Wednesday, November 28, 2007

Where does the money come from?

The best book that I have read on lower stakes hold em is Small Stakes Hold'em by Ed Miller, David Sklansky, and Mason Malmuth. Unlike many other books about small stakes games, it teaches the aggressive and attacking style used by all professional players. However, it does not simply tell you to play aggressively; it shows you exactly how to make expert decisions through numerous clear and detailed examples. Anyone who is going to play poker seriously needs to read this book.

Every cent of your long term profit playing poker comes from exploiting your opponents errors and predictable tendencies. The bad beats do not cause you to lose in the long run. Playing passively does. If you do not win in the long run it is not because your opponents are making too many mistakes, it is because you are. Be glad your opponents refuse to fold; if they didn't you might go broke.

Do not berate other players for poor play at the table. Regardless of the social etiquette of such remarks, it is simply bad business. The money comes from poor players who may poor calls with their mediocre cards and draws. Over time, you will be able to win money from them. Why make them feel uncomfortable, and potentially leave the table, by critiziscing their play? You want them to make mistakes.

To maximize your long term winnings, you must consistently choose plays that maximize your expected value (EV) of each situation. Will every session be a winner? No, natural variance will account for losing sessions. But if you follow the advice in SSHE you will have more winning sessions that losing ones.

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