“LAG” – Loose Aggressive (poker player definition); maniac players can turn a boring session of poker into a wild roller coaster ride. They are in many cases super aggressive, betting and raising with little concern about what their cards are. They have one of the good attributes of successful poker players, and that is aggression. They’ll win a lot of blinds and antes, steal many pots with nothing, and when they do hit good hands they almost always get paid off in a big way, since nobody believes they ever have a hand. Sounds fun? It is an unprofitable way to play, unfortunately.
“TAG” – Tight Aggressive (poker player definition); a tight aggressive player plays very few hands, relative to how many he is dealt, but when he does play a hand he is very aggressive, betting, raising and check raising. A typical tight aggressive player will only play about 20% of hands that are dealt to him. Tight aggressive players are the sharks in the poker ocean. The vast majority of long term profitable poker players fall under this tight aggressive category. Why is the tight aggressive style a winning style? Poker rewards two things above all else, and that is patience and aggression.
It’s only Thursday and I may not trade again this week. Last night was an absolute disaster, but it goes back a little further than just last night. The last 10 days or so have been really tough; net cords, framed balls floating in, wickets the ball after I red out, breaks of serve at the wrong times, hedging green and costing me money, hedging red and costing me green, it seems like what ever I touch turns to shit. A lot of variance going against me, but there has to be a reason for it, right? The sample is small (10 days) so I’m sure a good portion of it is unavoidable variance, but something is different in the way I’m going about it, there’s a difference from three weeks ago.
The unavoidable shit is getting to me, but fuck, I should be used to events going against me. For almost five months I went through a break even stretch in poker, the shit that was happening in that period was absurd. It wasn’t all the cards; It was a combination of me playing like a drooler, combined with the cards going against me. It’s like this horrible roller coaster that you can’t get off; unlucky outcome, go on tilt, make bad choice, lose money, unlucky outcome, make bad choice, lose money, etc.
I’m the only one that can break the chain, the variance will always be there, in fact, in part it is how money is made in trading and poker alike. No matter how much of a control freak you are, you can never change that, the variance will always be there “doing it’s thing”, “fisting you”. What can be changed is the “go on tilt”, “make bad choice” part, I need to channel my inner “LAG”, I know I can do it because I’m a LAG on the felt.
It was only three weeks ago that I was being much more selective in my entries, so what changed? The biggest change I noticed was in my head, it started after my first decent profit week. The next week I started to become concerned with having another good week to back it up. As a result, I started taking unnecessary risks, second guessing the data I use and it cost me early. I fought back to book a nice win, but these weird seeds were planted in my mind. Being down early in the last two weeks took me away from my standard line of strategy, in short, I went on tilt.
I still wish to recognise that I’m doing a lot right. It isn’t all doom and gloom, I’m still in front, it won’t take me long to turn this around, I just have to get back to what was working. I’ve been able to identify the issues, now it’s important I resolve them.
P.s. obviously I traded again before the week was out. I managed to get myself into a really nice little position with a $225 free bet on one player. I have a general rule that I don’t hedge for less than half of what ever my initial liability was. In this case I needed around $115 (honestly I would have hedged at any 3 figure number) but I only hit $88 at my peak. This is two or three missed hedges now for sizeable amounts. If anyone that reads this has any suggestions on how they tackles this, I know there is not rule book but there must be some thinking around it, any advice is appreciated.