Exploiting Loss Aversion
Posted by Sam Forde
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Hey Sam wonderful video my guy thank you
Thanks TRUEPOWER !
Huge lord of the rings fan btw lol …
Poker is much like an adventure, and each hand is different. The lessons we learn is how we can improve!
When I’m in downswings, I may not want to play a specific hand a specific way like you said, taking a flip were I know I’m a dog because of being scared to lose more. Maybe quitting session early because where up on the day!
Pokers such a funny game. We can play for hours and hours be down, and in a span of 10 minutes with multiple multiple buy ins!
The same can be said the other way, we can be crushing in a session, and in a span of 5 or 10 minutes a couple of coolers we’ll be down multiple buy ins! Poker requires such a strong headspace to be able to continue thrive.
Thanks awesome insight on how to think about playing thank you
Sam,
Nice video. Always enjoy the mindset videos, very important part of the game.
Thanks Sam
Really interesting video Sam! I have always wondered why recreational players sometimes make insane call-downs in big pots. I guess loss aversion and not wanting to take a loss is a big part, as is emotional attachment to the hand they have or the money they have already invested. Seems like some players, once they have invested a certain $ amount or percentage of their stack, won't fold the river, so bluffing them will cost you huge amounts.
I've been mixing in quite a bit of live poker into my routine the past few weeks and it's been fascinating observing players in many of these spots--not just their decisions, but also the feelings and attitudes that go into them which they put on full display. It's really cool.
I had a very similar experience last year, playing live poker for the first time in years. Just listening to the logic (or lack of) behind the decisions of recreational players was very revealing.
I have a fun example of exploiting loss aversion. I have a friend who I play regularly in a home game - whenever he is in profit he separates his chips into 2 piles: his original buy in and a 'profit pile'. Whenever he has a tough bluff-catching decision on the river he picks up his profit pile, counts it out, and sees whether he is still in profit if he calls and loses. When his profit pile is low, he is very easy to bluff, especially if you bet an amount larger than the profit pile. This effect becomes very extreme towards the end of the night, given that losing a big hand right before the end of the night might take his session from a win to a loss, and he will almost always opt to lock in a win instead of making any kind of bluff-catch at that point.
Ah! This is such a great example!
very interesting topic, thanks Sam :)
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