Winning Means Knowing the Rules
Knowing the rules absolutely matters and can be critical. You can put your heart and soul into a business but get into legal trouble because of improper licensing.
One example Todd has is when he was playing chess as a kid. En passant is a rule that few people know. When Todd was playing in a state championship, he used this rule to capture a pawn against a decent opponent. Due to him not knowing the rule, the opponent started crying and accused Todd of cheating and eventually lost. All efforts the opponent took to prepare for a win were wasted due to him not being aware of a dumb technicality.
A similar event happened when Todd was playing poker. All the cards had been dealt and there was one guy who bet and had the best possible hand. To win some extra money, he showed off one card in his hand to entice his opponent to put in money in the pot. What he didn’t know was that if a card is exposed, the hand is dead. Due to this, the opponent called over the floor man and said that guy’s hand is dead, which led to the opponent winning the money.
You will screw yourself if you don’t know the rules even if you had the best strategy.
The same thing goes for social rules. Know the dress code if you’re going to a nightclub. If you’re meeting a particular type of people, know their customs.
This is all easy groundwork and will make huge differences. You will get much better results if you have good form and prevent injuries than if you went in and did the best workout plan you had.
Relentlessly acquiring knowledge and skills is the other key to success.
Thinking in bets is two things. One is thinking about probabilities in a bad situation People usually make emotional decisions due to thinking of bad outcomes. You should instead be thinking about the odds of an event happening while acting rationally.
Most people are not good at poker because they learn poker emotionally. People learn poker by whether playing the hand felt good or bad to them as opposed to figuring out if they gained or saved the maximum amount of money. When a hand is won, it’s not thought about further because it felt good and lose all kinds of bets on the hands they want. When a hand is lost, people are oftentimes happy to have lost less money when they misplayed the hand and should’ve lost more with the optimal play in that hand that would have made them more in hundred other hands.
Whenever you have a difficult decision, a good place to go is to assess the odds and payout and make it rational as possible. People tend to be very emotional in difficult decisions.