Poker is a game that requires you to make decisions based on uncertain information. It’s one of the few games that forces you to calibrate your strength of belief and learn not to act out of fear of being wrong. That’s an important lesson that can improve our decision making in other areas of life, such as investing.
A bluff in poker lives or dies based on the player you are trying to bluff against. This is a tough lesson to learn because poker is steeped in machismo and admitting that your opponent might be stronger, smarter, or just better than you is like admitting a mortal weakness. This is why the bluff must be aimed at the right player to be successful.
There are a lot of different types of players out there, from the recreational player who thinks nothing of losing money to the hard-core nit who holds onto every chip for dear life. This diversity is one of the reasons poker is so interesting. To play at a high level, you have to be able to read your opponents, and understand how they are making decisions.
For this reason, if you’re interested in learning about the game of poker, I recommend checking out Maria Konnikova’s new book The Biggest Bluff. She’s a super smart PhD in psychology who decided to learn poker to try and understand uncertainty, luck, and the influence of chance on our lives. Her book is a wonderful meditation on these topics and a fascinating look at the game of poker.
