The Peter Principle & Poker
Many people have heard and even used the term,. "The Peter Principle" but I really think that few truly understand what it means. They may even know the next statement concerning The Peter Principle, that a man is promoted to his level of incompetence, but not really understand what it means. Let's see what it means and how it applies or doesn't apply to poker. When you say that a person is promoted to his level of incompetence, it really is true. A person does a good job for a company, especially in management, gets noticed and is promoted. As long as he or she is in a position in which he or she does well and gets noticed they are continually promoted to the next level. At some point Peter gets in over his head. His responsibilities are now bigger than he is. He does not delegate well, begins to miss deadlines, and is simply juggling his duties and treading water attempting to stay afloat. So he no longer gets noticed for his accomplishments, and stays in the position he is in. He has been promoted to the level to which he was no longer competent. Now how does this apply to poker? Well you are your own boss, you determine if and when you get a promotion. The same principle applies except you are the one that makes those decisions. So you are now a subscription site poker player, and maybe a home game $20 buy in tournament every now and again. You are the one who determines if you step it up to a different game. Do you take your game to a casino, what do you play, and if you are successful there do you step it up again in limits, or even No limits. If you continue to step up your game and increase your risk, at some point you will find that you are in over your head. That you have reached a level that you are no longer profitable. But unlike business, you can demote yourself, and there is no shame in it. It is good business, to step down to the level where you were the most profitable. Stay there a while, build a bankroll, and when you feel you have grown enough, take another stab at the higher lever to see if you can now be profitable there. And you may be for some time, and get used to that level, but don't ever be too egotistical to step back down a level if you find yourself in a bad run. It happens, but only the best poker players make the needed adjustments and demote themselves to the point that they are competent again.
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...so many lose their entire bankroll chasing the bigger rewards...
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