Former Poker player...Where do I start?

Quote from Scataphagos:

In a younger life, I play lots of poker. And after many years of trading, my view is that poker and trading are not very much alike.

Trading IS, however, much like card counting in Black Jack. That is, you need to be observant, keep up-to-date with the data, and be analytical... then when it appears the odds of a play are in your favor, get the money out.

In BJ card counting, you'll know when the deck is in your favor. It's more complex and less certain in trading.

Yes, this is absolutely correct.

Also, the risk managment oppurtunities are different.

In poker, when your money is in the pot, it isnt yours anymore, you only can win or lose the pot.
But in trading, the money is always yours and you decide when to get out and with how much you get out.

For example, you might not be correct with your overall bet about the price move, but you were right a little bit and it pushed you into profits and you have taken out your risk, and might been stopped out with no loss or have takin a small profit, when you have seen the odds changed against you.

Also, for longer time trades and position switching trade managment, you can everytime go in and out of a position when you want, and the price is allright, so long you expect the big move will come soon, while you use your money to work is some quicker trade, until this move will probably start.......

So you are much more flexible in riskmanagment in trading.

In poker you are not flexible at all in riskmanagment.

Poker have the badest risk managment opportunities i know.
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But Poker and Trading are both strategy games.
But Trading havent any luck involved, if you know what you do.
So, that means if you have 2 Aces in trading in your starting hand, you can bet your ass on it, that it will make you money, how much, will show the time, but at least you wont lose anything.
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But to be a good trader, you must be a master analyst, so as a good poker player, you have already a good sense for analysing and patterns reading, so it might be the right career for you.

Good luck:)
 
Quote from DuyLe:

Hey Guys,

I'm a former poker player. After the DOJ cracked down on pokerstars and fulltilt, I'm out of a job. I want to pursue a career in trading for obvious reasons... similar skills set etc... When I was playing poker, I was using 3 monitors running 24 tables of 6 max no limit poker @ 6-,000 -8,000 hands a day. I can intake a lot of information at once, recognize patterns easily, and am very analytical.

Any suggestions on what type of trading I should do? Where I should build a foundation? Coaching? Courses? Etc? I noticed that some established prop firms have training courses but they run from 1k to 10k depending on packages.

There is so much information out there and it seems like 90% of shady? I would really appreciate it if someone could provide me with any type of guidance.

This poster has been around the ET community since 2007 and has traded the markets since then. My question is why is he asking this question years after the poker bans came in and 4 years after he's started trading the market ?
 
Quote from wiesman02:

This poster has been around the ET community since 2007 and has traded the markets since then. My question is why is he asking this question years after the poker bans came in and 4 years after he's started trading the market ?
is that why they call you wiseman?
 
Quote from Swan Noir:

No ... the problems are much more basic than that. It is not that he can't add 2+2 and get 4 ... he cannot recognize that there is a difference between two pounds and two tons.

seems you think 2+2 =5? :eek: :eek: :eek: what I said is factually correct. when you make puns on my username like millions have done when they've been served, means you have nothing of substance to say:cool:
 
Quote from atticus:

Guy from Appaloosa made a few billion long bank stocks... while there are perhaps a dozen players at 500/1000 online.

you said it. trading is vertical leveraged because of horizontal limits but poker is mostly horizontal leveraged because of vertical limits. Who would bet a billion dollars on one poker game?
 
OK ... I guess your logical approach has me at the disadvantage. I concede ... your intellect is such that I simply cannot continue the debate.

Quote from failed_trad3r:

seems you think 2+2 =5? :eek: :eek: :eek: what I said is factually correct. when you make puns on my username like millions have done when they've been served, means you have nothing of substance to say:cool:
 
Quote from failed_trad3r:

seems you think 2+2 =5? :eek: :eek: :eek: what I said is factually correct. when you make puns on my username like millions have done when they've been served, means you have nothing of substance to say:cool:

9422593-portrait-of-mentally-ill-man-wearing-strait-jacket-in-isolation.jpg
 
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