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Costly Decisions Matter Too

Decisions costing a significant amount of money, while not occurring often, are very important. Suppose all the cards have been dealt, and your opponent bets into a fairly large pot. If you call when you should have folded and your opponent wins the pot, that's an error, but not a critical one. It cost only one bet. But if you fold the winning hand, that's a grievous error, because now the cost of that mistake was the entire pot.

We're certainly not advising you to call every time someone bets on the river. But remember: Calling doesn't have to be correct too often to pay off handsomely over time. If the cost of a mistaken fold is ten times the price of a mistaken call, you need to be correct only slightly more than ten percent of the time to make calling worthwhile.

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