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Treat Your Poker Like a Business Paperback – July 3, 2012
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About the Author
Dusty Schmidt’s resumé is legendary: Nearly 10 million hands, 12,000 hours of playing poker, mind-blowing win rates. $4 million won in cash games, and the world’s highest win rate in both $5/$10 NL and $10/$20 NL two years running. Schmidt was a top-ranked golfer and broke two of Tiger Woods’ junior records. He was also the leading money winner on the Golden States Tour when, at age 23, he suffered a career-ending heart attack. His story has been featured in Sports Illustrated, Golf Magazine, ESPN, cnn.com, wallstreetjournal.com, forbes.com, and many others.
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Top Customer Reviews
He tracked his statistics closely with Holdem Manager, read a few books in the beginning to learn strategy, and spent thousands of hours playing poker. He studied his mistakes each day by reviewing the Holdem Manager statistics, learned from them, and corrected the mistakes.
Once he was successful (earning tens of thousands of dollars per months) he hired a sports psychologist to help him with his emotional swings due to the normal down swings of "variance." He learned that your emotions help you identify your technical weaknesses so you can improve your game.
The way to make money playing poker is to win slightly more than you lose. This is achieved by folding 70% of the time, usually only playing great hands, by knowing the odds of your hand being beat, and so forth. The other factor is to try to mainly play against "fish," players who aren't as skilled at the game as you. You can predict better than 51% of the time if your opponent has a better hand than you by the betting actions he takes. Your job is to either have a better hand, or be a better bluffer than him. This is accomplished through experience and through knowing the odds of poker player behavior.
This was my first poker book and was a great introduction to what it takes to make a living playing poker. I have a great career so I don't need to make a living playing poker, but I find that as a hobby, it's very mentally challenging and has application to interacting with other people generally.
It's a short read and you will definitely need to read other books to learn more in depth strategy, poker psychology, and poker math if you want to make a career out of this. But he even has a formula for knowing whether to read more or play more. If you are making plenty of money for your lifestyle per hour playing poker, then don't waste your time reading more books about it. If you aren't then read some more, but not too much because most of your improvement will come from more time playing.
He doesn't define all the poker terms like river, turn, flop, check-raise, and so on. Just look these up on wikipedia as you go.
Lot of great poker players go broke because they have very poor bankroll management, very poor tilt control, very poor money management, etc. This book tends to fix that. It's a book to fix your metagame mostly. If you're looking for strategies or improving your poker game, then look elsewhere. This book is about long-term profiting method by viewing poker in business perspective.
2. It is how to run a business, in this case and poker business and for that it is EXCELENT ! I could not put it down.
3. The chapter from the author's wife was excellent as well to share with your special someone.
4. There are even a few very unique tips, on very exacting plays.
5. It left me wanting to ask Dusty to write another book soon.
Well done Mr. Schmidt, worth every penney.
I would not recommend this book to those who are looking to improve their technical game with new strategies, math, or how to handle player types.
You will not become a better player by purchasing this book but you will learn how to manage
your bankroll, when to move up in stakes etc...etc.
Take it as a succesfull businessman explaining how he built it up from the ground by managing wisley
his money and time.
Worth the price but you will need to buy other books as well to learn the game and win money because if you are
not winning or just breaking even there is of course nothing to manage for you :)