Re: How to minimize standard deviation?
In "Sklansky on Poker", he addresses this. He actually says it's OK to occaisonally play above your bankroll, with a lower stdev style, if you can accept the slightly lower win rate. It's often more profitable to take less bb/hour at 10/20 than to play in 5/10 with normal rate.
The key to lowering your standard deviation is pretty simple: make fewer marginal calls, and make fewer raises when you are even with an opponent. Fold more often when you are getting 3:1 pot odds to make a hand that comes in 3:1. Raise less often when you are pretty sure you have neutral equity against an opponent (but by no means fold). When in doubt, fold.
Obviously you take a reduction in EV because you will lose the pot on hands where you are being bluffed, and there will be times you think you have 50% equity HU where you actually had much more. For players who are too aggressive, though, backing off will sometimes increase win rate.
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