(The Laws of Luck, Part 2)
Last week’s Gambler’s Edge covered the first four laws of luck that Brian Tracy outlined in his audio album, The Universal Laws of Success and Achievement—the law of probability, law of attraction, law of clarity, and law of expectations.
When you combine them with the next four laws of luck that Tracy discusses, you’ll have a significant head start on success in any endeavor you pursue.
Law of Ability. The more you know about something, the greater your chance of becoming lucky in your special field, Tracy says. Poker players who study the game before they play it and handicappers who diligently do their homework before they lay their bets are far more likely to “get lucky” than those who don’t.
Combining knowledge with solid experience leads to skill. You can get lucky, but you will be unable to capitalize on your good fortune unless you also are skillful. It isn’t unusual to see a “lucky” player enter the final round of a poker tournament with a mountain of chips, and then lose the whole enchilada because he didn’t have enough skill to capitalize on his good luck. In other words, get good at what you do!
Law of Assumption. Incorrect assumptions lie at the root of every failure, Tracy says. “Always assume that you’re dead wrong until you get it dead right.” When you question your assumptions, you open your vision to seeing possibilities you may not have considered. At the table, you may assume that Fast Eddie is bluffing when he puts in a big bet. But also ask yourself, “What if he isn’t?
If he isn’t bluffing, how much do I risk losing? Is the risk of losing worth the gamble of calling?” In the late stage of a recent Omaha tournament, I assumed that Rick had made a flush on the river and folded my trip jacks when he bet. But he was betting two pair and Bob, who called with trip sevens, won the pot. That false assumption cost me a tournament payday. Always take the time to ask, “What if I am wrong?”
Law of Opportunity. Opportunities are like buses: There’s always another one coming along soon. A smart person can create more opportunities than he finds along the way, so he doesn’t rush into action at his first chance. “There’ll be another hand in two minutes” is a mental reminder that it is often better to wait for another hand than to play marginal cards. “Big money is patient money,” Tracy states.
Law of Relationships. The more people you know and who know you, the more likely you will get lucky. “Most luck comes with hair on top,” says Tracy. When you’re looking for a new opportunity, it will usually come from people. “When the student is ready, the teacher will appear” is a classic metaphysical concept.
You’ve probably heard people say, “I’d rather be lucky than good.” But if you understand and practice Tracy’s eight Laws of Luck, you can be both lucky and good. And then you’ll have the true gambler’s edge.
Contact Dana T. Smith at [email protected].