SEO 2Secrets Of Checking And Raising on pragmatic play
Grand Island, Nebraska, 1965. I’m playing a little too conservatively, but winning nonetheless. I haven’t mastered most of the tricky tactics, tells, and psychological warfare yet, so I resort to just playing tighter than my foes. That, of course, is what you should do during your training stages – and even beyond. Tight turns out to be the simplest way to beat weak opponents who play far too many pots. Of course, you can liberalize and win still more money, but when you’re just guessing about which bet or raise is right in what situations, it’s often better to just stay out of trouble and play super tight. Yes, although it will be hard for many to believe, I wasn’t always an "action player," profiting from small edges and mixing up my play. I went through periods as a rock. But please don’t tell anyone.
Anyway, I’m just out of high school and have been appointed sports editor for the Daily Independent, a newspaper that serves the city of about 25,000 and its surrounding community. Being sports editor carries special privileges, one of which is that I can be a special guest at the local VFW and play in their quasi-legal poker games.
What does "no-limit" mean?
There are two poker tables, both full of players. I’m in the $1 limit game – stakes that inflation has made less meaningful today. Nearby is a no-limit game that is perceived as a step up in stature. I’m not sure why. While the term "no-limit" carries its own prestige, the actual money changing hands was probably about the same as in my game.
"No-limit" isn’t a measure of a poker game’s size, as many casual poker players seem to think. Instead, it’s a style of wagering. In no-limit games, the size of the average wagers is dictated by the size of the antes or blinds. That money, placed in the pot before the players make decisions about further wagering, represents the target. The bigger the target is, the bigger the rewards you’re pursuing and the more often you should bet.
But, I’m sidetracked again. What we just shared may be important, but it’s not the point. There was a not-so-big no-limit game going on at the table next to me. It involved some local businessmen, mostly. Now, the atmosphere was normally peaceful. Lots of friendly chiding, laughter, good cheer. Then what? Well, then the peace was suddenly shattered with the bellow of an irate player from the next table.
"You might as well take out a gun and just steal fifty bucks from me!" And the angry man – a big, burly guy about 40 – reached into the pot, which wasn’t his to handle, and began hurling handfuls of chips against the VFW walls. They rattled and rolled everywhere.
"Hey, calm down, what are you doing?" the rightful winner of the pot protested, trying to scoop in as many chips as possible, partially salvaging the pot.
This seemed to enrage the loser even more. "Damn sandbagger!" he ranted and threw two more handfuls of chips at once, awkwardly, his wrists colliding in mid-air, making him wince in agony. "Rotten sandbagger! Just take out a gun and rob me," he said, repeating his original thoughts.
It was an incident that I’ll never forget. The game had been ace-to-five lowball. I learned later that the winner had drawn two cards and made a wheel, which is the best hand you can possibly have in this form of poker – five, four, three, deuce, ace. The loser had stood pat on his six-high – a super hand that figures to win most of the time. The winner had looked at his cards, realized that he’d made the wheel and couldn’t be beat, pondered for dramatic purposes, and checked.
No doubt the loser felt even more confident after that check. He was solidly in the driver’s seat now and he bet $10. The opponent quickly raised $40. The loser called and the resulting showdown caused the blow-up.
Okay, fine. Now I’ve got a few things to say.
First, if you’re one of those pragmatic play players who think that sandbagging is unsportsmanlike, then you don’t fully understand the nature of poker. You see, sandbagging – which is the term given to checking a hand into an opponent and then raising after that opponent bets – is a perfectly appropriate tactic in poker. Now, it’s true that in some home games (and in some forms of lowball), checking-and-then-raising is not allowed. Fine. Just fine. That rule takes an element of skill out of the game, but fine. Wherever sandbagging is allowed by rule – and that’s almost everywhere in serious poker circles – it’s proper to do it.
Here’s the truth. If you never sandbag, you’re giving astute opponents an opportunity to bet medium-strong hands with impunity after you check. Think about it. You might have a fairly good hand – one strong enough that you’ll have to call with it, barring a tell to the contrary. Okay, let’s suppose it’s strong enough to call with, because the pot is laying you large enough odds that you could lose the same call many times for each time you won and still turn a profit.
For instance, if after you check and your opponent bets, there’s $100 in the pot and it costs you $10 to call, you only need to win once in 11 attempts in this same situation to break even. That’s because 10 times you’d lose $10 each for a total of $100, but once you’d win the whole $100 already in the pot, a profit of $100 – nothing gained, nothing lost. So, if you figure you have one chance in 10 of winning, you should definitely make the call. Over time, you’ll lose $90 on nine tries and win $100 once. Your profit will be $10 for those theoretical 10 tries, so you win $1 per call – and, conversely, you lose $1 each time you don’t call.
Now, think hard. We’ve just determined that if you win once in 10 times, it’s worth calling and you’ll average a $1 gain, but do you want your opponent to bet? No. You want your opponent to check after you do. That’s because, despite the fact that you earn $1 by calling, you actually lose money on the call itself.
Huh? How much? Well, let’s examine this. You called 10 times and lost nine times — $90. Once you won $10 – that’s right, don’t get confused. This time we’re looking at your profit or loss on just the bet itself. Your opponent’s bet is $10. Your call is $10. You’ll win or lose $10 on that exchange each time you call. So, for 10 calls, you lose $80 ($90 lost and $10 gained).
The average cost of your call is $8. From a mathematical point of view, the question is simply: Is the $8 I’m losing by calling the bet less or more than my theoretical share of the pot in a showdown? If it’s more, you should fold, because the cost of the call overwhelms its value. If the cost of the call is less than its value, in terms of your average share of the pot, you should call.
Yes, I know, you’re supposed to call despite the fact that you’re losing $8 on the exchange, because you win the whole pot if you have the better hand – and the pot is big enough relative to your changes of winning. But, wait! Wouldn’t you be happier if you got to see the showdown without having to suffer that average $8 loss?
Well, here’s the key. You’re less likely to suffer that $8 loss if you occasionally sandbag against an astute opponent. That way, it makes it uncomfortable for him to bet medium-strong hands after you check, because you’re more likely to have him beat, and he might have to face a raise. He’ll still bet these hands sometimes, but he probably won’t bet them as often. And whenever he doesn’t bet them, for fear of your raise, you save money.
Of course, that’s simplistic. I’ve spent 30 years analyzing these situations, using both logic and my own computer simulations. Trust me when I say it can be complicated. There are other factors involved. Bluffing is also a factor. So is the fact that when you sandbag a strong hand, you want your opponent to bet, and the fact that you’ve previously sandbagged will discourage this.
The Basic Truth
But, despite these complications and others, we shouldn’t lose sight of the basic truth. If we never sandbag, and our opponent is rational and aware, we’re providing him with extra opportunities to win money from us. So, don’t let anyone tell you there’s something unkind or unethical about sandbagging. It’s sometimes a necessary part of poker.
But I’m not done. That advice focuses on astute opponents. Strong opponents. Now I’m going to say something that may shock you. I seldom sandbag at all against weak players who are having a good time giving me their money. I don’t usually sandbag even when it’s clear to me that I’ll make more money right now by doing it. Why?
Here’s the reason. I try to create an atmosphere in which my weak opponents have a good time. I reward them for making weak plays and beating me by giggling, being friendly, and praising them. I want to encourage this weak behavior, because I know that’s where my profit comes from in the long run. One quick way to change their mood and make them less likely to play and bet weak hands against me is to sandbag. You see, sandbagging seems like an act of war to these players. Remember the man who lost the pot in Grand Island, Nebraska? That’s how they may feel, even if they don’t vocally express their displeasure.
What happens when you sandbag these weak, carefree players is you teach them a new trick. They may start sandbagging more often themselves and change the whole fun, loose nature of the game. But, worse, you’re demonstrating that you’re playing poker seriously. This will often make them more wary and selective about the hands they play and the wagers they make. By using sophisticated strategy against weak opponents, you’ll often alert them to the fact that there really is strategy. They’ll stop giving you their money as readily – and all because you decided to show them how clever you are by sandbagging.
So, my advice today is:
1. Don’t let anyone tell you that sandbagging is unsportsmanlike. It’s part of poker and sometimes necessary.
2. Sandbag mostly against sophisticated opponents who will appreciate and understand it.
3. Seldom sandbag against weak opponents who are throwing profit your way by playing loose and friendly.
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SEO 2Millennials Vs Baby Boomers: Who Has Better Financial Habits?
There is a general misconception that millennials have poor financial habits than baby boomers. This belief is connected to their tendency to overspend on social activities and reluctance to invest in the stock market. Contrary to these popular beliefs, several studies comparing Millennials vs Baby Boomers revealed tha millennials make smart money moves than the baby boomers.
A survey by T. Rowe Price compared the saving and spending habits of 1062 millennials and 1038 Boomers. The study revealed that millennials were more likely to save and live within their means than baby boomers. The following is a comparison of the financial habits of millennials and baby boomers:
Creating and Sticking to a Budget
Eight out of 10 Millennials prepare a budget compared to six out of 10 baby boomers. Although the latter are regarded as better financial managers, they do not give much priority to budgeting. They only think about it when they enter retirement. Millennials use budgeting apps to keep track of their expenses and monitor their spending patterns. These smartphone apps help them stick to their budget. Boomers are hesitant to use these apps unless someone teaches them how to use them
Millennials spend money on experiences and events that develop them professionally and physically. They prefer to spend money on international business travels or in their personal well-being. They are also active participants in charity events. In contrast, baby boomers focus on showing off their material wealth for prestige. They buy the latest cars, suits and other material things as a way of “keeping up with the Jones’.
millennials vs baby boomers Financial Habits
Millennials earn less income than the baby boomers. However, their smart money saving skills help them to spend less and save more. Research shows that millennials are more likely to have a written plan of their financial goals than boomers. They put more emphasis on non-retirement savings goals than retirement savings. The non-retirement goals include going on vacation, home ownership, and education. By having a written plan, they can easily track their progress and manage their savings.
Also, millennials have come up with “collaborative consumption techniques” that allow them to rent assets. Instead of purchasing items, they opt for sharing to save on costs. With innovative products such as Uber and Airbnb, millennials can use assets at a lower cost. By sharing resources, they have extra money to pay debts and save for retirement. The sharing economy helps millennials save time and focus on other productive activities.
Investment Decisions of Millennials vs Baby Boomers
When making investment decisions, millennials are more tolerant than baby boomers. Many baby boomers are either retired or nearing retirement, and therefore prefer low-risk investments. During the economic recession, most boomers lost their investments in the turbulent stock markets. As a result, they prefer making calculated moves when investing their money.
Millennials make better investment decisions since they are better informed. Millennials have the advantage of an unlimited supply of investments information on the internet today. They are prepared to make investment decisions on their own or with a little help. Although they are better informed, millennials are not investing enough. They are either starting too late or not investing at all. This may be attributed to the huge student debts that take a big proportion of their income.
Seeking Professional Help
millennials vs baby boomers Financial Habits checking
Millennials are willing to consult financial advisors when making major decisions. They may seek help when buying a home, receiving an inheritance or saving for retirement. They are more concerned about getting professional advice rather than making such critical decisions on their own like their parents do. Baby boomers regard themselves as experts in things that they have done previously. They are less likely to seek professional help unless it is absolutely necessary.
The growth of technology has changed how experts deliver financial advice to the advantage of millennials. Robo-advisors make it easier for millennials to get information on wealth and investment management, instead of having a sit down with a financial advisor. Millennials leverage the growth of technology to find experts online and pay less money than they would have paid for a one-on-one consultation with an expert.
There are varied expectations of millennials vs. baby boomers. According to the study by T. Rowe Price, 52% of baby boomers plan to retire at a specific age, while only 36% of millennials target to retire at a particular age. However, more millennials have set retirement savings as one of their top priorities. They also give priority to paying outstanding bills to avoid paying interests.
When comparing the retirement saving habits of millennials vs baby boomers, millennials have increased their retirement savings in recent years and are on track to catching up with their seniors. Actually, more millennials consent to the automatic enrollment in retirement savings plans. Also, some millennials wish their employers enrolled them in a higher contribution rate.
Most millennials have large amounts of outstanding students loans that take a significant proportion of their income. Despite having low incomes, millennials are more concerned about managing debts and living expenses. They are better debt managers than baby boomers and therefore, more likely to pay student loans and credit card bills on time to avoid interest payments.
Baby boomers are considered the wealthiest generation. They have a lot of money to spend on luxury items and invest in retirement funds. Also, they are less concerned by interest payments and are more likely to delay in paying debts.
From the comparison of millennials vs baby boomers money habits, Millennials carry the day. Despite earning less income than baby boomers, they have managed to take control of their finances. Their ability to leverage on technology has given them an edge since they can track expenditures real-time. Baby boomers are reluctant to try new technology unless someone teaches them how they work.
Also, millennials have come up with more innovative techniques to save money. Technologies like Uber for transport and Airbnb for accommodation help them share costs of resources and remain with extra money for other goals.
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SEO 2What is the difference between a bank and a fintech?
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