Paul "Pablo" Croubalian

7 years ago · 5 min. reading time · ~10 ·

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How Poker Reflects Life: 8 Hard Lessons Learned

How Poker Reflects Life: 8 Hard Lessons Learned

How Poker Reflects Life: 8 Hard Lessons Learned
After I sold my company and before I went to culinary school, I played poker. It's not in any profile. I was more curious than anything else. I wondered if it was possible to actually earn a living that way. There were few things I could do with myself. Non-compete clauses can be a bitch.

As usual, I learned by jumping in the pool head-first. When your only other option is to drown, you learn to swim. You learn quickly.

I wish I had tried poker before business. There are tough lessons that are best felt on the felt of a poker table. 

A (very) Quick Overview of the Game

How Poker Reflects Life: 8 Hard Lessons Learned
My game is No-Limit Texas Hold-em. Hand rankings work like normal poker. The every player takes a turn being "dealer." It's more a designation than an actual card disbursement function. A real dealer deals 2 hidden cards to each player. They are the hole cards more commonly known as the pocket cards. 

Players use their hole cards along with communal cards dealt face-up. The player makes the best possible 5-card hand from the seven cards

The dealer deals three cards face up. That is the Flop. Then he deals another card face up, the Turn. Finally, he deals the fifth communal card, the River. All communal cards are face up.

Before the deal, there are two blind bets made to start the pot. The player next to the "dealer" places a blind bet. The player next to him then doubles it, also blindly. They are the Little Blind and the Big Blind respectively.

There is a betting round after each round of card dealing. 

I prefer tournament play to ring games. In a tournament, everyone pays the entry fee. Everyone starts off with the same number of chips. 

In a tournament, I can sit with Bill Gates and Mark Zuckerberg as a financial equal. They can't bring their money to bear or to bully. 

Your chips are your life blood. Once they're gone, you're out. 

There are no ATMs, no second chances.

You're done.

Lesson 1: Every decision affects your standing.

Your tournament success is the net result of all your good decisions less your bad ones. Better decisions are key. 

Even making better, bad decisions is a useful talent.

You need to win more with your good decisions and lose less with the bad ones. Eliminating bad decisions just isn't possible because of Lesson 2.

Lesson 2: By the time you have all the data, it's too late to act

In the early days, I saw many people who refused to do anything until they saw the flop. At its root, poker, like business, is about making decisions based on incomplete data. 

We had names for this type of player. "Fish," " Chip Fodder," " Donkey or Donk," and "Food" were most prevalent. 

They fritter away their chips to see the flop. They are easy marks.

Lesson 3: There's a Fool at every table

If you don't know who he is , he is you. 

I played in the PokerStars Caribbean Adventure Tournament. Late in the first day of play, they rearranged the tables to adjust for the several hundred eliminated players. 

I was feeling pretty good about myself. I was in the upper third of the chips stacks. I was far ahead of my expectations. My confidence was running high.

Then I sat down.

There were nine other players at my table. They included Dan Harrington, Phil Ivey, Daniel "Kid Poker" Negreanu, Phil Helmuth, and "Arnie." I am pretty sure Arnie was Arnold Snyder. 

I learned everything I knew about tournament poker from six books. Dan Harrington and Arnold Snyder wrote those books.

They taught me everything I knew. 

They didn't teach me everything they knew.

There was no doubt I was outmatched. I was definitely one of the fools. Luckily, the other players were oblivious. They didn't know they were sitting with the biggest, baddest, sharks in the Poker Ocean.

I immediately decided two things. 

One, I would fold anything other than pocket aces or kings. With those, I would raise all-in.

Two, I would take this rare opportunity to observe Masters at work.

They say Daniel Negreanu can read your soul. I wouldn't gainsay anyone who makes that claim. I saw it first-hand. He never stopped cracking jokes. He had a smile for everyone. He's not imposing at all.

He's a likable guy. Maybe it's because he's Canadian.

He scares the crap out of me.

Daniel sent 2 Fishes packing in short order. Phil Helmuth ate the other one. Then the sharks turned towards me. I did my best to stick to my plan. I just wanted to survive to the next table change.

After a while, they decided I would not give them the opportunity to eat me. They played among themselves.

I was fine with that.

Lessons 4, 5, and 6: Don't Depend on Lady Luck. She's Fickle.

This hand still bugs me. In poker, it's best to speak last. Every previous action is an arrow in your quiver. On this hand, I spoke second. The first guy passed. I had a pair of Queens in the hole and led with a standard raise of  3X the blind.

The lady to my left flat called. No worries, she was Food anyway. Her call told me nothing. 

The guy next to her re-raised, but not a big re-raise.

I knew I was sunk. He was not Food! His chip stack was smaller than mine, but if push came to shove, he could cripple me.

I assumed he had a pair higher than nines. Queens were unlikely. I already had two. That left tens, Jacks, Kings, or Aces. I was a heavy favorite against tens or jacks. He was the favored one if he held Kings or Aces.

From what I knew of him, Kings or Aces was more likely. His smallish re-raise invited a call. I was in trouble, and I knew it. So did he.

Lesson 4  is to know when you are probably beaten. Prepare an exit strategy. Mine was to wait and see the flop. Unless it was wonderful, I was out of there. 

Lesson 5 is that chips aren't money. They are tools. They are weapons. The same is true for capital in business.

I called his smallish raise.

The Flop wasn't wonderful, it was an effing miracle, Queen - King - Queen. 

Now I was hoping he had K-K! His full house would fall to my 4 Queens.

I spoke first again. I lead out with a standard continuation bet of about half the pot. I was praying he had KK and would push back hard. He did not disappoint.

Trap sprung! I quickly called his all-in raise.

The look on his face was priceless. In an instant, elation at his successful (albeit rather transparent) trap faded to dismay at a guaranteed loss. 

Only one card could save him. I turned my attention to the leaderboard. I was trying to estimate how far up the standings I would move.

Lesson 6 is that we don't play in a vacuum. You need to watch for traps while you are laying your own out. Poker is a game of information and dis-information. 

So is business.

Often, the hunter becomes the hunted.

Lesson 7 is that it ain't over until it's over.

The dealer dealt the turn card. It was an Ace that had no bearing. He then dealt the River.

It was the fourth King.

Lesson 8: You can do everything right and still lose.

This hand happened seven years ago. I still go over it in my mind. I try to figure out what or if I made a mistake. Was it just bad luck? 

Yes, and no.

If we were playing showing all our cards, I would have folded my Queens. Queens against Kings are only 12% to win. The flop changed things dramatically. Few flops would have kept me in the game. Four Queens was definitely one of them. Still, what happened is part of the 88% win odds for Kings vs Queens.

I go over this hand often in my mind, I can't think of anything I would do differently. It's funny how the screw ups and bad beats stick in our minds more than the times we had lucky wins.

I remember every detail about that hand. I remember the condensation on my water glass. I remember the scent the Food Lady was wearing. I remember individual words in the roar that accompanied the fourth king.

I don't remember much about the time some idiot slow-played pocket Aces. He let me play for free with 3-5 of diamonds from the Big Blind. The Flop was 2, 4, 6 of Diamonds giving me a straight-flush. Garbage became Gold.

I sure remember losing with 4 Queens, though.

We learn more from what hurts us rather than from what thrills us. I guess we're just wired that way.

We learn most from things that do both.


How Poker Reflects Life: 8 Hard Lessons Learned



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Comments

Paul "Pablo" Croubalian

6 years ago #23

#31
Bullets are the strongest hand but they are only two cards out of 7. The more players in the hand the less likely it is you will win. Bullets are better than 80% against a single opponent but drop to below even money quickly. You want to isolate a worthwhile stack and stay head to head. I always muck if in doubt. Remember that every hand has a patsy, if you don't know who it is, it's probably you.

Randall Burns

6 years ago #22

#30
Nice! I have a real love/hate relationship with bullets, I tend to lose with them more than I win, always on the river, but how do you muck them??? Except in the scenario you just mentioned, luckily you were 4th to act and a smart move knowing that 3 would probably be gone putting you in the money without even playing the hand. Yes the business world is like that. LMAO!!!

Paul "Pablo" Croubalian

6 years ago #21

#29
Thanks, Randy. Poker is a great metaphor for business. The decision tree is nearly the same. Often you don't need to fight to win One time in a tournament, I was the low man of 28 left. The payout line was at 27. I was in the Little Blind and the next hand's Big Blind would take nearly half my stack. I needed to make a move. The tournament started with 700+ people. The Fish were long gone, only sharks remained. When I looked at my cards, I saw A-A! Phew, at worst I should be able to swipe the blinds and last another cycle. The first to speak opened with a 3X bet. The second re-raised. The third, who was the tournament leader, re-re-raised all-in. Number 4 folded, number 5 called. WTF??? Thought Process: Aces against 4 opponents will still be the best hand, but an underdog to beat them all. Winning the tournament would require more than luck, it would take a series of miracles. I couldn't realistically win, I just needed one person to bust. I folded my aces and the Big Blind called the all-in. I don't remember who had what. The next few minutes I was in a sort of funk. Long story short, three people busted and I made it to the money. Good enuff

Randall Burns

6 years ago #20

LOL, I love poker Paul \ Texas hold'em, both tourneys and cash tables. I've had hands like that too but when you flop quads, regardless what they are there is no way in Hell that you're going anywhere. Great story and post Buddy.

don kerr

7 years ago #19

Great story Paul \
Yeahhhh this is great

Paul "Pablo" Croubalian

7 years ago #17

Thanks for bringing this post back to life, Lisa.

Lisa Gallagher

7 years ago #16

This is worth sharing again, great buzz by Paul \

Paul "Pablo" Croubalian

7 years ago #15

#20
Thanks, but I busted 17 short of the money. That would put me, if memory serves at # 167 of about 3000. Also, I can't really call what I did at the table with them "playing." It was more sitting there terrified and not playing anything other than KK or AA (which never came).

Paul "Pablo" Croubalian

7 years ago #14

#17
oops, typo​... should be 17 seats

Paul "Pablo" Croubalian

7 years ago #13

#17
Yes and no. Tournament wise I busted 7 seats short. But, for a total of $130 I got a 1st class Bahamian vacation. The following year, I busted in a couple of hours and just crashed at the pool and beach. That would be lesson 9: If you fail, fail early! FYI: ITM means "in the money." Most tournaments are not winner take all. The purse is divided among X number of finishers.

Paul "Pablo" Croubalian

7 years ago #12

#15
Tell me about it. There are so many life lessons felt on the poker table's felt, I had a tough time keeping it to 8. The original title was for 5!

Paul "Pablo" Croubalian

7 years ago #11

#8
Hand strength guide added

Paul "Pablo" Croubalian

7 years ago #10

#10
I found that playing online is a completely different game. Less tells, you are limited to betting patterns and positional play. Still, It's a great way to learn the mechanics of the game. You can play 3X more hands per hour easily.

Paul "Pablo" Croubalian

7 years ago #9

#9
Exactly, James. I even lost once after flopping a straight flush. A math guy once told me, "If the possibility exists, it will happen, eventually"

Paul "Pablo" Croubalian

7 years ago #8

#8
I think I'll go back and add a hand-strength image, Deb. Thanks

Dean Owen

7 years ago #7

Those legendary hands stay with us for years. I love Texas Hold-em but am way to aggressive a personality to be the last one standing. Never got into the trap of playing online. Takes away a whole dimension. Great story combined tutorial!

Paul "Pablo" Croubalian

7 years ago #6

#5
FYI, I got into the tourney via satellite tournament. $10 for a shot at one of ten packages. If I recall, it cost me $120 before I won the ticket.

Paul "Pablo" Croubalian

7 years ago #5

#5
Oh, there was no question of folding pre-flop. I did however fully expect to fold on the flop. And, no, Mr. Helmuth wasn't particularly chatty in those few hours. Negreanu talked enough for everybody​.

Kevin Pashuk

7 years ago #4

#2
Well then, no poker face necessary. But the non stop chatter thing? For an Introvert? I better stick to Solitaire.

Kevin Pashuk

7 years ago #3

#2
Well then, no poker face necessary. But the non stop chatter thing? For an Introvert? I

Paul "Pablo" Croubalian

7 years ago #2

#1
thanks, Kevin Pashuk. I don't use a poker face. Sitting with Daniel Ngereanu taught me the value of nonstop chatter. If you're always taking its as confusing as silence

Kevin Pashuk

7 years ago #1

What I truly appreciate about you Paul \ is that you have looked at life through so many lenses, and it certainly is reflected in your writing. I would never have guessed that cards were in your history. I have yet to master the poker face... I am as transparent as a window when it comes to being excited (or sad) about something. Perhaps I shouldn't go "Oooh, oooh, oooh!!!" when I get a good hand. As a result, my card playing is best suited to playing Solitaire, which isn't a bad thing when one is an introvert. Thoroughly enjoyable read.

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