Do you know the value of money?

Just got Barry Greenstein's Ace on the River from the library. Nice coffee table book.

I found this interesting. He asks this question, amongst others, and then says that knowing the value of money is negatively correlated with being a good poker player.

So, if you answered yes to the question, that's one strike against you as having the personality for being a good poker player.


Thoughts/comments?

interesting . i said no at first. then i said well maybe. i guess iam a bit wishy washy

I know the value of money but i just dont care so i think tht puts me in the hunt me down and sit at every game i play version of poker players

to me money has no value,, what Does have Value is Friends,,,, buck

and veal.lol

Oh Ya for sure,lol,lol,
buck

of course I know the value of American money.


penny = .01
nickel = .05
dime = .10
quarter = .25
dollar = 1.00


next question?

Im not sure because I have not read the book but is he refering to not knowing the value of money and instead looking at the chips just as chips. It helps me in tournies and when I apply this strategy to playing cash games I feel that my goal is to acquire the most chips possible and try not to worry about how much money I just lost or won.

If you think about the $500 pot in the cash game as enough money to buy a new Ipod you start getting anxious and are not able to play to the best of your abilities.

Jonathon

I know what he means and he has a very valid point. A friend of mine runs a management consultancy and they do studies to help companies recruit the correct staff, or rather recruit staff that have the correct attitudes and values etc to ensure they do well in their new roles. For financial markets trading, which is very similiar to playing poker, the number one differentiator of success is whether the applicant got paid pocket money for doing chores at home. If they didn't do chores, but got paid, that made them better traders because they didn't associate any other value to the money other than it being money (if that makes sense). When the time came to put on a big trade (make a big play in poker) they didn't hesitate because they valued money differently.

Greenstein is spot on here.

I think you've got what he was thinking, Schatz.

I don't have the book with me at the moment, but his only comment was something like; you never hear someone say, he's a great poker player, and he knows where to get great deals on car insurance.


And even though I didn't get paid for doing chores, I know I see money as being more than just money and I know it affects my playing.

I know the value of money. But once the chips are in, they are simply counters or points until the game is over. Same is true of any investment. I never think that when Oracle closes a penny up or down that that is equivalent to the weekly shoppping. Thinking the other way is a bit like not being able to see the wood for the trees and will work against you. You have to suspend those thoughts but that does not mean be reckless - play the cards and the people well, and the money will look after itself.