I hope I don’t burst your bubble, but this post is not about playing poker to make money online. While it’s possible to make money playing poker, there are people better at poker than I am and I’m definitely not ready to put my money on the table for a flop that might totally negate my pocket aces!
Zappos.com (Shoe store) CEO Tony Hsieh wrote a great post about how playing poker relates to business. The problem with the post is that it didn’t go into any detail, just brushed the surface. I will take his point and expand on them as they relate to making money online, affiliate marketing, niche websites and why I do what I do. You can read Hsieh’s original post here.
I realize, in all honesty, that I will most likely never finish all 34 parts of this series (I get bored and don’t finish many things), but as I finish a post, I’ll link it from this page, so bookmark this page!
Here are the posts I’ll be writing:
EVALUATING MARKET OPPORTUNITIES
* Table selection is the most important decision you can make.
* It’s okay to switch tables if you discover it’s too hard to win at your table.
* If there are too many competitors (some irrational or inexperienced), even if you’re the best it’s a lot harder to win.
MARKETING AND BRANDING
* Act weak when strong, act strong when weak. Know when to bluff.
* Your “brand” is important.
* Help shape the stories that people are telling about you.
* Always be prepared for the worst possible scenario.
* The guy who wins the most hands is not the guy who makes the most money in the long run.
* The guy who never loses a hand is not the guy who makes the most money in the long run.
* Go for positive expected value, not what’s least risky.
* Make sure your bankroll is large enough for the game you’re playing and the risks you’re taking.
* Play only with what you can afford to lose.
* Remember it’s a long term game. You will win or lose individual sessions, but it’s what happens in the long term that matters.
* Don’t play games that you don’t understand, even if you see lots of other people making money from them.
* Figure out the game when the stakes aren’t high.
* Don’t cheat. Cheaters never win in the long run.
* Stick to your principles.
* You need to adjust your style of play throughout the night as the dynamics of the game change. Be flexible.
* Be patient and think long term.
* The players with the most stamina and focus usually win.
* Differentiate yourself. Do the opposite of what the rest of the table is doing.
* Hope is not a good plan.
* Don’t let yourself go “on tilt”. It’s much more cost effective to take a break, walk around, or leave the game for the night.
* Educate yourself. Read books and learn from others who have done it before.
* Learn by doing. Theory is nice, but nothing replaces actual experience.
* Learn by surrounding yourself with talented players.
* Just because you win a hand doesn’t mean you’re good and you don’t have more learning to do. You might have just gotten lucky.
* Don’t be afraid to ask for advice.
* You’ve gotta love the game. To become really good, you need to live it and sleep it.
* Don’t be cocky. Don’t be flashy. There’s always someone better than you.
* Be nice and make friends. It’s a small community.
* Share what you’ve learned with others.
* Look for opportunities beyond just the game you sat down to play. You never know who you’re going to meet, including new friends for life or new business contacts.
* Have fun. The game is a lot more enjoyable when you’re trying to do more than just make money.