Poker and investing go hand-in-hand
Ever watch professional poker players calculating the odds, then coolly dissecting their opponents? Many of the same skills the top players use can help you be a better investor. Success at investing and gambling, it turns out, has much to do with controlling emotions. And playing a little poker can help you recognize, and avoid, emotional traps that endanger your most important stack of chips …
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Poker terminology:
- SIDE POT - When an active player runs out of money during the course of a hand, the remaining players participate in a second or SIDE POT for the rest of the hand. Additional side pots are possible if several players run out of money at different points in a hand.
- FULL HOUSE - A hand consisting of 3-of-a-kind and a (different) pair.
- GUT SHOT - A draw to an inside straight, as in 2-3-4-6.
- FOURTH STREET - In stud poker, the fourth card dealt to each player. Sometimes used to refer to the fourth community card dealt in Hold'em, although the more common term for this is TURN (q.v.).
- BET FOR VALUE - Betting a hand that, in the long run, is expected to win more than it loses. Antonym: BLUFF.
- ALL-IN - To have all of one's chips in the pot. A player who is all-in cannot be forced out of the pot by more betting, but is only eligible to win that portion of the pot he has contributed to. Generally, a SIDE POT is created each time a player is all-in.
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