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UrmaBlume

Ask Me About Poker

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Here is a question from a newbie - how do you recommend one learns poker?Thanks,Christophe

 

By all means, yes - I do.

 

How can learning to make decisions on line and the ability to judge risk and reward not help you develop as a trader.

 

Plus poker is a great and, for some, a profitable hobby with million dollar competitions around the world that are open to all.

 

Notice the bottom paragraph in the back cover. It's a note about a trading operation that only hires poker players (click image to expand).

 

 

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By all means, yes - I do.

 

How can learning to make decisions on line and the ability to judge risk and reward not help you develop as a trader.

 

Plus poker is a great and, for some, a profitable hobby with million dollar competitions around the world that are open to all.

 

Notice the bottom paragraph in the back cover. It's a note about a trading operation that only hires poker players (click image to expand).

 

 

CoversSpine.jpg

 

with the recent shutdown of the major sites where are you playing?

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I live in Vegas so there are plenty of brick and mortar alternatives. I am running a bit behind on a couple of deadlines for my next book so I am taking a bit of a break from poker.

 

There are still sites that take US players but they don't have the action and it will be some time until they do.

 

However, when the withdrawal symptoms get too strong I will probably play some of the small dollar events at The Orleans. They are very friendly, small tournaments that are well run and they offer 2 events a day - one at noon and one at 7pm.

 

Below is a shot of my desk where I work and trade during the day and play multiple poker events after the market. Below that is my office window with some of the 1st place plaques I won at the Orleans events mentioned above before online poker got too good to ignore.

 

Some of the hardcore online players use a setup like this to play in as many as 24 tables/events at the same time. As in HFT trading there is something called rake back in poker where high volume players could, before recent govt action, play just break-even poker and still get low six figures a year from action rebates.

 

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Hi UrmaBlume,

 

Thanks for the reply. I just realised that my question wasn't clear.

 

I want to learn poker - how do you recommend I ( and any newbie) learn it?

 

Thanks,

 

Christophe

 

By all means, yes - I do.

 

How can learning to make decisions on line and the ability to judge risk and reward not help you develop as a trader.

 

Plus poker is a great and, for some, a profitable hobby with million dollar competitions around the world that are open to all.

 

Notice the bottom paragraph in the back cover. It's a note about a trading operation that only hires poker players (click image to expand).

Edited by ch_dupre
spelling mistake

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Hi UrmaBlume,Thanks for the reply. I just realised that my question wasn't clear.I want to learn poker - how do you recommend I ( and any newbie) learn it?Thanks, Christophe

 

The availability of online poker plus the availability of dozens of good books on the subject make it easier than ever for anybody to learn poker.

 

Books I would recommend:

 

Super System 2 - Doyle Brunson

Theory Of Poker - Sklansky

Practical Poker Math - me

Small Stakes Holdem - Sklansky/Miller/Malmuth

Hold'em Poker for Advanced Players - Sklansky/Malmuth

No-Limit Hold'em - Sklansky/Miller

Tournament Poker - Sklansky

All of Dan Harrington's Books

Pot Limit Omaha - Jeff Hawang

Sit N Go Strategy - Collin Moshman

 

If you live outside the US you have all the online sites in the world available to you and I recommend you start with online play. US players still have several sites available to them.

 

Most of these sites offer both free play and very low/micro stakes play. I recommend that you DO NOT play the free sites as the play there bears no resemblance to real world play. I suggest you start at what to you are very low and affordable stakes.

 

I like poker and I like the markets and if I can be of any help I am usually up on Skype as UrmaBlume.

 

Good Luck

 

cheers

 

UB

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The availability of online poker plus the availability of dozens of good books on the subject make it easier than ever for anybody to learn poker.

 

Books I would recommend:

 

Super System 2 - Doyle Brunson

Theory Of Poker - Sklansky

Practical Poker Math - me

Small Stakes Holdem - Sklansky/Miller/Malmuth

Hold'em Poker for Advanced Players - Sklansky/Malmuth

No-Limit Hold'em - Sklansky/Miller

Tournament Poker - Sklansky

All of Dan Harrington's Books

Pot Limit Omaha - Jeff Hawang

Sit N Go Strategy - Collin Moshman

 

If you live outside the US you have all the online sites in the world available to you and I recommend you start with online play. US players still have several sites available to them.

 

Most of these sites offer both free play and very low/micro stakes play. I recommend that you DO NOT play the free sites as the play there bears no resemblance to real world play. I suggest you start at what to you are very low and affordable stakes.

 

I like poker and I like the markets and if I can be of any help I am usually up on Skype as UrmaBlume.

 

Good Luck

 

cheers

 

UB

 

UB,

 

US players have not had live play available to them legally for quite some time. Online gambling is and has been against the law and deciding to gamble online is deciding to break the law.

 

It is not being prosecuted at the moment, but if you get a scorned congressman, he will go after the sites, the banks, the players, etc to make a name for himself.

 

MM

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UB,US players have not had live play available to them legally for quite some time. Online gambling is and has been against the law and deciding to gamble online is deciding to break the law. It is not being prosecuted at the moment, but if you get a scorned congressman, he will go after the sites, the banks, the players, etc to make a name for himself.MM

 

I think MightyMouse's cape has SuperNit on the back of it - I know most of his posts do.

 

MILLIONS of US players have been playing online for more than a decade with no prosecutions and now that this most recent drastic action has taken place, most of the people I know that are really in the know, believe a backlash will make the pendulum more likely to swing towards legalization than prosecution.

 

That's not to mention the recent World Trade Organization decisions against the US for just this kind of legislation and action.

 

UrmaBlume

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I'd like to stand shoulder-to-shoulder with my "Super-Nit" buddy. :cool:

 

Last time I played online it was a demo a/c ... and I picked up a computer virus!

I was cured of such sites for life! :doh:

 

In fact, not only is it illegal here in Australia to be playing casino games online, my suspicion is that the mug player can't win against the algorithms used by the house against the online player. This possibility, and the fact that the taxation people can't get a dime from it, and the fact that many people lose the rent, the groceries and the kids' piggy banks is a fair enough reason to control it.

 

I don't know for sure, but this could attract quite a sophisticated element of criminal interest.

If not ... why not?

Are the crooks so slack these days that they don't recognise a mark any more? :roll eyes:

 

What security is there, for example, for someone living in Australia, against a house that has a "dummy" hand sitting at the table? The stooge hand only has to win the big pots once every 6 or 10 times to substantially boost the house take.

I call this healthy paranoia.

Where are the checks-and-balances people in the online world?

 

There aren't any.

 

Maybe I am missing something here?

 

In any case, people like myself would get their guts handed back to them through the kitchen window for trying to mingle with algorithms, Rush Players, and those who consistently win first prizes.

 

Kind of keeps me playing desk-top "Free Cell' a little longer when I feel the need for speed! :missy:

 

It seems to me that what you are promoting here, is information.

 

But if I were to A-C-T on that information, and I live in Australia and/or the USA, then I would be breaking the law. Fortunately, we have not crossed that line here - we are only talking about it ... right?

 

I picked up a theme running through your posts, and I quote:

 

Online poker is the nuts. You can learn in free games or for stakes as low as nickle/dime all the way up to nose-bleed stakes. While I have done some consulting for some of these sites in the past' date=' I have no affiliation with any of them and would be happy to help any TLers get started.Are you speaking to the uninitiated, or the seasoned players here? "Consulting" means you have inside information ... right? So you must be aware of the scams?

 

Successful Rush Poker players have developed algorithms/systems for successful play to the point where they play rush very selectively and very aggressively. They base their actions on their cards and the actions of their opponents.Whoa! Me competing against an algorithm ... don't think so!

 

... and (I) have learned that about the same percentage of players succeed in poker as succeed in futures trading and that the characteristics of methods and understanding are much the same for both groups.Would that "same percentage" be "around 90% lose ... 8% break even ... 2% win?"

 

There is really not more than procedure that can be learned from play money games. The good news is that most of the major online sites offer stakes as low as nickel/dime and lower for beginners with baby bankrolls.

 

One young lady from Scandinavia named Annette started with these uber low stakes games and over the last few years has won millions in the big buy-in tournament circuit.Sounds like an advert for the latest Million-Dollar trading system - "Get in now before we sell the last copy' date=' and it is removed from the market forever."[/b']

 

What you miss here is that expert practitioners can often posses technical information that equals inside information or a nut poker holding.How can any beginner hope to compete on a level playing field if this is the case?

 

The issue with many traders is the inability to calculate hand ranking' date=' pot odds and/or implied odds as relates to their entry price, trade location, time frame, method, expectation and risk metrics. Good enough reason to steer wide of the activity.

 

Look, obviously this is an unregulated industry, and there are players who manage to find ways to turn a profit. But how many newbies are there who do their @r$e at this? There are a couple of good reasons the industry is clandestine ... money!

 

Oh - the second reason ... that one is 'money' too.

 

I feel bad enough running a blog, that hopes to help wannabe traders learn some ropes. I am trying to keep it real.

I don't picture myself as an urger for the trading industry!

 

Comes down to which is the worst of two gambling evils?

 

For mine, I will stick to the regulated industry to do my investing.

 

And so far I have never lost the rent by playing "Free Cell"! :rofl:

 

Pat - hats-off to you for doing so well in your chosen field.

A sign of a well-spent youth?

 

Have you ever played on an illegal on-line poker site?

5aa7107198bd7_Howitsdone.JPG.78c366f0a0c08094be1756d8c5be8cf2.JPG

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I think MightyMouse's cape has SuperNit on the back of it - I know most of his posts do.

 

MILLIONS of US players have been playing online for more than a decade with no prosecutions and now that this most recent drastic action has taken place, most of the people I know that are really in the know, believe a backlash will make the pendulum more likely to swing towards legalization than prosecution.

 

That's not to mention the recent World Trade Organization decisions against the US for just this kind of legislation and action.

 

UrmaBlume

 

I played online before they shut it down in the US. I never played very high stakes online because I just didn't trust it. With the decision to formally make it illegal, I withdrew my money and play only live games. I need to be securities licensed and the potential of a gambling charge, though small, is just not a risk that I feel like introducing.

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None of the poker rooms in Las Vegas cheat or scam as a matter of policy. At the same time, every now and then, an employee or a player or a combination of the two will initiate a scam to cheat either the house or other players. They are always discovered and most of the time they are publicly arrested and hauled out in handcuffs to discourage others.

 

Having knowledge of the operations of some of the biggest online sites I know for sure that the same is true for all credible online sites. These sites collect hundreds of millions dollars in rake and some are even publicly traded companies on exchanges as respected as the London Stock Exchange (LSE).

 

Any sign of cheating at any publicly traded site would instantly kill its stock price and its revenues. So while there have been a couple of instances of cheating in a couple of the hundreds of online sites, like Vegas, it was never a matter of policy.

 

I personally know dozens of players making 6 figures and more from online play. I even know one hedge fund analyst who quit his 6 figure job to play online. There was a recent article by an accountant (good w/numbers) who had been making low six figures for the last 6 years (twice what he made as an accountant) playing online poker and now he is out of work.

 

I resent the govt telling me what I can and cannot do with my money and my time and I am sorry for all of the people and businesses that are part of the US economy that have been hurt by this recent action.

 

Some people are so weak of character and understanding that they want and need a "nanny state" to direct and regulate all business, social and even recreational interactions. I do not.

 

Poker is a game of skill and the vast majority of all games whether online or brick and mortar are honestly run and I resent anyone telling me I can't play.

 

I find it interesting and must question the motives of the two posters above who post so big but obviously know so little about the subject at hand.

 

UrmaBlume

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None of the poker rooms in Las Vegas cheat or scam as a matter of policy.

 

Urma ... I trust you. How long will it take me to learn whether a flush beats a full?

And how long will it take me to crack the 6 figure income mark?

 

Having knowledge of the operations of some of the biggest online sites I know for sure that the same is true for all credible online sites.

 

Urma I believe you. Which of the biggest online sites is credible?

 

These sites collect hundreds of millions dollars in rake and some are even publicly traded companies on exchanges as respected as the London Stock Exchange (LSE).
Where does the "hundreds of millions of dollars" come from? I am not in this to lose - I would be only playing to WIN. This is beginning to sound a little competitive ... I don't like the way this is heading.

 

So while there have been a couple of instances of cheating in a couple of the hundreds of online sites, like Vegas, it was never a matter of policy.
No, it was just a nasty rumour started by some sad loser.

 

I personally know dozens of players making 6 figures and more from online play.
"Dozens" = plural = at least 24 people "making 6 figures and more." So how many people do you know that lose? And how many losers are there for these people to be making 6 figures (and more)?

 

I resent the govt telling me what I can and cannot do with my money and my time and I am sorry for all of the people and businesses that are part of the US economy that have been hurt by this recent action.

 

I am actually pleased, Urma. Because if a handful of layabouts can fleece the unskilled and unwary, then of course something has to be done to level-out the playing field.

 

You might have noticed that the regulators have recently tightened the screws on Forex trading sites, advertisers, brokers, and the amount of leverage allowed and so on. I wonder why? And I wonder if you also resent that?

 

Some people are so weak of character and understanding that they want and need a "nanny state" to direct and regulate all business, social and even recreational interactions. I do not.

 

Regulation of financial industries, or activities can only be a good thing, since we have witnessed what happens when regulation is absent.

 

Tell me, what is your REAL problem with regulation?

 

Poker is a game of skill and the vast majority of all games whether online or brick and mortar are honestly run and I resent anyone telling me I can't play.

 

You keep asserting that the game is honest, the sites are to be trusted, but then you quote mates who are gleaning "6 figures and more". Sounds a little unbalanced somewhere.

 

In fact, it sounds like there is an edge amongst the online elite that the rubes don't know about.

 

Right?

 

I find it interesting and must question the motives of the two posters above who post so big but obviously know so little about the subject at hand.

 

You want motives, Urma?

 

Then why don't you begin by telling us why the online sites have been banned?

 

I asked in my previous post, whether you had ever played in an illegal online poker site.

 

I made an error.

 

I should have asked if you had ever played in a legal one.

 

To which I add, do you still play in legal/illegal rooms?

 

Now if someone plays in an illegal online room, I have to question whether they would have the same scruples in dealing with other illegal activities. I can't say, because I don't know. But we already have your word for it that you know at least 24 people who make 6 figures and more, in some of these online rooms.

 

Now to my way of thinking, all of this money had to be made in illegal online gaming rooms.

If not, then you would surely have no hesitation in naming the rooms you play in that are NOT illegal ... right?

 

This goes to the very heart of why the industry is regulated to begin with. Have you ever tried to get your winnings, or at the least, the balance of your account, back from an unregulated site?

 

You see, it is hard enough to get money back when they ARE regulated.

 

Your story is really pie-in-the-sky rubbish, but that's just as far as I am concerned - others can believe what they wish about this.

 

Most of your posts mention the wonderful sums of money made by 24 mates, or some chick from somewhere who made a mil or two playing in some respected joint in an unregulated fairyland.

 

One young lady from Scandinavia named Annette started with these uber low stakes games and over the last few years has won millions in the big buy-in tournament circuit.

 

How about you begin to show a bit of conscience, and balance the picture a little.

 

What about the rubes who lose?

What about the hundreds and thousands who are so green that they don't have a ghost of a chance?

Some of these rubes don't know a spade from a heart - all they see is $$$.

Yet following the wonderful stories posted on sites like TL, I wonder how many members from here have rushed out and joined some hitherto unknown site?

How many have bought your book of "Poker 101 for the Unwary" because in just 5 short lessons they too will be making 6 figure sums?

 

You see, Urma, or Pat, there is something amiss in all of this, and I think that as in war, one of the first casualties is ... er ... the truth.

 

You didn't answer my question about algorithms.

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Jeez - Get a Life and don't forget to keep up with the meds.

 

An amazing amount of verbiage from one with virtually no experience or understanding of the game or the business of running the game. Probably the same about what you write about the markets.

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Jeez - Get a Life and don't forget to keep up with the meds.

 

An amazing amount of verbiage from one with virtually no experience or understanding of the game or the business of running the game. Probably the same about what you write about the markets.

 

Hurting a tad are we?

 

And the wonderful thing is ... I don't get to get ripped off by urgers touting for more dupes to attend illegal gambling sites, to make others wealthy.

 

I understand why you don't wish this side of things to become well known!

 

Terse statement Pat ... but you didn't answer any questions - nicely deflected.

Insults towards a poster are not actually counted as legit answers.

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None of the poker rooms in Las Vegas cheat or scam as a matter of policy. At the same time, every now and then, an employee or a player or a combination of the two will initiate a scam to cheat either the house or other players. They are always discovered and most of the time they are publicly arrested and hauled out in handcuffs to discourage others.

 

Having knowledge of the operations of some of the biggest online sites I know for sure that the same is true for all credible online sites. These sites collect hundreds of millions dollars in rake and some are even publicly traded companies on exchanges as respected as the London Stock Exchange (LSE).

 

Any sign of cheating at any publicly traded site would instantly kill its stock price and its revenues. So while there have been a couple of instances of cheating in a couple of the hundreds of online sites, like Vegas, it was never a matter of policy.

 

I personally know dozens of players making 6 figures and more from online play. I even know one hedge fund analyst who quit his 6 figure job to play online. There was a recent article by an accountant (good w/numbers) who had been making low six figures for the last 6 years (twice what he made as an accountant) playing online poker and now he is out of work.

 

I resent the govt telling me what I can and cannot do with my money and my time and I am sorry for all of the people and businesses that are part of the US economy that have been hurt by this recent action.

 

Some people are so weak of character and understanding that they want and need a "nanny state" to direct and regulate all business, social and even recreational interactions. I do not.

 

Poker is a game of skill and the vast majority of all games whether online or brick and mortar are honestly run and I resent anyone telling me I can't play.

 

I find it interesting and must question the motives of the two posters above who post so big but obviously know so little about the subject at hand.

 

UrmaBlume

 

I too resent that they took poker away from me. I enjoy playing the game.

 

I never thought that an online site would cheat me. Since they were raking games with 250k players playing at any one time, I thought it was in their best interest to keep it fair. However, it seemed too easy to be sitting at a table that had 2 players communicating with each other via cellphone, etc without me knowing.

 

Poker players are exactly like traders. They all make money playing poker.

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I too resent that they took poker away from me. I enjoy playing the game.

 

Yes I'm not happy about the poker laws either. Why don't they just legalize it and rake in the billions in taxes? I love playing poker but playing in a casino is so slow and too much of a grind for me most days. Too many wanna-be pros waiting for AK. Although sometimes I find a loose game Omaha game where I can pick up a quick hundred or so.

 

MMS

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The proprietor of this site was a professional poker player before he made the switch to becoming a trader.

 

Anyway. I play poker weekly to help subsidize our expenses. I win consistently. I know there's an element of luck, but I also win consistently. You have to learn the odds, and what people would do during certain situation (knowing when and how to bluff is a good example) It's all about odds and psychology, in my opinion.

 

Do I pay for every hand? Yes, it's called an ante. Do I win every hand? No, I don't even half. But when I'm on a roll, I play it for as much as I can, and when I'm losing I get out quick. So yeah, they have a lot in common.

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Yes poker and trading are so similar its uncanny. Patience, wait for the right setup, and bet aggressively when the opportunity arises. Smalls losses and big winners. That's why I prefer Omaha to Hold'em, bigger pots, less patient people playing hands they shouldn't, and BIGGER pots. But if I had a dollar for every time I busted out with rockets or cowboys ...

 

MMS

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Yes poker and trading are so similar its uncanny. Patience, wait for the right setup, and bet aggressively when the opportunity arises. Smalls losses and big winners. That's why I prefer Omaha to Hold'em, bigger pots, less patient people playing hands they shouldn't, and BIGGER pots. But if I had a dollar for every time I busted out with rockets or cowboys ...MMS

 

Amen - nothing better for an Omaha-8 game than a bunch of holdem players.

 

Or course in Omaha rockets or cowboys are worth so much LESS than they are in Holdem because they come around much more often in Omaha. Aces once every 220 hands in Holdem and once every 39 hands in Omaha. I can only imagine very few hands that I would even play kkxx in omaha,except hands like KKA2s. So many unseasoned Omaha plyers over push AA and some even play AAAx (only game in poker where you look down and see three aces or even 4 aces and its an automatic toss).

 

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MMS - I didn't know you played - ever get to Vegas?

 

cheers

 

UB

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The proprietor of this site was a professional poker player before he made the switch to becoming a trader.

 

Anyway. I play poker weekly to help subsidize our expenses. I win consistently. I know there's an element of luck, but I also win consistently. You have to learn the odds, and what people would do during certain situation (knowing when and how to bluff is a good example) It's all about odds and psychology, in my opinion.

 

Do I pay for every hand? Yes, it's called an ante. Do I win every hand? No, I don't even half. But when I'm on a roll, I play it for as much as I can, and when I'm losing I get out quick. So yeah, they have a lot in common.

 

Yes, and you have to learn how to put someone on a hand and understand the odds that your opponent is facing. If you can't read the player it is difficult to play. You end up grinding out the odds. It's a lot more lucrative when you play with the same players each time. This is possible in either garage/basement/backroom games or higher stakes games in casinos where there are fewer transient players.

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Or course in Omaha rockets or cowboys are worth so much LESS than they are in Holdem because they come around much more often in Omaha. Aces once every 220 hands in Holdem and once every 39 hands in Omaha. I can only imagine very few hands that I would even play kkxx in omaha,except hands like KKA2s. So many unseasoned Omaha plyers over push AA and some even play AAAx (only game in poker where you look down and see three aces or even 4 aces and its an automatic toss).

 

MMS - I didn't know you played - ever get to Vegas?

 

cheers

 

UB

 

Yup I love the omaha games, too bad they are getting harder and harder to find, at least where I'm from. Because of TV its all guys playing 1-2 or 2-4 no limit with $200 in front of them ... such a boring game for me. I was actually referring to being run over with KK or AA in hold-em. Can't fall in love with you hand, I have to remind myself that when I look down at a big pair.

 

Yes I get down to vegas once a year or so, love the Bellagio room. The action and atmosphere is amazing ... red bulls and 15-30 all day!

 

I haven't read your book (thats pretty cool) but I'll check it out

 

MMS

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Yes I get down to vegas once a year or so, love the Bellagio room. The action and atmosphere is amazing ... red bulls and 15-30 all day!,,,,I haven't read your book (thats pretty cool) but I'll check it out MMS

 

Let me know next time you come. There is a great tapas joint near me and I will buy you a drink and some of their amazing stuffed dates (stuffed with a walnut, blue cheese and wrapped in bacon w/great sauce) and a crispy duck roll.

 

cheers

 

pat

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The WSOP is on right now ... do you ever get out and play there? Looks like hedge fund guy David Einhorn is doing ok: David Einhorn Made It To Day 2 In The World Series Of PokerMMS

 

MMS,

 

I haven't played professionally or in the WSOP in some years. The last time I was at the WSOP was for a book signing.

 

Until recently I did play online PL Omaha tournaments almost every day. Even though I live in Vegas I haven't played in a Vegas room in years becasue online games are so much softer, you can play multiple games, you don't have to toke anyone, you can playing your bathrobe and switch games, stakes, tournaments or casinos with a click.

 

Somtimes this nanny state mentality really pisses me off. I really miss online poker. Not to mention the upwards of 50,000 online players who have lost thier livelehood/job and that doesn't include all the magazines, Ad sales & associated jobs and TV shows etc that have been or will be cancelled or at least downsized.

 

I know one player in California who is over 80 that has been making a modest supplement to his Social Security of around 5k per month but doesn't have the ability to do a 50 mile commute to play in a single game at a cardroom for much reduced potential who has lost his "extra/buffer" and now scratches on SS. Poker is the essence of the American spirit and now online poker is forbidden and in troubled times another 50-100k jobs are lost.

 

In the future and until Online is restored, whenever I am Jonesing for a poker fix I will play some of the small takes tournaments at the Orleans. Very friendly local room and I have won a bunch of their events.

 

mini581.jpg

 

 

Cheers

 

UB

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Somtimes this nanny state mentality really pisses me off. I really miss online poker.

 

Yeah I hear you ... no way to fake an IP so it looks like an UK address? I hope this is just a temporary thing, a way to eliminate competition before the big boys (MGM, Wynn, LVS) come in and start their own sites up

 

Impressive wall!

 

MMS

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