Poker is a sport based on incomplete information. Through study, strategy, and improvisation, the competitor needs to react to what happens at the table, either by investing chips or simply passing the turn to the next opponent.
As much as the athlete is smart at reading opponents and has knowledge of the mathematics involved in the odds, it is necessary to have the accurate knowledge to know how much to invest or not.
Administer well to gestão financeira In poker it is as important as studying opponents. It is therefore no coincidence that this sport of the mind is the favorite of many Wall Street entrepreneurs.
Danon Robinson, a successful entrepreneur with Toro Trading, says poker is essential for the stock trader. “A good observer can find in poker a huge variety of lessons for working life. Playing poker for us is as important as reading the Wall Street Journal, ”adds Robinson.
How poker's financial management in practice can be so fundamental to anyone work with business?
It all starts with proper bankroll management.
In poker, the structure of tournaments played online or live is formed through buy-in. For those unfamiliar with the sport, one must understand very well what this term means to understand how the sport is important to men and women in the business market.
The buy-in is the amount a competitor must pay to enter the tournament. There are competitions of different levels and figures. The simplest in the online world can charge only 1 penny to enter, while at the other extreme there are internet tournaments that ask for at least $ 10 to enter.
In live tournaments of brotherhoods and poker clubs, the buy-in of amateur events usually ranges from $ 25 to $ 100. Already live professional competitions, such as a Main Event of the Brazilian Series of Poker (BSOP), the value already rises to over $ 2 thousand.
Therefore, depending on the bankroll, the competitor has no autonomy to play a BSOP Main Event. If he has only $ 3 thousand designated for poker tournaments, it makes no sense to invest almost all of it just to enter a single event.
Professional gamers recommend investing a maximum of 2% bankroll for any buy-in. Thus, with a bankroll of $ 1 thousand, it is recommended to enter tournaments of $ 20 or less.
The lesson applies perfectly to the business world. A businessman needs to strictly follow the management of the company not to make investments that expose too much to the company's financial health.
Not play too many hands
This is a lesson that sooner or later poker teaches any serious competitor. Many beginners make the mistake of trying to participate in the action all the time, which is not profitable in the long run.
Poker na Chapa, which has several educational articles about the game, points out that playing a lot of hands is a fatal error in the letters. “If you are playing more than 25 / 30 percent of the hands you get, you are playing more hands than you should. If you're playing less than this, that's cool, ”says the site.
This is a perfect analogy for the business world. Trying to embrace the world with investments made at most opportunities without thoroughly considering all the factors involved is often a mistake. It is always necessary to analyze the market methodically to be able to identify the right opportunity when it appears.
Don't get too passively involved with decisions
Poker is a sport of the mind and that says a lot about the need to control emotions. It's not uncommon for professionals to even get into the tilt, which is an emotional zone where the athlete makes passive decisions at the tables.
“Tilt is the worst thing that can happen to you at a poker table. It's a bad fact of something that happens that makes you agitated. It's a nervous system reaction to the stress of the game, ”says Thiago Decano, Brazilian who was a world champion.
Getting too carried away by emotions can induce tilt when what happens at the table does not go in the competitor's favor. Therefore, a golden lesson in poker is to maintain emotional balance at all times, even in the event of a win.
“Controlling emotions is one of the first steps to becoming a victor at the tables. It's a key factor in progressing as a pro, ”adds Dean. That is, those who play poker and can evolve in sports also take this emotional control to other areas that need a lot of down to earth, especially the business.
There are times when you need to invest everything
Another valuable lesson that poker teaches is how there really can be a need to invest all the chips in one move. However, before you can better understand this topic, you need to contextualize.
In poker, the all-in play happens quite often. When the competitor sees an opportunity to stand out in front of his opponents, he puts all the chips in for a big comeback. This happens within tournaments, of course, and it is worth remembering that athletes who correctly manage their respective bankrolls invest up to 2% of their poker bankroll to enter competitions.
This way, when all-in is applied, the competitor is exposing all the chips in a tournament that did not cost him as much in bankroll percentage to enter. This means that all-in poker, when applied under proper management, does not risk “breaking” the competitor.
Because of this, often inside tournaments, all-in is an interesting move. “The difference between winning and losing players is that winners bet most of the time, with the possibility of all-in, while losers call most of the time. To succeed in poker, especially in No Limit Hold'em, you have to be an aggressive player and lead the pot, ”says Mike Sexton, a legendary competitor who has over 40 years of experience.
It is important to note that even with the fact that there are different variants in this sport, the same logic of chip management applies to poker as a whole. What really changes is the distinct approach in each of them. At the 888 Texas Hold'emFor example, competitors are generally more cautious, while in Omaha there is a larger investment of chips and consequently more all-in moves.
Several lessons and skills transferable to business
Poker may not help with all the factors involved in the complex financial management of business life, but this sport of mind teaches a number of important lessons and helps develop a variety of easily transferable skills in this and other business-related areas, factors that make it one of the most important. Best hobby options for all entrepreneurs.