We persist in our exploration of iconic poker literature to determine their relevance in the current times, featuring this engaging piece by Dusty Schmidt.
Although he might not be a renowned figure today, Dusty ‘Leatherass’ Schmidt was an iconic figure in the poker world before Black Friday. Often a subject of controversy, he was among the pioneering players to earn significantly from medium stakes games.
His debut book, Manage Your Poker As If It’s a Business, was groundbreaking in its era. It was rare to find people who not only improved their skills but also managed the facets beyond the game table.
The book is split into two sections – the business segment (about 150 pages – 3/4 of the entire book) and the strategy segment (approximately 50 pages). Dusty is the main author of the business segment, however, five chapters were written by Jared Tendler, who made his debut as a poker writer. Tendler later penned The Mental Game of Poker 1 & 2.
In the book’s initial segment, Schmidt discusses key subjects for a poker player contemplating a professional career, such as:
- stress management
- viewing a poker bankroll as a preliminary investment
- coping with unpredictability and emotions
- efficient learning methods
- benefits of minor advantages
- being your own (strict) supervisor
Dusty primarily focuses on the “volume parameter” aspect. Schmidt underscores from the outset that poker is akin to a business venture. Like any productive business, it necessitates a parameter that aids in accurately gauging the growth of your enterprise – month in, month out, year after year. Consequently, the principle parameter to assess your advancement, as per Dusty, is volume.
How so? Your volume was at its lowest. During a year when you had the potential to earn a substantial income, you failed to do so. It may be cliché, but numerous novices (and not just novices) have mastered everything – from strategies to mindsets. Yet, they neglect the most crucial element – volume.
It’s likely more effortless to squander time now than in the years preceding the publication of the book – there are even more distractions – Discord, Netflix, Internet forums, online games, Twitch. Therefore, this book, although it may seem outdated in certain aspects, its central message remains as pertinent as ever. In fact, it’s more significant than ever. There’s no certainty if a hen that lays golden eggs will be snapped up by a fox – what the future holds for your income source remains uncertain. If you possess the ability to generate income, make the utmost use of your time.
This book is geared towards poker enthusiasts aiming to turn their hobby or professional career into a reliable income stream–from the perspective of a seasoned player. In this dedicated guide for poker enthusiasts seeking to transform their hobby or professional career into a reliable income stream, online poker maestro Dusty “Leatherass” Schmidt imparts knowledge on bankroll management, understanding variance, multi-tabling, advancing in stakes, steering clear of tilt, generating new revenue streams, and above all, enhancing profitability.
The tactic segment encompasses some of the most essential advice in writing, emphasizing on the scenarios that occur every so often rather than the ways to handle particular hands. This covert merchant, always inaccessible to the masses, has been translated into eight languages already.
Similar to how ‘Moneyball’ revolutionized baseball, ‘Treat Your Poker Like A Business’ has dramatically altered the way poker is approached, perceived, and scrutinized. As quoted by Sports Illustrated, ‘Dusty Schmidt embodies the spirit of entrepreneurial determination.’ Dusty ‘Leatherass’ Schmidt is recognized as the quintessential poker grinder, famous for his extraordinary concentration during long online poker sessions. However, this isn’t the skill he credits for his success. Rather, Schmidt believes his multimillion-dollar accomplishments stem from applying traditional business strategies to poker. Five years into his profession, Schmidt’s track record is impressive: an astounding 7 million hands and 10,000 hours of play.
Impressive win ratios over vast sample sizes. A total of $3 million earned purely in cash games. Never experienced a month of loss. In ‘Treat Your Poker Like A Business,’ Schmidt imparts his knowledge to other online players on how to profit from their skills, just as he did. Schmidt points out that while educational websites and guidebooks have improved poker players’ techniques, they haven’t necessarily shown them how to generate income. He educates readers on managing their bankroll, understanding variance, increasing the number of tables they play, advancing in stakes, avoiding tilt, and discovering new income streams.
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