All In

What really makes hold em the poker game of the times is the All In move. Nothing is more exciting then when an athlete gives it everything they got or when a professional pushes the limit in their field. "Here it is," they say, "I'm ALL IN."

Poker brings the move to a high state of visualization. You only have so much ammunition. You've been ever so careful in building it up over the course of a tournament. But now you've put it all at risk by shoving every single chip you have at into the center of the table. It's double or nothing. It's do or die. I love it.

But the All In move is all about timing. Not just doing it when you have the nuts - the best possible hand in poker. That move is relatively easy. You can't lose, so why not. In fact that is NOT the best time, usually, to make the big move because most of the time, your opponent is going to fold and there is no value to be gained. I was just in a tournament where I saw the worst All In move in history. Its the table chip leader against the second in chips. Thge chip leader bets 5X the big blind pre-flop. The second chip leader calls. The flop comes out 10-10-4. The chip leader bets out 10X the big blind. The second chip leader goes all in and the leader folds. The second chip leader proudly shows the table pocket 10s. Ouch. A huge opportunity lost. He had position. He had an unbeatable hand. He could have easily doubled up. Horrible - just horrible play.

The All In move is about (1) getting called when you have the best hand; (2) protecting a lead in a hand; (3) forcing your opponent to call on the river because they feel they are priced in; and, most importantly (4) re-building your stack when you are short. Of course all these situations are shown in detail on my poker courses. Its all about feel. Its about creating a tight image, then making the move and forcing strong hands to fold. Or creating a loose image and getting medium strength hands to call. Its about deception. Making the move when you look desperate. Making the move on a player that is tilting. Doing it when you sense weakness. In poker the important thing is often not what you hold, but what is in your opponent's hand. So many opportunities that players let get away. Too many to go into all of them here.

Its a move that is to be used very sparingly early and early mid of a tournament. Why? Because the gain is small compared to the risk - getting eliminated.

I love that the "All In" phrase has popped up in general language. I see it in the newspapers. "Obama goes All In on Health Care." I see it professionally. My father, who is respected Pediatric Cardiologist, told his boss, "Either we fix our budget or I QUIT." He was certainly all in.

Good Luck with your all in bets. Make sure you're prepared. Your opponents are primed and, most importantly, make sure the risk/reward equation is in your favor.

The Art of the Bluff

Poker Skills are the same as business skills. Yeah. Yeah. Heard it a million times. Lets get to the specifics. Show me, don't tell me - the mantra of every good writer.

There is no better example than in the art of the bluff. Does he or doesn't he? Will she or won't she? Does he have it?

Many people see the bluff in isolation or out of context and think, "wow, that's neat. Bet a lot and your opponent folds." But in actuality, the professional bluff does not happen all of a sudden. It is a carefully built strategy that results in bluffs taking strategic pots. no one can win at poker by bluffing willy nilly. Its an extremely high risk move that costs you much more when you lose than it gains you when you win.

Now lets think about it in terms of business. A failed bluff can be very costly. "I'll quit if I don't get that raise." "That's my last and final offer." A professional at business uses this tool in very specific situations. First, he must size up his opponent. Is she a risk taker? Does he exaggerate? Does she lie?

Secondly, he needs to understand the importance of the deal to himself or his company. A systematic Cost/Benefit Analysis is needed. If its critical, tread carefully. If there are other options, can be more aggressive.

Thirdly, is the bluff bordering on unethical behavior. In the end, your opponent will often learn the true state of things. If you cross the line you jeopardize future deals with that and other agents. A much underrated concern is that if you go to far, you'll have to live with your unethical act for a long time if not, if its flagrant enough, for the rest of your life.

In poker, the same issues are involved. A reckless bluffer will get called more often and see a net loss on his annual ledger. An unethical bluffer (certain comments, motions etc.), will label the player and the person (the game often extends beyond the boundaries of the felt) as untrustworthy. Bluffing the wrong type of player or in the wrong situations are huge net losers in the long term.

A bluff is the culmination of a story. You build your reputation at the table. Playing selective hands takes the frequency tell out of the equation. Never show your cards to build this image. Uncertainty is the pro's best friend. Then you look for the ideal situation:

• Semi-bluff whenever possible
  
• Attack the ABC player
• Look for bona fide weakness
• Pay attention to patterns in their game
• Bet enough (too much is much better than too little)
• Look for positional advantage

There is much much much more to consider and talk about in bluffing strategy. On my site, I give many examples and rate the quality of the bluffing situation. Soon it will become second nature. You'll know that there are situations that your opponent will know he most likely has the best hand, but he absolutely cannot call. The risk is to large. This knowledge and ability is probably the single most important skill that separates the pro from the amatuer.

In the end (without counting continuation bets), you should be bluffing no more than three or four times a session. And four times is too much. But be aware. Once they start to see what you are doing modify. On top of that, your personality, ethical backbone and understanding of the type of players you are up against skews the strategy accordingly. What a great frickin' game!