I've had two more lessons after the stock traders' tournament, that's the second and third total with Master Bug. We have been working on using online software as a teaching tool. We covered pokerTracker in the second lesson, and the HUD tool of Pokertracker in the third lesson with a 1-Table SitNGo cash game as well.
Poker tracker should help in identifying the "leaks" in my poker game through reviewing my played hands (A leak is a source of losing money that can be patched, eg not hitting your set on the flop when set mining then going on to calling or raising and staying too long in the hand). The HUD reading should help with reading players and developing that level2 sense of the game. All very useful for improving through reviewing of hands, self-evaluation and evaluation of the opponents based on their history. Master bug also recommends playing as many hands as possible to get a feel for the board texture; meaning learning to think outside of my hand to what other possibilities are out there and possibly who has them. I've found the software tools very helpful and empowering for self improvement.
No different from trading, the ability to review your trades is critical to improving your trading! It is imperative to learn from your own trades and to turn a single trade into several lessons on how to improve on it, what could have been a better entry, where was the best place to add/lighten up and why, what would have been a better stop loss or a better exit etc, all can only be learned once you revisit your actions and can only be improved once the data is analyzed. Poker is apparently no different and pokerTracker is just the tool for that.
The other thing that many traders lose sight of is the actual vehicle they are trading, I've written a post last year on this in my stockaddict blog about, keeping your trading vehicle in mind and again about a similar topic of getting familiar with the stock "personality" for a more recent blog on Stop Loss Selection. This seems to be nothing more than figuring out your opponents personality through his history data and how they behave in certain positions and with certain hand ranges. The HUD data on your opponent is the chart history on that stock you're trading.
Update on my game: I've come out with an "analyst downgrade" of my poker game as my bankroll is definitely in a downtrend with the occasional mean reversion hands. There's no bottoming in sight so far but with every scar left behind a lesson is learned (I'm consistently making money in the small tables, but lose it and then some in Rush poker) Is there a way to short my game to make money out of this persistent downtrend like there is in the stock market? I guess there's no equivalent to shorting in poker other than capitalizing on the mean reversion plays. I hope I'm smart enough to learn from my mistakes and more importantly wise enough to learn from others' mistakes as well. TBC..
StockNuts
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