In an effort to make new knowledge permanent by re-writing my notes, the following is a re-cap of what I learned by reading the new book "Treat Your Poker Like Your Business". Some of these are new discoveries and some are great reinforcements of things I've previously learned, but they are all crucial in using poker to make money.
1. Because poker is a game of variance, the more important metrics to focus instead of money earned is hours/hands played. After that, then focus on hourly rate. You can make a high bb/100 hands, but if you are only playing 100 hands a night you won't be putting the volume in necessary to make consistent income.
2. You have to make yourself accountable for a total number of hours spent on poker. Just like success in wrestling or any endeavor, to be great you have to commit yourself to it. You have to put in the reps and you have to constantly find ways to improve your game.
3. Be proactive about improving your weaknesses. Be honest about where you need work and then study the situations you most commonly struggle with. But don't just focus on the big pots. Focus on the smaller situations that occur more frequently where you may be losing more overall money. After each session, write down the smaller situations that bothered you and then post those in forums, talk to friends, study the $EV, etc. By improving and finding those small edges, you are optimizing your winning and looking at big profits over time.
4. Your hours must be filled with quality time. If you are having a hard day or are distracted, then you need to push yourself to focus and NOT reduce the number of tables you play. If you normally play 8 and are having a hard time, you shouldn't just play 1 or 2 tables. You will improve your overall game if you can learn to play in tough situations. Dedication to becoming great means plowing through each day no matter what comes your way. Tilt, variance, doubt and pressure are all emotions you will feel at some point but you can chose to push through them or let them hold you back.
5. Be realistic about your current abilities (both skill and time you can commit). Focus on making small improvements each time you play instead of trying to be the next Phil Ivey overnight. You must develop mental endurance, not only to build up to longer sessions, but also to have a long-term focus. If you expect too much too soon, it's like trying to run a marathon when you are only comfortable running 5 miles.
6. After learning new tactics, focus on implementing only one or two new ideas when you are playing. Don't try to overhaul your game in a few sessions.
7. When multi-tabling, don't feel like you have to rush your important decisions. Run through a mental check-list and then act confidently. 1. What do my opponents actions mean? 2. What is the best action vs. his range of hands? 3. Consider all options carefully, take a deep breath and go with your initial and most confident gut instinct no matter how big or small the pot might be. Once you have seen the situation over and over, the decision making process becomes quicker.
8. Mistakes are not caused by tilt. Tilt simply reveals them and strips your skill set down to it's core. Tilt reveals you what skills you need to work on so that they can be automated and not effected by emotion in the future.
9. When moving up in stakes, don't consider taking a shot to be a pass or fail scenario. Instead, use the pressure to identify any weaknesses and focus on improving skill instead of the end result of winning or losing a session.
10. Mistakes are opportunities to improve. Improving means more money, confidence & enjoyment. You can choose to get mad at mistakes or you can embrace them.
11. Top psychological mistakes that were identified that I connected with are:
a. Premature realization of skill - skill is only proven when it shows up in tough spots, not the standard ones.
b. Pressure to improve fast
c. High expectations - this becomes a problem because of how you feel when you fall short. Don't expect things to happen, figure out how to get there.
12. Don't look at the cashier - focus on individual situations rather than the total in your account after each session. In that same light, don't focus on your stack size on each table other than to know how it relates to others at the table.
13. Table selection - since this is a poker business, you would want to spend your valuable time with the best possible chance at maximizing your profits. If you are at a table full of regulars, you don't have position on the fish, or there is someone constantly 3-betting you, it simply makes business since to find a new table. You don't have to waste time fighting an ego war or swapping money back and forth with the regulars.
So other than some valuable board texture and hand tips and, these are the main lessons that I learned from the book. If anything, it has given me a renewed sense of motivation and perspective on the game that I have already felt will make a massive difference on my long-term success.
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