How to Avoid Costly Mistakes

This was posted on the BeyondTheFelt.org forum by brucej.  I really liked it so I figured I would post and break it down a little more as well.  Brucej is also a member here.

 
These are the top ten most EXPENSIVE mistakes made in
poker... mistakes that YOU are probably making RIGHT NOW.
 
Let's go through them one-by-one... and learn how to FIX
them immediately.
 
MISTAKE #1: Playing Too Many Hands
 
Most poker players are too loose with their starting hand
selection. You've got to stick with PREMIUM hands...
especially when you're at a 8-man or 10-man table.
 
Quit limping in with bad cards in hopes of hitting something
on the flop. All those blinds add up... and it's not worth
it.
 
At an 8-player table, focus on playing hands like pocket
pairs, suited connectors, A-X suited, or two face cards.
 
Leave hands like K-3, J-8, Q-2, and 10-7 alone. Just fold
them pre-flop.
 
The REASON most people play too many hands is because they
want ACTION. They don't want to just sit and there and wait
forever until they get good cards.
 
But if you want to win, you must be patient.
 
In fact... if you're playing good poker, you should often be
bored. That's right: BORED.

GlossForumAdmin-   This is very true in most cases, and especially if you are just starting out in the game; however, there are times where playing other things is very warranted.  But, playing weak hands is a very advanced skill.  You must know when you are beat and be able to lay down top pair or even 2 pair.  A game can be lost in one horribly played hand, so if you avoid tough decisions created by playing weak kickers and quit chasing with poor odds, you last longer and the strong hands come around.  You must have the skillset to read a hand, a player, a table and know what your odds are.  If you cannot, you are much better off sticking with premium hands.  If you are playing too many hands, your reputation at the table goes down and you are pressured more often.  This leads to tough decisions even with big hands.  The cards you play determines how the table views you and if they will call or fold.  Fewer hands, more fold.  More hands, more call.  The turn and river are rarely kind to weak hands.  When I am playing many hands, I will fold hands I usually would play to ensure that my reputation remains intact.  Really the biggest rule is, the less you call raises with rags, the less you give away.
 
MISTAKE #2: Playing Your Position Wrong
 
Positioning is EVERYTHING in Texas Holdem poker.
 
Good positioning means you get to see what your opponents do
FIRST before you have to act. Based on their behavior and
betting, you can make an informed decision about what YOU
want to do.
 
Good positioning is LATE positioning. That means you're one
of the last to act after the flop. The most IDEAL position
is the dealer (or button).
 
The mistake most players make is playing the CARDS without
considering their positioning. For instance, the way to play
pocket Aces in the big blind is totally different than the
way to play it in the dealer position.
 
And that goes for all starting hands... and all positions.
 
The basic strategy you need to know is that you want to play
MORE starting hands from a later position. And you want to
play these hands more aggressively.
 
Most of your bluffs should come with good positioning too...
because that's when you'll have the best read on the players
at the table.
 
In early positioning you want to play FEWER hands.
Especially when you're immediately to the left of the big
blind (also known as "under the gun").
 
GlossForumAdmin-    Yes, position is extremely important.  The faster you learn this, the better you will do.

MISTAKE #3: Thinking You're A "Natural"
 
It's amazing how often I hear someone say, "I'm a natural
poker player..."
 
What IS a "natural" poker player anyway?
 
The truth is, poker is an extremely complex and
multi-faceted game. It involves math, psychology, body
language skills, self control, performing under pressure,
and a ton of other things.
 
The problem with thinking you're a "natural"-- just because
you're good at reading people's faces or something-- is that
it LIMITS your ability to improve.
 
No matter how good you are at poker, there is ALWAYS room
for improvement. And in each respective area of the game,
there's ALWAYS more to learn.
 
Not only that, but poker has been around for a LONG time...
way before it started appearing on every TV station.
 
A lot of poker strategy has been DEVELOPED. There are
step-by-step techniques, tricks, and "plays" that you can
use to win more money at the tables.
 
These strategies won't just "come to you" like a little
light bulb over your head.
 
Not a chance.
 
Instead, you've got to STUDY the game, talk to other
players, and be constantly LEARNING more in order to push
yourself to the next level.

GlossForumAdmin-    All I have to say is, I love playing those that think they are "God's gift to poker".  I bust out players of this type faster than any other kind.
 
MISTAKE #4: Getting Too Emotional
 
Emotional control is a big part of Holdem. You've got to be
able to "let go" and become unattached from the outcome of
the game.
 
The REASON emotions run strong in poker is because your
mixing MONEY, EGO, and CHANCE... all together.
 
It's DEFINITELY a recipe for some strong emotions.
 
The key is to EXPECT IN ADVANCE that things will get
stressful and intense. EXPECT that you're going to get
"rivered" and "sucked out".
 
The reason it's important is because if you let go of your
logic and start playing based on EMOTION, you'll never, EVER
win.
 
Avoid TILT at all costs. It causes more poker players to go
broke than any other phenomenon.
 
Stay in control of yourself and be "unattached" to the game.
Don't let anything affect you... just remain focused on
winning.
 
Period.

GlossForumAdmin-    'Period' says it all.

MISTAKE #5 Playing The Wrong Stakes
 
The stakes you play is what determines the SKILL you play
against.
 
And if you're outmatched, nothing else matters... because
ultimately you're going to lose.
 
But if you're way better than everyone at your current
level, then maybe it's time to "step it up a notch".
 
Playing the RIGHT stakes is a delicate balance.
 
I've found the most effective way to determine the RIGHT
stakes is to calculate your profit per hour over time.
 
The difference in your "profit per hour" at a $5 Sit and Go
versus a $10 Sit and Go can be DRAMATIC.
 
But you may get WHOMPED at the $20 Sit and Go... and lose
your bankroll in a snap.
 
Here's an important tip...
 
When you try to move UP in stakes, don't be afraid to move
BACK DOWN if it isn't working.
 
The action plan I recommend is to build your bankroll where
you KNOW you can win... then move up. If you lose your
bankroll, move back down and build it up again. Then move up
in stakes and try it again.
 
Repeat this process over and over and you'll be continually
improving... moving up to bigger games and more money.
 
This process also LOWERS YOUR RISK. Follow those steps and
you won't be gambling with next month's rent.
 
GlossForumAdmin-    Read the Bankroll Management section.  It will help.  I don't care how good you think you are, if you read and follow that section, if you really are as good as you think you are, then you will not lose all your cash in a hurry.  If you do not, you are destined to lose your bankroll, like so many others that think they are great.

MISTAKE #6: Focusing Too Much On The Cards
 
Always remember this principle:
 
PLAY THE PLAYER, NOT THE CARDS.
 
Ultimately, the cards determine who's the winner for a
hand... but that's only when a hand plays out until the VERY
END and all cards are flipped over.
 
GOOD poker players hardly ever make it to that level in a
hand. Because they either force their opponents to fold or
fold because they pick up a read on their opponents.
 
The only times you should be flipping your cards up at the
end is when you KNOW you have the best hand and you've just
milked some sucker for a huge pot.
 
Get it?
 
The PLAYER you're up against is what you need to focus on.
Not your cards.
 
Figure out his betting patterns, his habits, his tells, his
movements... EVERYTHING. And then play him like a fiddle for
all his chips.
 
GlossForumAdmin-    This is more of an advanced play recommendation.  When you are learning, you have to play the cards because you do not know what to look for in playing the player.  You do eventually need to have the ability to read and play the player.  Playing the player also means knowing when you are beat against a player, not just trying to out play everyone.  That is just foolish and a fast way out of the tournament.  You wont be outplaying Daniel Negreanu, Mike Ivey, Mark Seif, etc. too often.

MISTAKE #7: Being Too Predictable
 
Just as you should be studying your opponents, your
opponents should be studying YOU.
 
The biggest mistake you can make is become PREDICTABLE. When
you're predictable, you can't win at poker.
 
Because every time you get good cards, everyone will fold.
And every time you get bad cards, everyone will bet.
 
The key is to BE AWARE OF YOUR BETTING PATTERNS.
 
Bet strong hands a certain way for awhile... then mix it up
a bit. Do crazy things... bet odd amounts... make the same
pre-flop raise for both 8-7 suited and pocket 10's.
Whatever.
 
MIX IT UP and kill any consistencies that appear in your
game.
 
GlossForumAdmin-    Yep!

Mistake #8: Not Knowing When To Quit
 
Know when to get up from a table... it will save you a LOT
of money over the long term.
 
This is crucial when you've either just WON a ton of money
or just LOST a ton of money.
 
Because in either case, the tendency from that point forward
is going to be to LOSE. You'll either lose your profits or
dig yourself in a hole deeper... but either way, it's not
good.
 
Losing streaks suck... because they take hold of some weird
part of your brain that virtually always PREVENTS you from
making a comeback.
 
No matter how determined you are... no matter how SURE you
are that your "luck" will change... it's not going to
happen. You'll lose more. So just STOP.
 
With winning streaks, it's the same way. Having a lot of
"new money" makes it less REAL... and there's a tendency to
lose it quickly on stupid moves.
 
So if you're WAY UP or WAY DOWN in a game, just stop playing
for the day. Go back at it tomorrow, it's no big deal.
 
GlossForumAdmin-    Usually if you are way down, it's because of a horrible crazy odds streak, playing too many hands or the inability to fold.  If you are in the second or third category, you should retool your game before going back to the table.  If your losses are hurting you, you are probably playing the wrong buy-in game.  Read the Bankroll Management section, go to a lower buy-in game and retool your play.

MISTAKE #9: Not Knowing The Odds
 
Knowing the ODDS and PROBABILITY in poker is a standard
ingredient for success.
 
You can win some games just by being able to read your
opponents and "guess" at what types of betting decisions to
make...
 
But ultimately, knowing the odds is what it takes to be a
REAL Texas Holdem poker player.
 
The good news is, you don't have to be a "math genius" to
know the odds of a hand. There are a lot of shortcuts and
tricks you can use to calculate pot odds, hand percentages,
outs, and other important numbers.
 
GlossForumAdmin-    Working on 'odds play' makes many decisions easy when they could be tough.  Without knowing odds, you fold when you should call and call when you should fold.  Learn them.

MISTAKE #10: Not Getting Help
 
Like I said before, you weren't BORN knowing how to play
poker.
 
You had to LEARN it.
 
In every aspect of the game, you've got to continually ask
yourself the question, "Is this EXACTLY what I should be
doing in this situation?"

GlossForumAdmin-    Myself and others are here and not asking for your money, why not ask for help?