Poker has formed an important part of our entertainment and has reached new heights with online games and the use of cryptocurrencies. However, it is not an easy game, just like trading and investment, it requires proper strategy and management, especially with the growing interest of financial institutions and wealthy investors. Fundamental working knowledge in poker helps to make good investments and certain concepts need to be kept in mind while engaging. Poker, just like trading needs wise decisions, as both are probability-based ventures, which require management skills like bankroll management in poker and money management in trading.
Management of Risks
Risk management forms the essence of poker or even in case of trade, and one should always weigh the risks vis a vis the rewards. As business magnate Warren Buffett pointed out two thumb rules- “1.never lose money and 2. never forget rule 1. Trading a large amount of money certainly involves the possibility of high rewards, but one must also keep in mind the risks. Risks should be affordable, and small-term trading should be made a practice. One should consider the downside loss, and not indulge in reckless trade than can affect financial stability.
Waiting for the Right Time
Often the right time brings in the right rewards, and the timing of entry and exit is very important for trade and investment. Often investors or players do not have the patience to wait for the right moment and get overborne. Investments need to be done selectively and giving up a good trade for a better exchange is advisable. Sometimes good trade needs to be waited upon, investments need a safety margin and the focus should be on improving the portfolio along the lines of the market trend.
Understand the Market Trend
To win in poker, one must do some background study of the way the game works, just like a study of past trends, investment decisions and the rationale that governs the market. Analysis of the prevailing and past economic conditions, studying decisions made by experts, and knowing stories of success and failure can help in making wise decisions and gaining long term rewards.
Avoiding Emotionally Controlled Decisions
Emotions should never govern decisions and emotional control is absolutely essential for both. Poker is more of a mental than a mechanical game and thus requires striking a balance between success and failure, which calls for emotional stability. It is usually better to set a maximum loss that can be borne for a day, and heavy investments should never be made in a weak state of mind.
A Proper Strategy
Before getting into the real game, one must have a clearly thought out strategy in mind and a short term and long term vision. For instance, in trade, the risks should be appropriately weighted and large positions should be avoided unless one is fully convinced. Having a well-thought-out strategy at hand helps in averting unprecedented risks.
Sensing the Change
This implies that just like trading and investment strategies, poker also needs one not only to understand but also to anticipate the changes or twists that the game might throw. In trade, with a clear understanding of the market, one can make sense of the trend, just like in a game of poker, one can sense the move that he should make, once he can anticipate the direction of the game.
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