Source: Arthur Reber, Poker, Life and Other Confusing Things (2012)
The Main Idea & Its Application to Crypto Investing / Trading.
There is no "holy grail" strategy. Critically, this is different than stating that there are no strategies bound to fail.
This ties to the notion explored deeply elsewhere (see, e.g., Field Note #62 On "Risk of Ruin Visualized" and Field Note #68 On "Wisdom of Ed Thorp") that survival is a precondition to success.
This is true in poker, in crypto investing/trading, and obviously in life as such.
In tune with this understanding, attributes of successful poker players (accord. Reber's text) include the following, which prize stability, flexibility, mental hygiene, and humility / risk awareness:
- bankroll management (i.e., position sizing, bet sizing, risk management)
- practice, constant review
- "being cognitively flexible" (Id.)
- "ability to immerse oneself in the game" (Id.)
- "emphasis on adaptive strategic approaches" (Id.)
- discipline: "several mentioned that knowing the mathematics of the game was important here, not because of what it does for making specific decisions but because it gives the pro the basis for remaining disciplined." (Id., emphasis added)