The Theory of Poker - Chapters 1 & 2

Ok I’m going to highlight the main points I’ve taken from the first two chapters.

1) The difference between winning money and winning pots. I.e picking the correct conditions to play a pot.

2) Your goal as a poker player is to maximize your wins and minimize your losses. I.e Building a pot with your strong hands and keeping the pot small with weak hands, not making stupid calls.

3) Realize you are playing in one big poker game and each pot is not an individual game. What guy would you rather be the guy who won the most pots and is breakeven at the end of the session, or the guy who won a couple of sizable pots and finished a winner?

4) Whether you are winning or losing in any given session shouldn’t affect your play, you need to have the discipline to play every hand correctly.

5) Only play in games you’re a favourite in. This pretty much equates to table selection for us online players, why remain seated at a table with 5 nits when can join a table with some weak passive fish?

6) Always make the play that will maximize your positive expectation or minimize your negative expectation. I.e Thinking of poker decisions in terms of EV.

If I’ve missed anything and you feel it should be included say so. I think we can get some decent discussion going around these points, if someone feels any of these points are leaks of theirs speak up and we can discuss, preferably include an example of a typical spot where you’re unsure what to do this can be totally made up or a relevant HH for example.

I’ll add mine later, a major leak of mine that I didn’t realize was so bad or think was a big deal until I read these chapters was making stupid pointless calls. I’ll throw together a typical scenario where I find myself making stupid calls and post it in later.

That is pretty much what I came out with as well.

The one that applied to me most though was where he talks about the feeling of HAVING to win EVERY pot. This is my biggest leak, I feel once I am involved in a pot, especially when it goes past the flop I feel it is my pot and I have to win it. Usually convincing myself that "There is no way villain has a piece of this board" leading me to make bad river calls.

The positive expectation bit took me a while to get my head around as well. The example he gives of getting $2-$1 on a coin flip, heads or tails, gives you a positive expectation of 0.50c whether you win or lose the bet threw me off for a while but I got it in the end.

I feel I always search for the best tables. I have fish highlighted in green so I just scroll the tables looking for a green tab on the right.

Point 4 is another good one and another huge leak of mine. I do not take bad beats well, which puts me on tilt, and I start playing all sorts of ridiculous hands trying to win my money back. ( I know it's not "my" money anymore but you know what I mean. )

I liked his little bit on tricks and ploys as well. He mentions that too many players try these tricks, I would assume mostly relating to live poker, and spend too much time focusing on these instead of actually focusing on making the right decision.

Originally Posted by seven-deuce

5) Only play in games you’re a favourite in. This pretty much equates to table selection for us online players, why remain seated at a table with 5 nits when can join a table with some weak passive fish?

coz Nits can be exploited too.

*applause*

Incredible answer way to go

Since when is a weak, passive fish not the same thing as a nit?

Nits play tight preflop and open raise, weak passive fish limp fold or limp call and play too many hands preflop.

If you're at a table full of nits then just adjust your ranges. There are no really good players at the micros or low stakes and they are all beatable. Start opening a ton and playing back when they eventually adjust by 3betting you, and they'll have no idea what to do. And if they don't adjust, you'll make a good winrate from stealing blinds. Most tables won't be all nits don't forget, maybe 3 or 4 nits and 1 or 2 fish, and you'll find it easy enough to exploit those fish because the nits won't be getting involved as much as they should.

Points 4 and 6 are by far the most important points imo.

It's all about the long run. This is something I used to struggle with way back when and still do today. I think if you can get these two points pounded into your head and put them to use you are leaps and bounds ahead of the competition.

Adding to the nitty table conversation.

I have a confession to make, I used to be a nit. Shocking I know, but I used to be the follow the handchart, cookie-cutter "TAG" that populate the tables.

I encourage people suffering from nit-itis to seek tables like this and actively seek to exploit these bots. You being one gives you an insiders point of view on situations where they are uncomfortable. This also gives you the added benefit of learning where others can take advantage of you and allow you to shore up your weak points.

Happy hunting!

From chapter 1 I took the following points (mostly same as OP)

1)The point of Poker is to make money!

2)We don't win money by trying to win every pot, we win by maximizing wins and minimizing losses. (Maximizing EV)

4)Don't chase money you have in pots. Poker isn't about winning individual pots!

5)Winning and losing should not affect your decision making. You should always strive to make the correct (most +EV) play which is irrelevant of winning and losing.

6)Only play games that you are a favourite in. It doesn't matter if you're the 6th SH poker player in the world if the other 5 players at the table are the top 5.


Chapter 2

7)What Mathematical Expectation is. (omg I had a headstart, the things a maths degree does for you in life)

8)Some fancy betting terminology.

9)Always make sure you have the bankroll to cover your losses. Just because a bet is in your favour doesn't mean you aren't going to lose sometimes. You wouldn't risk all of your money on a bet you win 51% of the time.


Chapter 3 shall be posted at some point later today, depending on how quickly I get through it.