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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