095 – Wayne Yap – From Financial Adversity to the Top
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Summary:
In this episode, Wayne Yap, high-stakes poker professional and advisor, reveals how he made his way to the top despite severe financial adversity – and a two-year stint in the army. Elliot and Wayne discuss the importance of studying and building a network within the poker community. Listen in to hear an expert share his strategic thinking, practical game theory, and mindset mastery tips so you can jump stakes and play bigger.
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Time Stamped Show Notes:
[00:50] – Introducing Wayne, his journey, and direction [01:20] – His started by playing small games in Singapore; his parent’s business was failing and he went into the army for two years at that time [02:00] – He didn’t have the money to practice his game so he downloaded poker videos and would watch them while out in the jungle while in the army [02:40] – The importance of studying [02:57] – Learning is important in any field if you want to improve and succeed [03:07] – The learner’s mindset is the most important thing [03:25] – How he ensured his improvement and success [03:32] – He had financial pressure so he felt like he had to get good [03:55] – After the army he went to Macau with some good high-stakes poker players and because he studies math and statistics he was helpful to them [04:10] – He learned from them and was valuable to them; this helped set up his network [06:05] – How long it took him to support himself through poker [06:22] – He got into high-stakes in about six years [07:05] – He didn’t appreciate it then, but does now looking back [07:42] – The mindset needed for the system used in Macau [07:53] – He said it was lucrative but killed brain cells [08:30] – Sessions run 24 – 30 hours and some do doubles to play longer with VIPs [09:33] – It’s not professional; after 20 hours, they are delirious and need to release awkward energy [10:50] – He knows only 5-10 people who like it to some degree; most of the time they’re miserable and tired and are doing it for the money [11:55] – He got very bonded with the people he played with; everyone became friends [12:38] – How the VIPs play in Macau [12:48] – The ones that come back to play want to be good players but don’t care about losing money [13:20] – They don’t care about the game but get to make friends with pros [13:50] – Advice for player who want to get to high-stakes [13:55] – Decide whether you want to be good at poker or be good at poker and make money [14:20] – Poker is dynamic; GTO is not the angle [15:37] – You can’t ever practically apply the exact solver outputs; you work on assumptions that can be wrong [16:30] – Don’t get stuck on the theory part [17:20] – Things Wayne sees around mindset [17:35] – The biggest mindset flaw is that people take things too seriously [18:25] – Letting emotions get to you has a negative compounding effect at the table [19:10] –The money you have is more valuable than the money you earn; find your threshold and know how much money you need and what you can afford losing [20:50] – Know your emotional limitations around losses [21:13] – What Wayne would’ve done differently [21:50] – Strategy-wise, zoom out a few levels from where you are [23:10] – Wayne’s next steps [23:25] – He explored block chain and made investments [23:45] – He wants to educate, train, and empower others [24:05] – He plans on doing cryptocurrency education and feels he brings a fresh perspective [24:33] – He’s teaching people how to play and make money playing poker; it’s important to build soft skillsContact/Resources
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