"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."
Showing posts with label Book Reviews. Show all posts
Showing posts with label Book Reviews. Show all posts

Thursday, March 14, 2013

The Mental Game Poker 2

Came back to blog just to update you guys on the sequel of this wonderful Mental Game of Poker by Jared Tendler.
Here is my review of book 1
I have pre-ordered for a signed copy already here
CAnt wait! :)
Btw, Im long Gbp/usd... Back in a bit of action after ages..
Black

Friday, January 20, 2012

The Mental Game of Poker - Book Review


The Mental Game of Poker (TMGP)

I am not a good book reviewer so pardon me, but I felt a need to recommend this book to my friends and whomever (poker players or even traders) that are reading this blog. After picking up this book and going through to the 4th chapter, Jared Tendler has become my new hero.

Jared Tendler is not a poker player. He was a mental game coach for golf. Typically, this fact is enough to have most of us thinking "hey what does he know about poker to advise us?", even me. But I picked it up because after flipping and reading all those poker strategy books I have always been telling my girlfriend, "For the past 1.5 years in poker I am just losing 9 out of 10 days and reloading my bankroll!" It is that sad and its true, just click on my blog label: Poker and you will know my sad past. I pick it up because I have enough and I know there is something wrong underlying that is within me. I know positioning, playing range, pot-odds, calculate bet-sizes etc. than my friends but they are still winning players than me.

Jared Tendler (JT) has studied the game of poker and then coach top professionals, and after reading reviews I decided to give it a try.. in his book he wrote an excellent analogy: "A mechanic working on a race car doesn't need to be world-class driver to understand how to prepare a car to win. He needs to have a deep understanding of what the driver needs, the conditions the car will race in, and how the car works, and he must be able to diagnose and fix problems quickly."

You can get hardcopy or even eBook format in his official website. As I am living out of U.S. of course eBooks are good enough for me.

And enough of my stories lets get to the book. A typical "Conventional Poker Psychology" (what he calls it, such as deep breath, take breaks, meditation etc.) often helps to a point, which he regarded as short-term fixes, but not a long-term resolutions. In the TMGP he drills into the underlying problem of "Mental Game Fishes" and advise you. Even a solid winning poker player is a mental game fish if he has (a list of) thinking habits which are flawed.

The book covers 4 central areas of every poker player's mental game: Tilt, Fear, Motivation and Confidence. Before reading any new book, I suggest you approach it with an open-mind (not thinking that you-know-it-all).

The Adult Learning Model (ALM) which was mentioned is a theory of a process in which all of us learn. It breaks down into 4 levels of our learning model, which he uses throughout the book to explain to us some things which affect us at which level (for example, if you go on tilt your mind will shut down what you are learning in the Conscious Competence, and will only be left using skills from Unconscious Competence level).

Another powerful concept is the "Inchworm". It explains when poker players play their Best-game at times and trying to improve their best. But like an inchworm (it moves by stretching its body straight, anchors the front part, lifts up the back end, anchor the back part, then stretches its body straight to take a step forward) our game progresses like that. We need to fix our weakness (the back part), before we can move forward to learn our best (front part) to the next level. In short, improvement happens from two sides.

In between the chapters, there are also short sections on Client's Story. Where they tell stories about what they did in the past before approaching JT on their mental game. What they experienced in the past was something I can truly relate and its funny.

Here is one of the best chapter IMO, Emotions. Here in this chapter, JT breaks down technically how our emotions affect our thinking, that causes tilt. For example, it you hold A5 and flop the nut straight with 2-3-4. A fish all-in you and hit a runner-runner flush in the river. You may go "FUCKING IDIOTIC FISH DAMN!!"..... like I did. Your emotion has risen to a point which it basically malfunction your analytic mind (the higher brain functions such as thinking, planning, awareness etc). So if emotion is overactive, it shuts down the higher brain functions. That is one of the reason why tilt costs you more money.

To resolve, TMGP has advices on 'injecting logic', not only at the table (because that will be too late). You have to work on your brain muscle away from the table to fix this in the long-term. Strategies for this resolution are also covered intensively in the chapter on Strategy.

In the Tilt chapter, it also break down the common types of tilt poker players encounter and fixes. I can easily circle 5 out 7 tilts I am infected with.

In the Fear chapter, it explains player playing out of fear, like after losing sessions they may stop playing what is their usual profitable style, because they lost their trust due to fear (of beats or outdrawn etc). Sections such as Fear of Success and Fear of Mistakes are also covered.

The chapter on Motivation is also detailed on laziness, procrastination etc. which result in absence of learning and stop focusing on the process but only result every single time. What I can relate is Hopeless, when losing 9 out of 10 sessions is no joke. I even stop playing for a month at a point of time. These are covered, and to help it, the next chapter (which is a surprise to me) is to fix the problem of Hopeless.

Confidence. What I am surprise is that, even too much confidence can be harmful. Maybe because I never felt that way. Overconfidence leads to thinking you can play many hands and thinking you can beat the game for example you were simply running good and you began playing many too many hands which are out of your usual range. This chapter includes teaching you how to develop a stable confidence.

The Appendix includes a questionnaire that is supposed to help you identify and recognise your mental game problem.

I have not mastered the book obviously, but I am beginning to see progress in my game. Getting rivered by opponent who has only 1-3 outer in the past definitely tilt me to the point that I will lose more (spewing stacks), I never win after getting tilted in the past. Although it does not mean I definitely will win even if my mental game is good, but for the firstime I see myself getting beats and slowly grinding my way back.

Here are my progress for the past weeks.. it may not seem excellent to you, but it is a result good enough for me based on my past.

Cash Games.

Tourneys.

One reason for my tourney is that I began moving down stakes to try and beat the game a bit to rebuild my confidence. I proceeded up after that and won a few. Yesterday me and my buddy played a 45 Home Game tourney league (past 3 games my chip never even reach $3,000), I cashed out 4th and he cashed out 3rd.

This may be a period of running good and I may experience bad runs but what is important is to learn to "inject" the logic of variance into our game. I am trying my best now and love to see my progress.

Conclusion? This book does not have any poker strategy in it. But before you need any strategy, you need to master yourself. If you have tilt problem (I believe all poker players do), it is good enough you get this book. After countless poker books on my shelf, I must say this is one of the best and highly recommended book!!

Black.

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EDITED:

My post was fed into our twitter @blacknbottle and we got a Retweet from the author Jared Tendler @jaredtendler himself! 


Tuesday, June 29, 2010

No Trade, Book Wish List

Couple of books I'm intending to order. For Singaporeans, I would recommend you this site at Open Trolley. I have ordered quite a number of books there, reason being: you can ask for delivery to your home at S$5.00 (round up), or you can choose to self-collect at Plaza Singapura, and the main reason is, its much CHEAPER than outside bookstore even with membership.

I signed up Times Bookstore one year back and what i found out was the price are too pricy even after membership discount. I could have found this website long ago and I would have saved a lot of money. And you can find a lot of books there. Here is my wishlist for this season:

The Poker Face of Wall Street
Brown, Aaron; Taleb, Nassim Nicholas


The Snowball: Warren Buffett and the Business of Life
Schroeder, Alice


Against the Gods: The Remarkable Story of Risk
Bernstein, Peter L.


Zen and the Art of Poker: Timeless Secrets to Transform Your Game
Phillips, Larry W.
(Thanks to Attitude Trader)

Weighing the Odds in Hold'em Poker
Yao, King


Liar's Poker
Lewis, Michael


Intelligent Investor: The Classic Text on Value Investing
Graham, Benjamin


Anyone wanna buy for me?? lol.

Monday, March 29, 2010

Book Review: Trading From Your Gut



Back to my personal review of this book ever since i first bought it. First of all, two words to summarise the main point of this book: "implicit learning"

Earlier part of this book, it is broken down into explaining how does our brain work, whether in trading or learning anything else. To simplify, our left brain (the rational one, who can't conclude without giving a logical explanation) "learns" and "recognises" pattern as we gather knowledge, while the right brain (the creative one, who doesn't know why he knows) "draws" these learned pattern (instantly) from the back of our mind, i think they call it the subsconscious mind not necessarily with a logical explanation.. thats why its subtitle: How to use Right Brain Instinct & Left Brain Smarts to become a Master Trader.

In his examples of trading (mainly on stocks), Faith emphasises the importance of swing trading, a more suitable strategy when combining the power of both the left and the right brain. Something about this book reminds me of another book I read last year, that is Blink by Malcolm Gladwell. We might think that we can use out gut feeling in things right away by getting just the "feel" of it. But hell no, Faith tells you that only by having enough practice (and a great deal of it), by "training" your left brain into recognising patterns and systems, then are you able to use your gut feel effectively. Malcolm wrote the same concept in his book. Like an instant recognition or an answer subconsciously, without consciously able to define why you know it. Unless you studied the subject on psychology, I'm sure it gets more or less confusing, but thats implicit learning, I supposed.

Curtis explains a lot about the importance of applying trading using both sides of the brain. A lot of technical terms about intuition and psychological aspect earlier in the book, which makes me a little sleepy with those technical tones.

The author also shared a current book he is working on - Forex trading. Overall, Trading from Your Gut is a great book with many insights of learning and psychological knowledge on trading. Looking forward to his next book.

Wednesday, March 17, 2010

Book Review: Think BIG & Kick Ass



The reason i've found out about this book was through Simon Super Trader's Book Review. He has a nice and sweet review there. There is one thing i agree with Simon, this book is catchy. It is the way Donald Trump presented it in his book. This book is thick but i found myself finishing it faster than i read any other books.

Probably based on the perception we've already seen in him on TV, his words have more weight. He puts it straight and its funny how he gave critics to ppl who "doesnt think big" and went to hide when they give up on difficult situations.

Well, clearly one of the reason i picked this up after Simon's review was like anyone who would pick up a self-improvement book for themselves. I want to see in his point of view, how to think BIG and kick ass in life. close frens know that i let things be the way they are and a lot of times letting other ppl or situation control me instead of fighting for myself.

He says "Since you are already thinking, you might as well think BIG". one of the interesting thing about this book was on "Revenge'. It is rare when writers wouldn't bother being "nice guy" but tells u what he personally felt about life. Getting back at people who once step on you, a way of making that person not "touching" you again, and also a way of showing others that u're not to be messed with.

Another topic in the book which i found quite fascinating was what he called the "BIG MO!". what he meant was that no matter what you do, your passion, your work, our trading, we gotta focus. we should not let loose our momentum. not price momentum though, but keeping our momentum when we're doing good.. staying in focus. There were times his business went haywired when he started thinking that he has already succeeded and began to take things easy.

The only thing i might not follow in his book is the "Prenuptial Agreement" with your spouse. Well, obviously i do not have any big assets to draw a line with if things go out of way. I have to agree with him that women are fiercer than any business enemies u have after breakup, look at Tiger Woods, Jack Neo etc. happening in the news recently. But asking them to sign such an agreement before a lovely marriage is something i don't think i will see myself do.

I will still read it again when i have finish Reminiscence of a Stock Operator and Fooled By Randomness. Book review on Trading from your Gut will be up next.

Black

Monday, January 18, 2010

Trading From Your Gut by Curtis Faith



Just ordered this hard-covered book online, after i saw it on local bookstore. it is way cheaper than the retail price even after member's discount. wonder wad was the membership for, if only i had found out the online site earlier.

There are always debates on whether trading is purely psychological or simply mechanical. the reason i picked up this book was becuz i felt myself leaning towards the psychologically side of trading more. and therefore, i wanna learn more. its not that i put aside technical trading completely, it is which one u rely on more when u hit the execute button. if im not wrong, this book was only published on December 2009.

Some of the much detailed reviews of the book i found are here. i will do my personal review after i got the book and finish reading it. another reason i have been picking up trading books was becuz, i still wan to keep myself occupied and learning when im not trading and learning in practical. i travel to work and back home two hours a day by MRT train. that makes about ten hours a week. and roughly forty hours a month. i could better use some of those times to read up instead of staring blank. forty hours a month.. almost two full days just to travel.. oh dear.

Black

Monday, November 23, 2009

The Forex Journal: November 2009


Hello, followers of the Black Bottle, its the time of the month again~ no no not menstruation but its the november issue of the Forex Journal. i had better experience in buying this issue becuz u noe wad? if u had read my previous post on this, i was cheated TWO MICRO LOT! they had since slashed price from SGD$11 (quite exp to me consider the thickness of the magazine) to SGD$9.80 which i find it fairly reasonable. to top it off, purchasing it thru Times Bookstore @ Plaza Singapura, as a Times Member, i still enjoy a 5% discount which means to say i bought it at SGD$9.30.

Why would i need to subscribe monthly issue which can save me less dan 10 dollars a year? probably the time spent on looking for the magazine tho. i was expecting them to slightly reduce the subscription price since their monthly issue has already been reduced, but nope.

Anyway a little on the content on the issue, as u can see the cover page look very much like the previous issue. in fact, i almost thought they had only changed the colour of the mag cover! but not really, i guessed they have returned the previous glasses to retired trader Bob and had borrowed Uncle Jeff's much rectangular glasses for this issue. and probably flipped over the newspaper in the background. it is so "uncle" leh... the cover. even by putting cartoon currency symbol as magazine cover could have been better off than an old man's desk, ain't it?

Anyway, part of the reason that i bought this issue was still the content on trading techniques, monthly report on datas. it is quite up to date. and.. Kathy Lien's one of the new contributor for the issue! she shared the very first article on the review on the greenback, US dollars. Follow by Swing trading techniques and trading by PRICE ACTION! there's aso an article that talks about money management, the chinese yuan and monthly market outlook. i havent' finish reading though cuz i only bought it yesterday.

Talking about money management, i remember the October issue that i read there was something wrong about it. its article was about Tom (or was it John?) who lost his entire capital account in two weeks. there was minor error becuz it mentioned micro lot as $1, instead of 10cents. nothing major tho, juz might mislead new traders along the way.

I personally took about 2 months to understand why is a standard lot $10 per pip, mini lot $1 per pip, and $0.10 per pip for micro lot. i went thru babypips school again and again and again till i drill the thing into my mind. u need to do some calculation to understand, which is something that i suck at.

U can find the magazine in most presses. take some time off during non-trading periods and enjoy!!

Black

Sunday, October 11, 2009

The Forex Journal

Have u come across this magazine? The Forex Journal. I have been looking for some magazine on forex so that I can keep up and read on more knowledge on the subject. Recently, i came across a press-stop basement of a shopping centre. i saw this Forex Journal. i decided to buy one as a try-out. for the thickness of the magazine, SGD$11 is a little expensive to me, but nevertheless i got one home to read.

it covers interesting and valuable subjects on forex. i was contemplating on subscribing to a 2-year on the magazine, but was still thinking of checking out for any other forex magazine first before plunging in. because SGD$11 is really a bit too high. last saturday, i went back to the press-stop and saw the new October issue (picture below).



they have redesign the cover with more 'IN' font, haha. this time i saw the price was covered by a piece of sticker read $10. i thought woa, this press is reducing the price so i bought it on the spot. i went up to times and saw the similar issue, and then the original was actually priced SGD$9.80 WTF! kena cheat TWO FUCKING MICRO LOTS! twenty cents isnt big impact to me, but as a trader, if u trade one micro lot, thats the amount of the spread cost U NOE??? im juz kidding lol anyway its the principle that matters argh. nvm. anyway back on the magazine content..

it covers topic such as, swing trading techniques, monthly reviews on currency pairs, importance of money management, economic calendars etc. contributed mostly by forex experts. all of them are very useful knowledge especially for new traders like us. i love to read on different forex experts opinions regards to some things, although a lot are commonly similar, like the money management stuff, but forex is a ever-learning business. we always come across things we are new to, right? u read money management a lot, but frankly speaking how closely do u follow it? sometimes these things are meant to drill into our heads.

i will still be following closely with upcoming issues before i would decide to subscribe to it tho. will keep it updated.

Black
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