How should a Poker Player Think of Money

[DrClaw]

This guy named LowBall Pete went over to his friend Shorty’s house and Pete said to Shorty, “I’ve got to have some money, the baby don’t have any food, the rent’s due and they’re going to throw me out of my house.” So Shorty, who was a good friend of Pete’s said, “well I understand, here’s $100.” Pete said “thanks Shorty, I’ll pay you back as soon as I can.” Shorty said: “well, I know that. Where are you going now?” And Pete said “I’m going over to Al’s house, they have a $200 limit Lowball game going right now.” Shorty said: “well what difference does that make, how are you going to play?” And Pete said “Oh… I’ve got the money for THAT.”

Section: General Poker
Page: 32
Book: Super System

FTW

[RydenStoompala]

Maybe because Phil and many of the rock star players who are so revered in TV events are broke right down to the felt so often they really cannot take the money seriously. Maybe when a degenerate gambler blows 400K on a golf game and has to borrow 300K to get back into a game that night he's really not the super hero he's held up to be.

[swingdoc]

It is true that money means nothing to some of the greatest players. Really read up on Stu Ungar. Amazingly talented player who won and lost more money than I can really imagine. I think that to truly be an excellent player, you have to lose respect for money. It becomes nothing more than a score to you, to keep track of winning or losing. Only analogy that even comes close is rating points in chess. Every time you go out there and play a game you risk rating points hoping to gain other rating points. Does anybody really care about their points? Absolutely not, other than wanting more because they are the measuring stick of success.

This is the truly unfortunate aspect of poker. To truly be great at it, you must lose respect for money. You can't fear losing it. You can't want it so badly that you'll do stupid [censored]. You have to use it as a tool to get more. This is the true downfall of poker as a game, imho. This viewpoint that is so necessary to becoming truly great simply crushes players away from the tables. Maybe some can compartmentalize their views on money in terms of "poker money" and "real money", but the more I read about great poker players, the less I think the truly great ones can think this way.

[deluz35]

[ QUOTE ]
This is the truly unfortunate aspect of poker. To truly be great at it, you must lose respect for money. You can't fear losing it. You can't want it so badly that you'll do stupid [censored]. You have to use it as a tool to get more.

[/ QUOTE ]

Good post swingdoc. This is why I enjoy reading Brian Townsend's blogs and durrrr's posts, for a glimpse into the mindset of someone who wins and loses 200k+ on a daily basis.

I think it is this willingness to always be on the edge that makes it so difficult to be great in poker or trading. Could a great player make $10 million and then walk away from the game? Anyone know examples of someone who beat the game at the highest level and then quit?

[Dov]

[ QUOTE ]
Anyone know examples of someone who beat the game at the highest level and then quit?

[/ QUOTE ]

Bobby Baldwin

[demon102]

he runs a casino now I think that I read that he still plays but just recreationally now

[Ibanez8185]

[ QUOTE ]
Phil Laak, poker pro, said something along these lines: "to be a pro poker player, one should have no problem burning a 100 dollar bill."


[/ QUOTE ]

Mike Caro actually used to do that at the poker table to show people he had no regard for money. Years later he said he should have done it with 20s and save himself some money.

I don't think its ridiculous but poker players need to view money as as way to keep score and nothing else. If its just a way to keep score then it will be easier to make better decisions. If a player keeps thinking "hey if I lose this $100 I could have bought a couple Xbox 360 games instead. Now I've just wasted $100 and nothing to show for it." Thats how a scared weak tight player thinks every time he sits down.