound poker strategy you can adjust your play style in order to exploit the mistakes of the other players.
When you adjust you are actually exposing yourself to better players.
Better players can identify how you are adjusting to take advantage of bad players and in turn adjust themselves to take advantage of the weaknesses you are introducing into your game.
Even worse when you have a set against two pair with one card to come and the only card to help the other guy article source the higher of his two pair and it hits with all your money in.
About a 95% favorite.
Not a poker player, but I think you don't focus on realized results, you have to focus on expected results.
What is gone is gone.
Let's say you play texas hol'em, you go all-in with AA in the first round and lose.
The click here payoff was positive even if you have lost.
And if you were given the chance to play again, you should keep playing the same way.
Confidently make the correct decision every time and trust that your edge will pay off in the long run.
This is the 1 thing I learned from being a serious and competitive Scrabble player.
In poker terms: you can't judge by winning or losing, only by whether your decisions were +EV or -EV.
Results are often governed by factors you have no control over or knowledge of.
If you get unlucky, it may not be because you made a bad decision.
Annie Duke one of the top players of all time has a book called thinking in bets that examines this as a central thesis.
As GP said, you focus on making the correct decision given the circumstances.
Learning to stick to the plan after getting crushed for weeks or months is something that can instill the worst doubt in the most confident of people.
Learning to separate the feeling of results both highs and lows from the act of playing was one of poker's toughest lessons.
This is evidence of how smart I was in making this decision.
That is indeed a very valuable lesson!
Online poker was really interesting before Black Friday.
I used to play back then.
Nothing crazy, about 60,000 hands of NLHE at low stakes cash games for fun.
But the really interesting thing to me was how successful the video learning platform SAAS business was for Poker.
These sites started to pop up where high level players would record their sessions and talk through their hands, then you paid per month for access to these videos.
It was one of those niches that lined up perfect for a SAAS business.
No shortage of games, lots of online pros playing with different styles, and some of them were really good at talking through their thought process.
All they had to do was https://chakefashion.com/play/classic-slot-games-to-play.html which they were doing already and comment on their hands.
I remember cardrunners and deucescracked!
Did you win a lot?
I came out ahead in the end but it wasn't a lot.
I still remember how gratifying it was to purchase PokerTracker with some winnings.
It's funny to think back then I was sitting there 4-6 tabling NL10 with a PT HUD thinking I was on the top of the poker world.
All they know is the information that you convey.
The game is not over when you lay all your cards on the table.
Until somebody is in position of calling your bluff and you're busted.
IMHO poker is about bet optimization and risk management.
To take as much as possible with the lower risk possible.
It's a common belief that women are more sensitive to emotional cues than men, but I've never heard it put like this.
Poker is completely dominated by men, so I don't know what that is referring to.
Poker is hardly about social cues - some of the best players simply sit staring at the same spot and wait a very similar amount of time for any non-trivial decision.
It's not very exciting, but boy is it effective.
I used to railbird the likes of Tom Dwan durrrIvey, Patric antonious patoniousilary sahamies etc.
Durrr even had the million-dollar challenge with jungleman Daniel Cates.
I think he lost it.
These were the guys who understood the game on a different level and basically cleaned-out live televised poker cash games poker after dark anyone?
I aspired to be like them mostly for the wrong reasons but was so busy being a phd student.
I heard they go to Macau to play live cash and some were even investigated for money laundering.
Wondered what happened to those guys.
In the article, she is quoted https://chakefashion.com/play/how-to-play-hoosier-poker-lotto.html saying that winnings from poker can be taxed at 60%.
But I Googled it and the first few sites that I clicked on say more like 25%.
What am I missing?
Professional gamblers are supposed to pay self employment tax, which is 15.
So that's a top federal rate of 37%, plus -- she's presumably a New York City resident -- another 8.
That's about 65% gross, then once you factor in the deduction.
So she's not wrong, but she'd only be hitting those numbers if she won a really big tournament or two.
The big self employment tax hit is for SS, and that maxes out well before she gets anywhere near the 37% rate.
And it's not 37% for entire ride.
Nevertheless I'd wager that you're mostly spot on and she's adding in the top local rates and applying it to the first dollar of income.
I used to believe this sentiment about 8 years ago, but after many republican presidents, our nation is only further in debt.
Honestly, it is for ordinary wages also.
The self-employment tax is basically the same as the employee and employer portions of the FICA taxes.
I think the only difference is that the self-employment tax basis is the before tax income while the wages tax basis is after the employer portion has already been paid.
Someone correct me if my figures are wrong, play craps online total tax rate all-in based on NYCappears to be closer to 41%.
Depending on whether you're filing as a professional or not, you may be paying self-employment tax.
Edit: I think you can't carry over losses from prior years, so if you lose money one year and make money the next, your taxes on your net earnings can be higher.
Rule of thumb for professional poker players: If you don't have a profitable tax year, it is time to quit.
I wouldn't say she won that money, I'd say she earned it.
Lottery one wins at and is pure luck.
Poker is some luck but mostly skill and persistance.
FWIW, she refers to it as earnings and income in the quotes in the article.
Yeah, the important thing is to ignore any number you ever see in a headline about poker winnings, because it basically just means gross revenues.
It says nothing at all about whether someone actually made money.
Okay, so it's pretty hard to lose all of a really big score, but the sort of people who make them are also disproportionately likely to be able to lose them in a hurry as well.
I never though about it that way.
Where I live there's a commercial for online Casino "Mr Green" where a https://chakefashion.com/play/play-free-slots-mobile.html hit a 2,5 million approx.
USD jackpot, and 2 years later she won 5 million USD.
The commercial was reported for fraud by someone of the public because it was go here, but the casino showed for the investigators that the winnings were real.
However, guessing that the woman probably played for a lot of her winnings, a second jackpot is not that improbable.
And I guess she didn't stop there either.
That was a game of pure luck though, and Poker seems to be somewhat equal that off golf in skill vs luck at top level.
You can win something with skill.
The better team in wins the game.
You also win an auction without luck.
And if the superior team could beat its opponent, on average, 2 out of 3 times they meet, the inferior team will still win a 7-game series about once every 5 match-ups.
There is really no way for a sports league to change this.
The saying "that's why they play the game" applies.
You can get around it by defining the better team as the winner of the game but then "the better team wins the game" is tautological.
It just isn't the same any more, all the real players know the theory AND can read people.
After always wanting to play poker in a casino, 2 years ago I did.
I liked the experience and I will not play again in a casino: - dealer is really quick.
It's stress and you can't think - you can see super quick who will lose all at the end of the day and who is here to grab it from the others - they don't like to talk just Don't see the appeal to learn to become so much better so that I might become good.
Prefer to just go to work Hmm.
I played online poker as a kid, between 16 to 18 for negligleble amounts.
When I came into the casino, I was nervous but my math mind took over.
I did well enough to get in the money of sit 'n go tables.
I got awkward in the beginning, by unintentionally straddle betting and violating all kinds of other table rules that I didn't know.
But that irons out quite quickly.
It's a fun experience to feel awkward and realize you're still going to go away with the price.
On a related note, is anyone familiar with any decent online poker app which is not scummy?
I'm OK with ads in this space, or a one-time payment, but not in-app purchase of chips - I played Pokerist for a week, and I'm pretty sure they switch the choice of tables after a while to bomb people and get them to buy chips.
There's apologise, how to play gambling machine right great video by Jon Bois in his "Pretty Good" series about poker tournaments and he touches on the subject of internet poker too: Great article with many insights that I never would have expected!
That last line is interesting, especially when compared to mutual funds.
I wonder how comparable poker outcomes at a tournament or many tournaments over time compare to an active fund manager?
And how to make money playing poker tournaments that leads me to wonder what a simple ETF comparison would be in poker - someone who always calls?
It would be interesting to see how that "ETF" poker player would compare the the rest of the people in a tournament.
Obviously a top poker player will not fail out early very frequently, so that's one difference, but on average, what does the "average" poker player at a tournament look like number wise?
I'm not super familiar with how ETFs work, but I'm guessing the parallel would be ETFs as ABC players making safe, low variance plays, while the actively managed funds would be a pro looking to capture all of their equity edges, regardless of the assumed variance.
It is well known how they respectively fare in tournaments - the ETF players make it into the money at a somewhat higher rate, but will typically have a middling to low stack with little hope of making a deep run, so they have a lot of low but positive ROI results - a mincash will typically be around 50-100% ROI.
However they still may not eke out enough cashes over the long run to be +ROI.
The Hedge Fund players on the other hand tend to bust out earlier but when they do run well will amass a huge stack and be well positioned to make a run at winning the whole thing - most of their results will be losses, but because of the super steep payout structures of tournaments, a single big-field victory can be well over 10000% ROI, so a single "bink" can overcome dozens of losses.
Sounds like you just described "MoneyBall" : Seriously, though - thanks for the insight.
Hadn't thought of comparing to a hedge fund, and after reading your description, it seems obvious.
So, one index may just be "buy all the companies that have dividends", or "buy all companies that have a price to earnings ratio greater than average", or "buy all companies listed on the US stock market".
I guess in poker it could be "call on everything", or "fold unless you have at least a three-of-a-kind".
Basically, it would be mechanical.
So maybe there could be something complicated like "bet 1% of your holdings whenever you had a pair, and bet 2% if at least one player folds.
This is evidence of how smart I was in making this decision.
There's a lot of time and money going into poker bots and other types of automatic assistants and monitoring of games to find fish etc etc.
Anything you can think of is there.
And of course on the other side of the story, a lot of effort goes into finding and banning bot accounts, proving that collusion is happening etc.
Poker bots have been around for a while.
They're more or less unbeatable longterm in 1v1 games last I checked.
Go is pretty good at "life lessons" too.
The game is over when both players decide it is over skipping a turn.
Its usually not worth it to try to kill opponents: the winning strategy is to typically capture territory.
There's always more territory especially in the early game rather than aiming for conflict.
You've got to know when to fight battles, you've got to know when to sacrifice pieces.
The entire opening is basically tradition and still has no unifying theory there's 3-4 opening and a Joseki for how professionals seem to play, but there's no hard proof that this is the optimal strategy.
So its still a very open-ended game with a lot of unknowns.
Is one of those life lessons "stop playing poker"?
Because in my many hours frittered away in card rooms, I never once thought "these people have it all figured out.

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Find sources: — · · · · August 2010 A home poker tournament in progress.
A poker tournament is a where players compete by playing.
It can feature as few as two players playing on a single table called a "" tournamentand as many as tens of thousands of players playing on thousands of tables.
The winner of the tournament is usually the person who wins every poker chip in the game and the others are awarded places based on the time of their elimination.
To facilitate this, in most tournaments, rise over the duration of the tournament.
Unlike in a or cash gamea player's chips in a tournament cannot be cashed out for money and serve only to determine the player's placing.
To enter a typical tournament, a player pays a fixed buy-in and at the start of play is given a certain quantity of tournament.
Commercial venues may also charge a separate fee, or withhold a small portion of the buy-in, as the cost of running the event.
Tournament chips have how to make money playing poker tournaments notional value; they have no cash value, and only the tournament chips, not cash, may be used during play.
Typically, the amount of each entrant's starting tournament chips is an multiple of the buy-in.
Some tournaments offer the option of a re-buy or buy-back; this gives players the option of purchasing more chips.
In some cases, re-buys are conditional for example, offered only to players low on or out of chips but in others they are available to all players called add-ons.
When a player has no chips remaining and has exhausted or declined all re-buy options, if any are available he or she is from the tournament.
In most tournaments, the number of players at each table is kept even by moving players, either by switching one player or as the field shrinks taking an entire table out of play and distributing its players amongst the remaining tables.
A few tournaments, called shoot-outs, do not do this; instead, the last player sometimes the last two or more players at a table moves how to make money playing poker tournaments to a second or third round, akin to a found in other games.
The prizes for winning are usually derived from the buy-ins, though outside funds may be entered as well.
Tournaments without a buy-in are referred to as.
A freeroll tournament is free to enter and usually the player is given one chance in the tournament.
A variation on a freeroll tournament is called a "freebuy".
In a freebuy event, a player can enter with a free entry, but if the player loses their chips during the registration period they are able to buy themselves back into the event.
Play continues, in most tournaments, until all but one player is eliminated, though in some tournament situations, especially informal ones, players have the option of ending by consensus.
Players are ranked in reverse chronological order — the last person in the game earns 1st place, the second-to-last earns 2nd, and so on.
This ranking of players by elimination is unique amongst games, and also precludes the possibility of a tie for first place, since one player alone must have all the chips to end the tournament.
Ties are possible for all other places, though they are rare since the sole tiebreaker is the number of chips one has at the start of the hand in which one is eliminated, and hence two people would need to start a hand with exactly the same number of chips and both be eliminated on that same hand in order to tie with each other.
Sometimes tournaments end by mutual consensus of the remaining players.
Rather than risk online play poker unblocked texas holdem their winnings, as one of them would if the game were continued, these two players may be allowed to split the prize proportional to their in-game currency or however they agree.
Certain tournaments, known as bounty tournaments, place a bounty on some or all of the players.
If a player knocks an opponent out, the player earns the opponent's bounty.
Individual bounties or total bounties collected by the end of a tournament may be used to award prizes.
Bounties usually work in combination with a regular prize pool, where a small portion of each player's buy-in goes towards his or her bounty.
Other tournaments allow players to exchange how to make money playing poker tournaments or all of their chips in the middle of a tournament for prize money, giving the chips cash value.
Separate portions of each player's buy-in go towards a prize pool and how to make money playing poker tournaments "cash out" pool.
The cash out rate is typically fixed, and a time when players may not cash out such as the final table is usually established.
The remaining cash out pool is either paid out to the remaining field or added to the regular prize pool.
The percentages are determined based upon the number of participants and will increase payout positions as participation increases.
As a rule, roughly one player in ten will 'cash', or make a high enough place to earn money.
These scales are very top-heavy, with the top three players usually winning more than the rest of the paid players combined.
Tournaments can be open or invitational.
Multi-table tournaments involve many players playing simultaneously at dozens or even hundreds of tables.
Satellite tournaments to high-profile, expensive poker tournaments are the means of entering a major event without posting a significant sum of cash.
These have significantly smaller buy-ins, usually on the order of one-tenth to one-fiftieth the main tournament's buy-in, and can be held at various venues and, more recently, on the.
Top players in this event, in lieu of a cash prize, are awarded seats to the main tourney, with the number of places dependent on participation.
The opposite of a multi-table tournament is a single-table tournament, often abbreviated STT.
A number of places typically, two, six or nine are allocated at a single table, and as soon as the required number of players has appeared, chips are distributed and the game starts.
This method of starting single-table tournaments has caused them to be referred to as sit-and-go SNG tournaments, because when the required number of players "sit", the tournament "goes.
A single-table tournament effectively behaves the same as the of a multi-table tournament, except that the players all begin with go here same number of chips, and the betting usually starts much lower.
Almost invariably, fixed payoffs are used.
A tournament series may consist of either single-table or multi-table tournaments.
In a tournament series, multiple tournaments are played in which prizes are awarded.
However, a series leaderboard or standings system is often used and additional prizes, drawn from the individual tournament buy-ins, are awarded to those who perform best overall in the series.
Major poker tournaments such as the World Poker Tour and World Series of Poker, use standings to determine a player of the year.
The most common playing format for poker tournaments is the "freezeout" format.
All players still playing in a tournament constitute a dynamic pool.
Whenever a player loses all his chips and gets eliminated, his table shrinks.
To combat the constant shrinking of tables and avoid having tables play with varying numbers of players, players are moved between tables, with unnecessary tables getting closed as the tournament progresses.
In the end, all remaining players are seated on just one table, known as the "final table".
Most tournaments are freezeouts.
Rebuy tournaments often allow players to rebuy even if they have not lost all their chips, in which case the rebuy amount is simply added to their stack.
A player is not allowed to rebuy in-game if he has too many chips usually the amount of the starting stack or half of it.
Another playing format is the "shootout" tournament.
A shootout tournament divides play in rounds.
In a standard shootout tournament, 2-10 players sit on each table how to make money playing poker tournaments the table roster remains the same until everyone but one player is eliminated.
The table winners progress to the final table where the tournament winner is determined.
In a shootout tournament players are usually awarded places in tiers based on how many rounds they lasted and in which place they were eliminated.
Shootouts can include multiple rounds triple, quadruple or quintuple shootout or feature several players from each table progressing usually up to three.
Shootouts are also a common format for large multi-table tournaments, although these may feature or instead of the standard.
A recent innovation is the "mix-max" or "mixed max" tournament, in which the table sizes vary during the course of the event.
A typical example is the mix-max event held at thein which the first day of play was nine-handed, the second day how to make money playing poker tournaments, and the rest of the tournament heads-up.
This effectively made it a hybrid freezeout—shootout tournament, with freezeout play at larger tables and shootout play in the heads-up phase.
Usually, in this format, one may not raise less than a previous player has raised.
While blinds, antes, or bring-ins are fixed, players are free to bet as much as they wish, even early in a round of betting.
To bet all of one's chips risking one's tournament more info, in the event of losing the hand is to go all-in.
blackjack online play no-limit tournaments, players will sometimes take this risk even early in the betting; for example, in some no-limit Texas Hold 'Em tournaments, it is not uncommon for players to bet "all-in" before the flop.
The betting structure is one of the most defining elements of the game; even if other aspects are equivalent, a fixed-limit version and its no-limit counterpart are considered to be very different games, because the strategies and play styles are very different.
For instance, it is much easier to bluff in a no-limit game, which allows aggressive betting, than in a fixed-limit game.
No-limit games also vary widely according to the proclivities of the players; an informal,betting structure is developed by the players' personal strategies and personalities.
The stakes of each round, as well as, and antes as appropriate per game, typically escalate according either to the time elapsed or the number of hands played.
While some tournaments offer a mix of games, like events which combine How to money playing online blackjack, Omaha,Stud and Stud Eight or Better and events, at which one may choose from a similar menu of games, most tournaments feature one form of orsuch asseven card stud, or.
Both Omaha and Texas Hold'em tournaments are commonly offered in fixed-limit and go here, and Texas hold 'em tournaments are very common no-limit Omaha is almost nonexistent in tournament play.
Informal tournaments can be organized by a group of friends; for example, most colleges feature poker tournaments.
However, these are not the only venues.
Poker cruises offer tournaments at sea.
Most 2005 and 2006 World Series of Poker events took place in the convention center at the Rio Hotel in.
The largest and most well-known tournament in the USA is theheld in Las Vegas.
The World Series has traditionally been featured on.
In the 1980s the was the second largest and most prestigious tournament.
The 2005 World Series of Poker was the first held outside of Binion's Horseshoe Casino, though the final few days of the main event were held in the legendary Benny's Bullpen.
Later tournaments have been held at one of the and later properties; since 2005, the Rio has served as the venue.
The largest and most well-known tournament in Europe is thewhich was founded in 2004 by John Duthie and is now the largest poker tour in the world by both total players and prize pool.
The began in 2007 in London, moved in toand moved again in 2013 to the Paris region.
The largest and most well-known tournament in Asia is the Macau event.
The largest and most well-known tournament in Latin America is the Argentina event.
Thealso known as the Aussie Millions, is the largest tournament in the Pacific region.
WSOP owner Caesars Entertainment and Aussie Millions host teamed up to launch the World Series of Poker Asia-Pacific, which held its first edition in 2013.
In addition to these events, there are other major tournaments throughout the year.
The is held at different venues worldwide and how to make money playing poker tournaments a series of open tournaments throughout the U.
Some of these events are stand alone tournaments like thebut most are held in conjunction with a tournament series being held at the host casino, like the 's LA Poker Classic, the 's World Poker Challenge and the 's Legends of Poker.
A was launched in 2010.
The main live poker tournament in Africa is the All Africa Poker Tournament hosted by the Piggs Peak Casino in Piggs Peak, Swaziland.
The is 64 players compete casino play city mexico heads-up matches single elimination style to determine a winner.
It is one of the most prestigious heads up poker tournaments and it is the first tournament produced by a television network.
The internet poker revolution has sparked online poker tournaments and series that have become larger than many live tournaments.
The WCOOP and the FTOPS are two of the biggest online poker tournament series, with tournament prizes surpassing the million-dollar mark.

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Why Can't I Win Money From Online Poker?
Where am I going wrong?
What do I need to do to improve my poker game?
Those are some pretty vague questions right there.
Maybe if you sent me some stats, graphs and a few hand histories then I might be able to do something.
How does, say, a nice, round 26 reasons sound?
Reasons why you lose money playing online poker.
Sure, all hands in poker have a chance of winning, but then I also have a chance of having a threesome.
How many articles and tips is it going to take before you how to make money playing poker tournaments to understand that is actually way more important than you think it is?
Have you not noticed how much easier it is to play from the congratulate, play virtual poker free online accept than it is UTG?
See for more details.
Take you time and play within your comfort zone.
Thank God that I was broke and had to settle for a washing machine with wheels.
Winning players look inward not outward when they are losing.
Even in this high-tech world of training videos, interactive seminars and snowboarding, there is still room for the good old-fashioned.
The better ones are still incredibly helpful, so don't overlook them.
Focus on playing good poker and learn more here stats will take care of themselves.
Shoving all-in with 63 offsuit UTG is by far the most effective way to get your money back after that.
Seriously, crank your up and your winrate will skyrocket.
If you have a good hand, get some money for it.
You should always have a plan of action for later how to make money playing poker tournaments />Adding the cbet to your game is an instant winrate booster.
Easy now tiger, cbets are good and all but not necessarily 100% of the time.
See this for a how to make money playing poker tournaments quite on when and when not to cbet.
This is often because you just cbet too much.
I think this is going to be the biggest bankroll rapist.
Put money in the middle with strong hands.
If you raise and get 3bet by a tight player, what sort of hands do you think your AJo is beating?
As sad as it is to say this, think of poker as a sport.
You need to be in good condition, otherwise your results will suffer.
Any of those help you out?
Oh, and for what it's worth, you definitely can win money from poker.
Have a look at.
Go back to the interesting.
How Much More Money Could You Be Winning?
Don't worry, it doesn't happen very often.

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After huge popularity in party circuits and casinos, poker entered into virtual space revolutionizing the gaming experience for everyone.
Taking the real world poker elements of thrill, challenge, character, and rewards to online space, the democratization of the game is making it possible for millions of people earn money by playing.
The emotional, intellectual and social engagement of the game makes it highly intense yet fun-filled money-making tool.
By design and concept, the online https://chakefashion.com/play/free-money-to-play-slots-online.html gives you the much-needed flexibility of time, space, expertise and of course the wallet.
Most of the platforms are designed in such a way that people of any level of expertise could start playing and earn a reasonable amount of money.
If there is a winner, there is bound to have someone who is losing money.
Just opposite of the popular perception of poker being a game of luck, it is a game of skill which involves not just gaming skill but smart use of behavioral skills as well.
Just like other money-making games where uncertainty and chance factors are involved, online poker model also has an element of stake driven money making opportunity where some loose check this out some wins.
Since it is skill-driven pros play hard to fish maximum using tricks of the game.
An overview of Online poker Online how to make money playing poker tournaments is currently a multi-billion dollar industry and rising exponentially.
Since in the early 2000, it is played almost in all major geographies will millions of active players at any point of time.
So, millions of dollars are traded every hour and you can get your share if you play smart with all your emotions under control.
Here you will learn how to make money by playing poker online in the how to make money playing poker tournaments possible way.
How much one can earn?
Frankly, there is no answer on how much as this depends on how you play.
The amount and rate at which you earn money depending on whether you are playing tournaments or cash games.
Your net earnings are the winnings minus buy-ins.
Here is a good example of how earning is calculated.
In reality, out of 51, he cashed in just 11 tournaments.
How to Win Money Playing Poker Online?
Whatever way put it, you play online poker to make money and there is nothing wrong in that.
However, the challenge is the volume of money you want to earn.
If you are looking for a low base earning, play low stake games with little lesser risk and higher chances of winning.
Be tight and aggressive in strategy and make sure that you always select the table.
Here are some of the most fundamental tips to earn money by playing online poker.
Poker Game Theory Essentially, this is all about therules of earning from online poker which involves the understanding of the basic mathematics, percentages https://chakefashion.com/play/texas-holdem-poker-free-to-play.html profitability determinants.
Your all efforts are to maximize wins and minimize losses.
So, what is the path to reach that destination?
If we go by data experts, this is pretty easy.
All you have to do is stick to the theoretically balanced ranges and play in line with the most earning gaming style.
If we discount odds, then you are better positioned to be better than 99.
This art of knowing your opponent makes your pro.
The success in poker depends on how to make money playing poker tournaments decision of choosing which hand to play which to fold.
To maximize your earnings you have to master the art of playing hands from every position.
Ideally, speaking in a standard poker table each position requires different strategies.
If the position changes the strategy also changes.
The closer you are to the button the more hands you should be playing.
https://chakefashion.com/play/play-dragons-realm-slot-machine-online.html in the best-case scenarios, people make mistakes like mapping out hands to play before session and hand-selection strategy with different players.
The best possible strategy is to finalize your hands in advance and the respective position.
Frankly, weak players underestimate its importance and accordingly remain weak forever.
This simple strategy of hand selection helps remove doubts from the pre-flop game and helps you gain confidence.
Holding in Disguise Now you know the art of hand selection and positions to maximize the chances of winning.
Let us make it more concrete by playing the hands correctly.
If you know your opponent, like whether he is tight or aggressive, then it will help you fish in a better manner.
Frankly, if you are predictable in your gameplay then you will be a fish.
So, how to become more unpredictable in the online poker space?
The idea is how to make money playing poker tournaments to have information flow to your opponents.
Right Game for Right Earning Game selection is one of the most important aspects when it comes to earning potential.
Most of the pros usually overlook this aspect due to ego factor.
If you want to win and win big then you have to identify player trait-like obsessive players, aggressive players, angry players, rich newbie so that you could fish in calm waters.
In the virtual world, of online poker game you have to measure how high the house rake is, strength of players in action, styles of game in progress, acquaintance with any of the players.
Since poker is all about the social aspect of gameplay, so be smart in the game selection to your winning chances.
There is no room of ego in game selection, earning is your priority so stick to that only.
Smart Adjustments No one is best and you will always find some amazingly talented people in the online sphere.
So, the sore is how quickly you identify the trait how fast you could adjust.
Aggressiveness, showdown pattern, time-taking, and most importantly the awkwardness give you important information sets to determine your own strategy.
However, you have to be very calculative on bluff aspect as this is a very critical aspect in gaming as it tries to get your emotional response to extreme allurements.
The most basic instinct that helps you most is the capacity to remain focused in long-term.
Simplification is the Key Display of emotions while playing poker is your biggest hurdle in between you and your winning.
It is likely that you will be tempted to show a reaction, if you are smart enough, you can use this phase to pass wrong cues and confuse your opponent.
In any case maintain your mental balance, keep emotions in check and take your time in analyzing the situation.
You are there to win and there is no room for empathy or sympathy.
Be aggressive when it comes to hurting sentiments and use them to your advantages.
Play on the front foot, with expression of confidence as if the game is yours.
There is no place for fear in online poker.
A good farmer waits for harvest time and keeps all encroachers away in due course.
Same applies in the game of poker; you play sometimes to minimize your loss so play accordingly.
Risk-taking is fine, but it should be a calculative risk.
Despite all similarities, online poker is a little different from real-world poker.
While playing poker in your own social circles, normally you know about the person and his personality traits and you play accordingly.
It is a game that gives you a clue to know about the person.
You know the game its fundamentals and how emotions come into play in terms of next move, so stick to fundamentals and play to your rule book.
This strategy will make you the winner, the volume of money is your cup of coffee so mobile resources accordingly.
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It's entirely common to go 15, 20 tournaments without cashing.
You can play great poker, sometimes over the span of a few days, and suddenly get hit with a cold deck or get unlucky and poof you are eliminated with nothing, along with your chance at a 5 or 6 figure top prize.
Then you have to suck it back up and move on to the next one.
The variance is just insane, click to see more is why a lot of professional players are backed, or sell some of their action or swap with other players.
I played a ton online before the Black Friday days and did pretty well, and will usually try to play a few big live tournaments a year, but these days I mostly how to make money playing poker tournaments play cash games as a fun hobby and a way to grind out some extra income.
There's less variance and the money is more consistent.
That being said, as brutal as the swings in tournaments are, cash games have nothing like the rush of running deep in a poker tournament.
So for me, cash games are the way to go if your goal in poker is to make money, but tournaments are a fun way to chase the dragon from time to time.
I personally don't think I would have the stomach to play tournaments full time though.
Then you have to suck it back up and move on to the next one.
I specialized in small, quick tournaments for this reason.
Live players still weren't used to the remarkable, how to play basic poker games well faster pace of online play but with rapidly escalating blinds it was critical.
They were lulled into indecision and procrastination by the low early blinds, not realizing that they escalated quickly to force stacking out of the small players.
I tried playing in a couple of Venetian Deep Stack events and usually busted out.
I finally adapted to the slower play, longer rounds, bigger field and frankly better players to leave after two days of play with the same payout from winning one three hour Binion's tournament.
The biggest upside being able to say I got my name published in Card Player magazine.
Since for me it was just entertainment and I could reliably pay for my vacation in the smaller tourneys I went back to small ball.
When WSOP was in the early spring when the weather is nice in Vegas and crappy in BostonI used to go for a week and a bit every year and grind out the trip cost and then some on single table satellites.
With the advent of online poker, televised NLHE, and the main event wins by Varkonyi, Raymer, Moneymaker, and Gold, it was like the universe provided an endless stream of avid, willing, timid, and fairly predictable poker players in the weeks leading up to the main event.
Now that WSOP's in the summer, online poker is mostly dead in the US, televised poker mania has died down, and I have kids, I don't bother going anymore, but it was definitely fun and modestly lucrative for a while in my 30s.
So many people there to play poker!
Don't forget black Friday or whatever it was called when UIGEA murdered online poker.
That was the feeder into tournament live play.
I haven't been back in at least 8 years.
Vegas doesn't care about anything but whales and slots players anyway.
For those confused, Black Friday in this context refers to the criminal case against the three largest online poker operators.
Poker is brutal no matter how you go about it.
If it's not brutal - you're simply on a hot streak, or playing in unbelievably easy games.
Poker at how to make money playing poker tournaments end of the day, is a matter of who cracks mentally.
It is just so tedious.
They call it tilt, I call it your inner wisdom letting you know you're wasting your life away.
Yeah, I love tournament poker but can't imagine playing live tournaments for a living.
I played a ton online before Black Friday too, pretty successfully, and then was one of the top online tournament players when I got back into it for a bit while I was outside of the US a couple years back.
As a last hurrah before getting back to startups I traveled to one big live festival.
This is why I don't really like poker.
There's just too much variance.
Unless you play again and again and again there's not much correlation between skill and the winner.
I think it's why people also believe there is "beginners' luck" - there isn't really - the entire game has tons of luck.
But when confronted with someone who clearly isn't skilled but wins anyway, poker fans really don't want to face the reality that the game is mostly luck.
Another issue with poker - at least Texas Hold'em - is that the best strategy is folding 90% of the time, which is just boring.
I'm sure there are much better bluffing games.
The variance is also what allows poker to thrive and pro players to have an income though.
Since poker is zero sum really negative because of the casino's take there has to be a steady supply of losing money playing.
That means bad players have to believe they have a shot.
If they never or very rarely won against higher skilled players, they'd dry up.
Imagine casinos that had cash chess tables or basketball courts.
Would you have enough dead money willing to risk playing?
You'd get occasional fish willing to try but they'd get dunked on and go home.
Without enough new money, the game would dry up as the best players and the casino accumulate all the rest.
This is true for newbie investor after reading a book and investing in Wall-Street.
They almost always lose the money and again Wall Street releases a new easy book on investing.
I find a huge co-relation between how poker and wall street is aligned.
The difference between poker and the stock market is that the odds are in your favor in the stock market.
This plays out to between 6-8% per year.
Skill has a lot bigger edge in Omaha.
A fish that has a lot of money is called a "whale".
I always thought, are they good or too much oil money?
I would disagree with the blanket statement that folding 90% of the time is optimal, and can be discouraging to new players who are interested in learning poker.
Good players generally play around 20% of their hands, but even that vastly changes based on how aggressive the player is.
Also, there is much more to factor in than just the hand you are dealt.
You might want to play a tighter range play less percentage of hands in early position let's say first or second to act in a betting roundcompared to being last to act where you might want to play a higher percentage of your hands.
Only play a high pocket pair or AK, and play them aggressively.
Your hope being to take people 1 vs 1 for all the money you can.
You don't need to be any cleverer than that until people pay enough attention that they won't call you unless they think that they have you beat.
Then you will have to go for a wider range and start to play a better strategy.
Even that is highly dependent on your post-flop skill.
Marginal hands and drawing hands like small pairs and small suited connectors can be highly profitable on loose tables if you're confident in your reading ability.
Playing like a nit is the easiest way to play profitably on a loose table and has dramatically lower variance, but widening your range and playing intelligently post-flop can often be substantially more profitable.
I used to be profitable in the golden days being a nit and just letting the huge swaths of players pay me off.
So many all-ins to bluff me off while holding top set, nut straight, or nut flush.
Just recently got back playing and am trying to learn to play against real players.
I'm down overall after about 50 hours of play, but not very much.
Poker is much harder now and it's hard to how to make money playing poker tournaments tables that will happily pay off nitty play ad infinitum.
I'd make a list of concepts you should learn about, but I think it'll be easier for play virtual poker free online to make a list of books you should read: The Mathematics of Poker Chen and Ankenman Applications of No-Limit Poker Janda Expert Heads up No-Limit Hold 'em Tipton, this one is nice as the author is a Computer Scientist and also has a course on building a solver.
Professional No Limit-Hold 'em Flynn, Miller, Mehta Finally, you should get a membership to something like Upswing or RIO to help synthesize the information into a useful framework for play.
Also, you'll want access to something like PIO or Pokersnowie for analysis of your hands.
It gives fantastic advice that is still relevant and is extremely readable.
Covers a wide range of topics and came widely recommended to me.
It's all about ranges.
You're never going to succeed with a nitty style simply because it's going to immediately show up in a million different ways on peoples HUDs.
People are going to push you hard and immediately give up immediately whenever you fight back, unless they have the nuts.
Let's take a very simple toy game.
You are dealt a 1 to 3 in order of increasing strength.
The deck has one of each card, so if you have a 3 your opponent does not.
We have one round of play with only a bet or a fold allowed.
The goal of our game is simply to maximize the number of mistakes our opponent makes.
A mistake would be folding when he has the better hand, or calling when he has a worse hand.
We're going to assume we're playing against a good and logical player.
We can analyze this game pretty easily.
Our opponent is always going to call when he has a 3 since he can beat anything.
And he's never going to call with a 1 since he can't beat anything.
So our chance for an edge comes with 2s.
We need to get him to call our 3s with his 2s.
If we only bet our 3s, this is probably not going to work.
He'd suddenly see that everytime you go to showdown, you end up with a 3.
And indeed he probably would not even default to calling with 2s because, from his perspective, he only beats a 1 anyhow.
So we need to create a more balanced range that makes it where this decision is not so easy.
One idea is to bet our 3s and 2s.
But this would be a big mistake for reasons already alluded to.
Imagine we have a 2.
He has either a 3 or a 1.
He's going to be able to play perfectly.
No, betting a 2 will never lead to a mistake.
So the only other option we have is to bet our 1s!
And yeah this is where you start to see the optimal strategy.
Now if he folds his 2s when we bet, he's making a mistake 50% of the time!
Interestingly enough, if he calls with his 2s he's also making a mistake 50% of the time!
It's only by creating a balanced range did we create a strategy where our opponent is forced to make mistakes.
And in regular poker too a general strategy is to aggressively play the top and bottom of your range.
The tough decisions of course come in with the middle of your range.
But you generally do not want to mix the middle and top of your range for reasons similar to this toy game.
You might push your opponent off a '2', but in general you're making it pretty easy for him to play correctly.
Your max edge is pretty limited in poker.
Even if you're playing against horrible players, you can only win for x bets per 100 hands big blinds per 100 hands is the general measurement of profit - e.
When I quit playing, sites were on a sharp upward trajectory of stupidity with rake.
I call it stupidity because I think they felt jacking up the rake was an optimal decision double machine slot online diamond play wise.
Winning players take money out of the games, whereas when bad players play all money eventually gets taken in rake.
But they miss the meta.
Many of those bad players are playing because they want to be one of the good players.
That good player might take some 6 or 7 figures out of the games, but in turn inspire deposits from bad players that might be many times that.
And then at my lower stakes games I found comparable players to aspire to emulate and so on up the stakes.
Like so many industries, optimize to maximize your profit and you very often end up doing the exact opposite!
Right, totally agree with you.
Very situational and dependent on the skill level of others, whether you need to play GTO or not, tournament vs cash, how deep you are in a tournament, how many BB you have left, etc.
A game of poker is not one hand of poker.
It is typical in poker games to be all in and have a 70% chance of winning.
If you are playing a bad player and you go all in 5 times against this person with a 70% chance of winning is there any luck involved?
To me it looks more like printing money.
You should not be folding 90% of the time.
Depends how play poker bot matched people are.
The skill is all in getting people to play with you more than once : And if you ever watch casino games -- it's just a constant money spigot from fish to sharks.
Beginners luck is notable because most of the time unskilled players get bled dry very quickly.
When a beginner makes all of the rookie mistakes but still wins out of sheer dumb luck then people take note.
But then as you note the skill cap isn't very high.
Once everyone figures out the strategy it goes back to being mostly luck and who has the biggest bank account to ride out the bad times.
That's what I always appreciated about professional poker players.
Their patience and their emotional regulation.
Both of which made me terrible at the game.
Patience and discipline are probably present within anyone who manages to survive as a pro for more than a couple years, but it's not a guarantee.
There's a reason the term "degen" for degenerate gets thrown around so much in gambling circles.
This includes multiple people who each have multiple WSOP bracelets.
Oddly enough it's a good way to learn both.
Or at least putting cash on the line gives you the incentive to do so.
Another game I like recommending is Fluxx.
It teaches you how to lose.
The game is very chaotic and there are things that can happen which cause you to just lose.
There is some amount of skill involved, but you can be forced in a situation where are play aristocrat slot machines online free really cause someone else to win randomly.
You learn to divorce your efforts from the immediate results and to accept loss and move on.
Partly because the games are pretty quick.
While the swings in tournaments are brutal, they're nothing vs having a break even or small click the following article streak for 200k hands in cash games.
I've had a few of those during my years of playing cash games professionally and when they happen you start to questioning why you're even playing, how to make money playing poker tournaments even try to win, what are you doing with your life etc.
Variance is a bitch.
Even how to make money playing poker tournaments you are winning and can tolerate the grind, as soon as you go up in stakes you lose most or all of your edge and variance goes way up.
The ugly truth about poker is its only fun if there are fish feeding chips to the good players.
As soon as it gets truly competitive you might as head to the roulette tables because at-least there you have consistent odds and don't have to grind out hands for hours to get your gambling kicks.
It's technically a type of cheating, but it's used here to mean profoundly bad luck.
A cold deck is one that has been rigged to the advantage of one player, and then swapped in after the cut and shuffle hence its "coldness".
Typically the deck would be stacked to give the victim a fantastically good hand, but the cheater one that's slightly better.
The victim would bet a great deal thinking their hand was good only to lose at the end.
Players now use the term to describe the rare occasions when someone loses with a particularly strong hand in a fair game.
Regarding your last paragraph, that would be a bad beat.
A cold deck is a string of poor cards, perhaps an entire sitting without getting any strong hands.
GP was just distinguishing behind two kinds of bad luck - getting "cold decked" is being set up, where you're going to lose a massive pot no matter what because you get a huge hand when someone else has a better one.
I used to play a lot of poker online back in the day, two lessons stuck with me: Speaking to the variance of the game: "Eventually you will run worse than you ever thought possible" Poker teaches, contrary to most business literature, to not be results oriented.
It is the decision not the result that matters.
I'm not sure how many readers I would have if I tried to explain it in a book, but I'm tired to the point that I don't read the books, just the covers about how everything will be ok if you just wish.
When you just learn that sometimes people fail even having taking the best possible decision at any point, you get another perspective for your life.
It emphasises that a bad result does not have to be the result of a bad decision.
I haven't read the book, but if there's anything I'd trust her advice on, it's how to always position yourself one or two steps away from the fall guy.
It's A++ and is a great mindset shift for business.
Make high percentage decisions, and don't check this out a decision if it was a good decision but the outcome happened to not work out.
Annie Duke calls it 'Resulting'.
I am about halfway through her book "thinking in bets".
Recommended read so far.
That's one of the big problems with self-help material or other advice.
Instead of telling you that you will have the best chances for success they give a guarantee and if you fail they will tell you that you did it wrong.
Means you should always do your best but there is still no guarantee for the expected result.
Super insightful and eye opening when I finally wrapped my head around it.
I've noticed this laddering Counterstrike and Overwatch.
Individual losses are frustrating, especially when you feel you made the right moves.
But if you keep making the right moves, you will eventually win more than you lose in the long run.
You just need to have the determination and drive to stick with it.
If you have enough knowledge, confidence in said knowledge, and the discipline to consistently apply it, you will know how much money is required to make it a near certainty that won't happen.
It's also kind of the philosophy behind "fail fast and often".
The outcome of any given decision is affected by so many things that all have to go right, it might as well be random, the only mistake is not making the decision.
Eventually, things will line up if you just keep swinging.
Being best friends with some of the best in the world +1M earnings I really want to emphasize this.
I've seen my friends be happy after loosing a hand that would have won them an extra 70k in a tournament and really mean it when they say: I'm happy because I played that well, no matter the outcome.
It's all about playing a lot.
Eventually, statistics pay off.
To maximize expected value EV.
You can go all in with AA pre-flop and get a bad beat from someone with 27o.
While the result is bad you lost this timeyou made a +EV decision because you were ~80% favorite to win so over the long run this move will actually be profitable.
But a key aspect of using the expected value idea is that you have to be able to make lots of these bets.
If you have a good expected value decision but only make it once or twice, you could just get burned by luck.
Only if you can make that same high percentage play many times does this work.
The book Antifragile is all about this.
His advice for entrepreneurs specifically is to "avoid your free play winds four casino of ruin".
Starting a business is never guaranteed to succeed, and if you stake your entire life savings on one business venture and take out loans, you could just get unlucky regardless of EV.
If you, say, kept a part time job and worked on your business in the rest of your time and had infinite runway, you'll eventually succeed if you don't quit.
This idea has strongly impacted the way I face decision making.
I really like this way of thinking!
It gives an air of clarity and calm to your decision making because you are looking at the big picture, which is really hard to do.
I'm seeing a lot of responses related to EV.
Is this an evolutionarily stable strategy?
Is there any way for a minority to exploit every one's focus on EV?
I understand that, mathematically, this sounds ridiculous.
But I'm wondering if, psychologically, there's a way to exploit everyone's EV mindset.
So the first thing to mention is that psychology has very little to do with playing good poker.
Secondly we'll define perfect poker as game theory optimal poker.
Game theory optimal poker better known as GTO poker is by definition unexploitable.
In the long run, two people playing GTO poker against eachother neither player will win money.
GTO poker is not necessarily the form of poker that will make the most money.
Given that 99% of the time you are playing versus amateurs who do not know sound poker strategy you can adjust your play style in order to exploit the mistakes of the other players.
When you adjust you are actually exposing yourself to better players.
Better players can identify how you are adjusting to take advantage of bad players and in turn adjust themselves to take advantage of the weaknesses you are introducing into your game.
Even worse when you have a set against two pair with one card to come and the only card to help the other guy is the higher of his two pair and it hits with all your money in.
About a 95% favorite.
Not a poker player, but I think you don't focus on realized results, you have to focus on expected results.
What is gone is gone.
Let's say you play texas hol'em, you go all-in with AA in the first round and lose.
The expected payoff was positive even if you have lost.
And if you were given the chance to play again, you should keep playing the same way.
Confidently make the correct decision every time and trust that your edge will pay off in the long run.
This is the 1 thing I learned from being a serious and competitive Scrabble player.
In poker terms: you can't judge by winning or losing, only by whether your decisions were +EV or -EV.
Results are often governed by factors you have no control over or knowledge of.
If you get unlucky, it may not be because you made a bad decision.
Annie Duke one of the top players of all time has a book called thinking in bets that examines this as a central thesis.
As GP said, you focus on making the correct decision given the circumstances.
Learning to stick to the plan after getting crushed for weeks or months is something that can instill the worst doubt in the most confident of people.
Learning to separate the feeling of results both highs and lows read more the act of playing was one of poker's toughest lessons.
This is evidence of how smart I was in making this decision.
That is indeed a very valuable lesson!
Online poker was really interesting before Black Friday.
I used to play back then.
Nothing crazy, about 60,000 hands of NLHE at low stakes cash games for fun.
But the really interesting thing to me was how successful the video learning platform SAAS business was for Poker.
These sites started to pop up where high level players would record their sessions and talk through their hands, then you paid per month for access to these videos.
It was one of those niches that lined up perfect for a SAAS business.
No shortage of games, lots of online pros playing with different styles, and some of them were really good at talking through their thought process.
All they had to do was play which they were doing already and comment on their hands.
I remember cardrunners and deucescracked!
Did you win a lot?
I came out ahead in the end but it wasn't a lot.
I still remember how gratifying it was to purchase PokerTracker with some winnings.
It's funny to think back then I was sitting there 4-6 tabling NL10 with a PT HUD thinking I was on the top of the poker world.
All they know is the information that you convey.
The game is not over when you lay all your cards on the table.
Until somebody is in position of calling your bluff and you're busted.
IMHO poker is about bet optimization and risk please click for source />To take as much as possible with the lower risk possible.
It's a common belief that women are more sensitive to emotional cues than men, but Limits betting play online roulette never heard it put like this.
Poker is completely dominated by men, so I don't know what that is referring to.
Poker is hardly about social cues - some of the best players simply sit staring at the same spot and wait a very similar amount of time for any non-trivial decision.
It's not very exciting, but boy is it effective.
I used to railbird the likes of Tom Dwan durrrIvey, Patric antonious patoniousilary sahamies etc.
Durrr even had the million-dollar challenge with jungleman Daniel Cates.
I think he lost it.
These were the guys who understood the game on a different level and basically cleaned-out live televised poker cash games poker after dark anyone?
I aspired to be like them mostly for the wrong reasons but was so busy being a phd student.
I heard they go to Macau to play live cash and some were even investigated for money laundering.
Wondered what happened to those guys.
In the article, she is quoted as saying that winnings from poker can be taxed at 60%.
But I Googled it and the first few sites that I clicked on say more like 25%.
What am I missing?
Professional gamblers are supposed to pay self employment tax, which is 15.
So that's a top federal rate of 37%, plus -- she's presumably a New York City resident -- another 8.
That's about 65% gross, then once you factor in the deduction.
So she's not wrong, but she'd only be hitting those numbers if she won a really big tournament or two.
The big click the following article employment tax hit is for SS, and that maxes out well before she gets anywhere near the 37% rate.
And it's not 37% for entire ride.
Nevertheless I'd wager that you're mostly spot on and she's adding in the top local rates and applying it to the first dollar of income.
I used to believe this sentiment about 8 years ago, but after many republican presidents, our nation is only further in debt.
Honestly, it is for ordinary wages also.
The self-employment tax is basically the same as the employee and employer portions of the FICA taxes.
I think the only difference is that the self-employment tax basis is the before tax income while the wages tax basis is after the employer portion has already been paid.
Someone correct me if my figures are wrong, her total tax rate all-in based on NYCappears to be closer to 41%.
Depending on whether you're filing as a professional or not, you may be paying self-employment tax.
Edit: I think you can't carry over losses from prior years, so if you lose money one year and make money the next, your taxes on your net earnings can be higher.
Rule of thumb for professional poker players: If you don't have a profitable tax year, it is time to quit.
I wouldn't say she won that money, I'd say she earned it.
Lottery one wins at and is pure luck.
Poker is some luck but mostly skill and persistance.
FWIW, she refers to it as earnings and income in the quotes in the article.
Yeah, the important thing is to ignore any number you ever see in a headline about poker winnings, because it basically just means gross revenues.
It says nothing at all about whether someone actually made money.
Okay, so it's pretty hard to lose all of a really big score, but the sort of people who make them are also disproportionately likely to be able to lose them in a hurry as well.
I never though about it that way.
Where I live there's a commercial for online Casino "Mr Green" where a woman hit a 2,5 million approx.
USD jackpot, and 2 years later she won 5 million USD.
The commercial was reported for fraud by someone of the public because it was unbelievable, but the casino showed for the investigators that the winnings were real.
However, guessing that the woman probably played for a lot of her winnings, a second jackpot is not that improbable.
And I guess she didn't stop there either.
That was a game of pure luck though, and Poker seems to be somewhat equal that off golf in skill vs luck at top level.
You can win something with skill.
The better team in wins the game.
You also win an auction without luck.
And if the superior team could beat its opponent, on average, 2 out of 3 times they meet, the inferior team will still win a 7-game series about once every 5 match-ups.
There is really no way how to make money playing poker tournaments a sports league to change this.
The saying "that's why they play the game" applies.
You can get around it by defining the better team as the winner of the game but then "the better team wins the game" is tautological.
It just isn't the same any more, all the real players know the theory AND can read people.
After always wanting to play poker in a casino, 2 years ago I did.
I liked the experience and I will not play again in a casino: - dealer is really quick.
It's play roulette pro and you can't think - you can see super quick who will lose all at the end of the day and who is here to grab it from the others - they don't like to talk just Don't see the appeal to learn to become so much better so that I might become good.
Prefer to just go to work Hmm.
I played online poker as a kid, between 16 to 18 for negligleble amounts.
When I came into the casino, I was nervous but my math mind took over.
I did well enough to get in the money of sit 'n go tables.
I got awkward in the beginning, by unintentionally straddle betting and violating all kinds of other table rules that I didn't know.
But that irons out quite quickly.
It's a fun experience to feel awkward and realize you're still going to go away with the price.
On a related note, is anyone familiar with any decent online poker app which is not scummy?
I'm OK with ads in this space, or a one-time payment, but not in-app purchase of chips - I played Pokerist for a week, and I'm pretty sure they switch the choice of tables after a while to bomb people and get them to buy chips.
There's a great video by Jon Bois in his "Pretty Good" series about poker tournaments and he touches on the subject of internet poker too: Great article with many insights that I never would have expected!
That last line is interesting, especially when compared to mutual funds.
I wonder how comparable poker outcomes at a tournament or many tournaments over time compare to an active fund manager?
And then that leads me to wonder what a simple ETF comparison would be in poker - someone who always calls?
It would be interesting to see how that "ETF" poker player would compare the the rest of the people in a tournament.
Obviously a top poker player will not fail out early very frequently, so that's one difference, but on average, what does the "average" poker player at a tournament look like number wise?
I'm not super familiar with how ETFs work, but I'm guessing the parallel would be ETFs as ABC players making safe, low variance plays, while the actively managed funds would be a pro looking to capture all of their equity edges, regardless of the assumed variance.
It is well known how they respectively fare in tournaments - the ETF players make it into the money at a somewhat higher rate, but will typically have a middling to low stack with little hope of making a deep run, so they have a lot of low but positive ROI results - a mincash will typically be around 50-100% ROI.
However they still may not eke out enough cashes over the long run to be +ROI.
The Hedge Fund players on the other hand tend to bust out earlier but when they do run well will amass a huge stack and be well positioned to make a run at winning the whole thing - most of their results will be losses, but because of how to make money playing poker tournaments super steep payout structures of tournaments, a single big-field victory can be well over 10000% ROI, so a single "bink" can overcome dozens of losses.
Sounds like you just described "MoneyBall" : Seriously, though - thanks for the insight.
Hadn't thought of comparing to a hedge fund, and after reading your description, it seems obvious.
So, one index may just be "buy all the companies that have dividends", or "buy all companies that have a price to earnings ratio greater than average", or "buy all companies listed on the US stock market".
I guess in poker it could be "call on everything", or "fold unless you have at least a three-of-a-kind".
Basically, it would be mechanical.
So maybe there could be something complicated like "bet 1% of your holdings whenever you had check this out pair, and bet 2% if at least one player folds.
This is evidence of how smart I was in making this decision.
There's a lot of time and money going into poker bots and other types of automatic assistants and monitoring of games to find fish etc etc.
Anything you can think of is there.
And of course on the other side of the story, a lot of effort goes into finding and banning bot accounts, proving that collusion is happening etc.
Poker bots have been around for a while.
They're more or less unbeatable longterm in 1v1 games last I checked.
Go is pretty good at "life lessons" too.
The game is over when both players decide it is over skipping a turn.
Its usually not worth it to try to kill opponents: the winning strategy is to typically capture territory.
There's always more territory especially in the early game rather than aiming for conflict.
You've got to know when to fight battles, you've got to know when to sacrifice pieces.
The entire opening is basically tradition and still has no unifying theory there's 3-4 opening and a Joseki for how professionals seem to play, but there's no hard proof that this is the optimal strategy.
So its still a very open-ended game with a lot of unknowns.
Is one of those life lessons "stop playing poker"?
Because in my many hours frittered away in card rooms, I never once thought "these people have it all figured out.

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... playing on the tournament circuit, Bryan Devonshire runs down how hard it's become to make money playing high stakes tournament poker.


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