Phil Galfond's Advice: How to Deal with Poker Downswings

Phil Galfond, a renowned poker player, shares his advice on how to deal with downswings in poker. Galfond suggests that downswings are purely mental and only exist in the player's mind. He advises players to set long-term goals and forget about the peak profit. According to Galfond, the key to overcoming downswings is to focus on the present moment and not dwell on past losses or future gains.

Galfond mentions mental coach Tommy Angelo's book, which discusses the mental aspects of poker. Angelo's insights highlight that downswings and upswings are merely mental constructs and do not exist in the real world. Galfond emphasizes that the only real moment is the current hand being played.

To illustrate his point, Galfond uses the analogy of a 'water mark,' a term used in finance to describe the highest point of profit before a decline. He suggests that players should reset their 'water mark' and start fresh, focusing on their current bankroll and available options. This approach helps players avoid the demotivating feeling of trying to 'break even' and instead focus on making progress.