Day Trading & Poker. Tonight at 9:30pm is the final table of the 2015 World Series of Poker. It's down tot he final (3) players.
Now, Imagine you are at the Final Table of the World Series of Poker Main Event with $7.6 million dollars at stake to the winner.. You are under the bright lights at the main stage and playing live on ESPN. All of your family and friends are in attendance, rooting you on, and millions of people are watching and judging your every move.
Now, imagine you survived down to the final 4, the world championship of poker is so close, you can practically feel it. The pay jumps are monumental and as follows:
The pressue is on, now how do you react?
Last night Josh Beckley found himself in this exact situation and faced the decision of a lifetime.
With 4 players left, he was dealt Pocket Jacks, one of the premium starting hands in all of poker. Before it was his turn to act, chipleader Joe McKeehen put in a raise. Of course, when it was his turn to act, Beckley made a re-raise, putting the action back on McKeehen, who, surprisingly, made another raise, putting Beckley to the ultimate decision.
If you were in Beckley’s shoes, what would you do?
Would you commit your chips and go all in?
Or would you make the conservative fold and protect what is left of your chips?
For Beckley, this was truly the decision of a lifetime. First place is $7.6 million and there is a $700,000 pay difference between 4th and 3rd place. If he were to go all in and lose, he is out at least $700k, but if he were to go all in and win, he would have a fantastic chance at winning the $7.6 million and the world championship.
For several minutes, Beckley considered his options. Finally, he made the decision to throw his hand away and perserve his chip stack.
Was it the right decision? What did Joe McKeehen have?
Joe McKeehen held pocket Queens! Josh Beckley truly made one of the greatest folds of all time! He exhibited everything a championship poker player must epitomize.
In this situation, Josh Beckley demonstrated extreme patience and emotional control. He displayed an ultimate level of willpower to fold his premium hand. Very few people on this planet would have the self control and patience necessary to fold pocket Jacks four handed.
This lets you know that Beckley truly believes in his poker system. He knew that he did not have to gamble with Jacks, he could fold and find a better spot to put his money in, a spot where he could be 100% sure he was favorite to win.
Take a look at one of Josh Beckleys best friends and poker mentor had to say about the fold:
Would you look at that! Immediately after making the painfully difficult fold, Josh Beckley went over to his rail and told them exactly what Joe McKeehen had! It’s really unbelievable, but also true!
Josh Beckley’s journey to the final table can be used as motivation for day traders. When he was younger, Beckley worked in fast food restaurants trying to build up his poker bankroll. You know the story already. He would work all week and as soon as he got his check, he would head over to the local poker room and lose his check, just to be back in the fast food joint working the whole next week just so he could repeat the process over and over and over again.
Sound familiar? How many times have you loaded money into your online poker account? What about your day trading account? How many times did you say “I swear, this is my last deposit! This time I am going to follow the system, make no mistakes, and really make money!”
Chances are, you have been there and done that. Just think, Josh Beckley used to do the same thing and now he is at the final table of the Main Event with 3 players left!
So how did he make it happen?
Well, he buckled down and got disciplined. He started to take the game seriously and do what it takes to truly win. He stopped horsing around, taking wild gambles hoping they work out. He developed a winning system and committed to sticking with it, even if he has to fold Pocket Jacks in a tough spot.
So, ask yourself, are you tired of blowing up your trading account? Are you tired of saying “This is my last deposit, this time I am really going to make money!”?
If so, MOJO Day Trading is the place for you! At MOJO Day Trading, we treat our trading like a business, just like Josh Beckley treats his poker game. We recognize what it takes to be a winner and ProTrader Mike has developed the MOJO System through 20+ years of market domination.
So, if you are ready to start making the tough folds required for success, you need to join the MOJO Team: http://www.mojodaytrading.com/#!get-started/c5u2
P.S. Don’t forget to check out today’s11/10 MOJO Day Trading Video Recap: