Word: moneyitis
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...other words, don’t try real gambling if you’re not ready to possibly do it wrong and suffer the consequences. “For the majority of Americans, I’d say the best advice would be play for play money,” Ian says...
...don’t think poker is gambling,” Darkhawk says. “Everything I’m doing, I know and have calculated—not completely, exactly. But over the long run, I’m going to make money.” A skilled poker player will have reduced his risk until he is confident of the results of his game, according to Darkhawk. With all its connotations of irrational risk-taking and unpredictable outcomes, gambling is no longer an applicable term when the game of poker has a firm foundation in analytics...
...poker playing, but he says that he has greatly diminished the risk factor associated with compulsive gambling. “A lot of times, when people think ‘gambling,’ they think ‘gambling your savings away,’ or playing with money you can’t afford to lose. My cousin asked me the other day, ‘So, can you sit down at the table and lose your house?’ It’s a legitimate question, but it’s taken a while to explain...
...ways, it’s harder to be a professional gambler than to work on Wall Street because on Wall Street, you’re really screwing around with other people’s money,” Ian says. “To be blunt, a lot of them really don’t have enough of their own skin in the game.” Though some poker players might be capable of beating a bigger game, they don’t move into higher stakes because they know that their bankroll can’t withstand...
...interpretation of these events that can make all the difference and constitute divergent perspectives on the game. As a general rule, wins on individual hands cannot be interpreted as indications of future success. Novices often fall into the trap of thinking that they are performing well when they make money on a particular hand. They focus on the intermittent rewards, rising and falling with each incremental shift in their fortunes. But for the professionals, it’s only the wide-lens view that matters. It’s the difference between magnifying a single dip or rise...