One of the simplest poker strategies that you can imagine is thinking about the game of poker in the same way you look at your stock portfolio. Now, I know not everyone has a stock portfolio, but by the end of this article you’ll have a basic idea of how to approach either game with a good possibility of coming out on top.
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The truth is, you don’t have to be an expert to win at poker…anyone can win, and as a matter of fact, it’s likely that most people who have gambled can tell you that they’ve won at least once. However, short-term wins are not the goal of any serious poker player, and neither should they be. The eventual goal of any poker player is not only to win, but to win consistently, with the number of wins higher than the number of losses on a constant basis. If you really think about it, that sounds like it would be common sense, but very few beginning players stop to think about it that way before they jump into their first game.
Consider this exaple of a first-time player. They may have played some penny-ante games on their weekly boy’s poker night so they have the basic know-how of the way the game is played. They start off with a $60 deposit and buy in for a round at $15. Off to a good start, they come in second, winning $20. With their confidence boosted by this early win, they then buy in for a $30 round and just happen to win again. Now they’re feeling invincible (or at least extra lucky), and they buy in for $100 hoping that they’ll get themselves another win and make some serious money, only this time they lose, and their entire bankroll is gone. The point is, it doesn’t really matter if you end up winning 99 times out of every 100 because if you bet your whole bankroll every time, you’ll still end up losing in the end.
This may be an extreme example, but it illustrates the fact that you have to factor the various fluctuations can happen in any given game along with your average percent of wins in order to really see the big picture.
Managing Risk: Stock Market Principle #1
This is where the stock market example comes in. The same as in poker, there are many stock brokers who have gone broke by betting their entire bankroll and buying too many shares of the same company. They might make a few small gains that way, but it’s a very risky strategy for the long-term. That’s why just about every trader on the stock market practices something called diversification. With the practice of diversification, a trader spreads their investments around, investing in several different companies. This ensures that a loss taken on any one investment will have less effect on their overall portfolio value.
This illustrates the idea of “managing risk,” which is the main point that you ought to consider when developing a poker strategy. Stocks and shares are the equivalent of individual poker games, and the value of any one share equals the average amount you expect to win at any one game. In short, that means you should diversify your games the same way you diversify your stock portfolio by only buying into games that will cost a very small percentage of your total available bankroll. In this way you can buy into a larger number of games, thus spreading the risk of losing at any individual game.
If you expect that the average expected value you’re going to get from any one game is going to be positive, and you buy in at a low amount, you’ll end up winning in the end. If you are a more cautious player, you can only buy in with a lower percentage of your bankroll. The more of a risk you want to take, the larger your buy-in can be.
There may be plenty of people out there who are thinking that this isn’t playing poker in the spirit in which it was intended, and that may be true. But from the point of view of strategizing a way to come out on top, it would benefit any player to change the way they think at the tables and look at their chances of winning form a long-term point of view.