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Business Is A Poker Game

Coping With Losses

by Alan Schoonmaker |  Published: May 25, 2016


In Poker Is Good for You David Sklansky and I wrote “Poker teaches you how to cope with losses because they occur so frequently. You lose far more hands than you win, and losing sessions and losing streaks are just normal parts of the game.” In other publications, Sklansky discussed why and how poker helps us to handle losses: Poker teaches us to focus on the present and future, not the past. He recommends that before deciding whether to check, bet, call or raise we should: • Count the pot’s total chips. • Consider all chips as equal in value. Ignore how many chips we invested. They’re exactly the same as the other chips. • Compute our current expected value (EV). What odds are we getting? What will it cost? What can we win? • Base our decision entirely on our current EV. If it’s not a good bet NOW, ...

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