Failed Trading. Poker Success.

L

lundy

Hey, I used to be an active member of this forum.

I quit trading about 2 years ago after a few painful failures. I had a few hopeful restarts, but it ended bad.

I moved on. Now I play online poker for a decent living. I enjoy playing poker and I make enough money at low stakes to not have to work a 9-5 job... So, its a success.

I just want to tell people that trading may not be for them, especially if they are struggling or not enjoying it. Also the analytical skills required in trading seem to translate into poker.

Enough of trying to save you from yourself.

I had a blog about my poker discoveries but I quickly got bored of posting everyday. So I turned it into a basic guide.

For anyone interested in getting into online poker or just interested in how I did it, my blog is hosted at http://www.lowstakespokerpro.com

Good luck all.
 
Thanks for your comments. I think the pitfalls are similar to trading. However...

Poker is easier than trading. More information, less opponents.

Also everyone plays poker for different reasons. at the site I play at, most are just sports bettors trying to pass the time. The play is super loose.

I'm pretty sure everyone agrees your need a big roll to be successful at trading. Most online poker players start at low stakes so a bank roll of less than $500 will do.

I deposited only $100 into my account and i was sufficiently rolled for .05 - .10 cent NL. Because most low stakes poker players are terrible I was able to make $1000 in the first month. I quickly moved up, and I have withdrawn money every month since.

Poker is the easy choice for me.
 
Totally agree about how poker and trading are about money (risk) management.

To illustrate proper money management, the following links detail Chris "Jesus" Ferguson's goal of trying to turn $0 to $10k. He did it fast enough that his next goal is $100k maybe even $1 million.

Notice how he is in the middle of a bad downturn but if he applies his carefully detailed risk management, he should be able to get back on track.
Starting from Zero
From Zero to $10k
 
When you play poker on line you can pretty much pick your opposition level by the limit bet size game you chose. When you gamble on stocks you never really get a handle on your oppositions capabilities.Assume that it is very good.
 
Quote from MandelbrotSet:

Poker and Trading have a lot in common in that they are both all about your mindset and controlling your emtotions.
More...
... & thinking in probabilities.

R
 
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