Risk vs. Reward Cagematch
I'm sure you've all heard of the concept, "risk versus reward," but just to clarify, the concept implies taking risks to obtain rewards. Wow, pretty simple huh?
For example: I really want a ham sandwich right now (the reward). Here are some risks I would have to undertake to clutch the desired ham sandwich in my fist. I really don't want to walk to the kitchen. A meteor the size of texas could careen into the earth. Or we might not have ham in the refrigerator.
I feel like I'm not explaining things correctly. I'll make up another example.
Suppose you played poker and you had about 870 dollars for a bankroll. So far you haven't moved above your bankroll (the rule you're abiding by is 300 big bets in order to play a certain level). You need money fast though, and you move up to the next level before you have the bankroll to support it. You lose about 300 dollars in a day.
Well, the risk was about three hundred dollars. Now that it's over, it's clear that you didn't get the reward. It's like you got up to get a ham sandwich and the earth exploded.
What was the reward though? Had you properly assessed the risk versus reward? Oh, by the way, this whole story is about me. I fucked this up. Me. And I DID NOT assess the risk versus the reward scenario.
I was risking a whole lot more than I knew, and I hadn't even thought through what I was risking it FOR.
I think that a lesson HAS to be associated with every major hit to your bankroll. Make one up if you have to. This time, it means that I will never play outside of my 300 big bets again, but the real lesson is that you have to let risk and reward fight it out.
It's important. Don't worry, they're malleable, they'll be back next time you have to make a difficult decision. You just have to let them curbstomp and knock the everliving shit out of each other, and figure out who wins.
Here are some things I've learned about poker through losing very large amounts of money:
1. During every decision in poker, assess the risk and the reward associated with every possible action.
2. When a novice player goes all in on the flop, tell him, "Then give me a count and put your chips in the middle of the table." His reaction will usually tell you what to do. Don't lay down an overpair to the board in this situation. I've only ever seen it done when a player missed a flop.
3. If you are angry. Stand up from the table and ask for a tray. Stack your chips in the tray and go home. Being angry is not viable at the poker table, and it makes so much more sense to be angry somewhere else.
4. Making a pair with suited connectors in a raised pot is not good. Suited connectors are popular for reasons that most people don't understand (they're good for breaking people in no-limit games, much like small pairs). Get to the flop cheap, get a monster draw (flush or open ended) and break someone slowplaying wired kings. These hands are meant to play hard after the flop, not before. A pair and a gutshot is not something you want to put all your money on. Top pair with a gutshot and a 4 flush draw isn't quite as bad. All in all, suited connectors aren't that good.
5. Don't try to "Feel it". You're not going to, because there's nothing to feel, they're just cards.
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