The Late, Great Chip Reese on Gambling Concepts

The following is a video of something I have posted before–An interview with the late-poker legend Chip Reese. Over the years in my blog posts, I have made numerous analogies of stock trading to playing poker, which I believe to be the form of gambling most like the stock market. The late Chip Reese is widely considered to be the best cash game poker player who ever lived. One of the reasons why I believe he was so successful–and by successful, I mean he won hundreds of millions of dollars during his career–is because of his cerebral approach to the game, as well as his calm demeanor. Whereas plenty of other big name poker pros are action junkies and talented degenerate gamblers, Chip always saw the big picture with gambling. One of the most famous stories about Chip is that during one cash game, he was losing around $500,000. One of the hardest things to do as a poker player is to get up from the table and leave during a bad losing session. The competitor in you wants to chase your losses back and get to even. However, in this session, Chip’s son had a little league baseball game and, right on cue, he simply left the game when the time came, to everyone else’s amazement sitting at the table. I believe he was arguably the greatest poker player who ever lived. To be sure, he epitomized professionalism, level-headedness, and class at the poker table. I think the seven minute interview seen in the video below is well worth your time. Try to apply the concepts discussed to trading.