May

2

 World class poker rounder and poker player, Thomas Austin Preston Jr. aka "Amarillo Slim" died of colon cancer yesterday at the age of 83. Known as a real solid poker player, he was also a great prop hustler, one of the best on the planet.

Slim listed 10 rules for poker success that have relevance in trading.

1. Play the players more than you play the cards.
2. Choose the right opponents. If you don't see a sucker at the table, you're it.
3. Never play with money you can't afford to lose.
4. Be tight and aggressive; don't play many hands, but when you do, be prepared to move in.
5. Always be observing at a poker game. The minute you're there, you're working.
6. Watch the other players for "tells" before you look at your own cards.
7. Diversify your play so others can't pick up your tells.
8. Choose your speed based on the direction of the game. Play slow in a fast game, fast in a slow game.
9. Be able to quit a loser, and for goodness' sake, keep playing when you're winning.
10. Conduct yourself honorably so you're always invited back .

How do you think these rules translate to the trading arena?


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6 Comments so far

  1. Sam on May 2, 2012 10:16 am

    Slim makes several cameo appearances in James McManus’s intermittently entertaining 2003 book Positively Fifth Street.

  2. Anonymous on May 2, 2012 3:56 pm

    #11 - leave your 12yr old granddaughter alone too

  3. steve on May 3, 2012 7:00 am

    Rephrased:
    Number 1 Exploit the weakness of the other speculators.
    Number 2 Know your market and the rules. Be the best in the arena or choose another venue.
    Number 3 Markets can remain irrational for a very long time. be prepared for the long run
    Number 4 Add to your positions with your winners and dump your losers.
    Number 5 Learn to intensely focus eliminate distractions never multitask.
    Number 6 Markets are always willing to tell you something Watch and observe always be learning.
    Number 7 Never stake everything on one bet or one speculation. Different stocks perform differently in different markets.
    Number 8 tighten up your play in a bear market loosen up your play in a bull market.
    Number 9 admit your humanity be humble in victory and gracious in defeat. Be willing to walk away from a losing trade. Everybody goes from the Penthouse to the outhouse and back again many times.
    Number 10 Never gloat over your ephemeral successes. The guy next to you may have just lost his house and retirement funds

  4. Wesley Dowber on May 3, 2012 12:15 pm

    Nice list.

    Somehow I’ve never done #6

    Maybe I’ll be able to win in at least 1 arena

  5. Andre on May 3, 2012 10:02 pm

    i like number 6 especially when the flop comes. don’t even look at the cards, look at him!

  6. steve on May 4, 2012 4:15 pm

    I never like to look at my hole cards more than once. I never look at them the first time, until it is my turn to act. When I am in the blinds or in late position pre-flop I am counting the money and watching for the raises. On the flop- I want to look at the people still in the hand. If they go back and look at their cards, they are trying to figure out how the flop helped them. Usually, they are looking for matches straight or flush possibilities. It is easy to remember if you have a wire pair.

    Then I am counting my outs after the flop On my draws, If I have a 4 flush I have 9 outs or roughly 36% chance of filling out my hand. A wrap around straight gives me a bit less.

    deceiving tells can be a shaky hand esp with older people. Accelerated breathing patterns indicate a made hand. An increased pulse esp around the carotid artery (found in the neck) usually indicates a made hand.

    Sometimes if you watch a persons lips you can actually see them counting the bets. If they are watching the chips being wagered from the other players and then act, They are made.

    I try to act bored to death regardless if I have a made hand, the nuts or a bluff.

    One last thing, play tight in a loose game and loose in a tight game.

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