Good at poker bad at trading, how could that be?
- Thread starter TripleJs
- Start date
Can you be more specific? ;-)
There are always exceptions to just about every universally held "truth" when it comes to trading success. If scientific smarts was the key - you'd have every STEM PhD trading full time and that's clearly not the case. If coding was the key - you'd have every computer programmer trading full time and that's clearly not the case. Same with poker players and autistic savants and the like.
I won my first hold'em tournament in Vegas 8 years ago and have been day trading since 1999. There are many similarities; and many differences.
in poker you know the difference between early vs. late position, putting villains on ranges, strength of your starting hand, table image, pot odds, variance Etc.
in trading the two most important things to really understand are ranges and risk management. scanning for strong charts to trade is a lot like deciding which hands to play and how to play them in poker. deciding whether to min bet, c-bet or shove is similar to position sizing in trading. It's a great topic once you know all the details.
we're all degenerate gamblers LOL the goal is making sure you've got an edge and shoving when you've got the odds in your favor
in poker you know the difference between early vs. late position, putting villains on ranges, strength of your starting hand, table image, pot odds, variance Etc.
in trading the two most important things to really understand are ranges and risk management. scanning for strong charts to trade is a lot like deciding which hands to play and how to play them in poker. deciding whether to min bet, c-bet or shove is similar to position sizing in trading. It's a great topic once you know all the details.
we're all degenerate gamblers LOL the goal is making sure you've got an edge and shoving when you've got the odds in your favor
To some elite traders here:
Saying a game of checkers shares some similarities to a game of chess, is not the same as saying that checkers IS the same as chess.
Now, apply that logic to poker and trading.
(I'm sure some of you can't, and will never see ANY similarities; and that's OK.
)
HTH
Saying a game of checkers shares some similarities to a game of chess, is not the same as saying that checkers IS the same as chess.
Now, apply that logic to poker and trading.
(I'm sure some of you can't, and will never see ANY similarities; and that's OK.
)HTH
Why would one think they are the same? Seriously, because there is money and stress? Unknown outcomes? Probabilities? One might as well compare trading to a marriage.
Skill matters. List all the skill needed for any discipline. The list for trading in pretty long and deep. If one cannot list all the skills needed then there is not much chance of long term success. Maybe start with that because the list is the starting point. List all the things traders need to make it consistently and not just the things that are in common with poker.
Hope that helps and NOT trying to be mean or demeaning.
Skill matters. List all the skill needed for any discipline. The list for trading in pretty long and deep. If one cannot list all the skills needed then there is not much chance of long term success. Maybe start with that because the list is the starting point. List all the things traders need to make it consistently and not just the things that are in common with poker.
Hope that helps and NOT trying to be mean or demeaning.
...nevermind.
I have no background in coding, which software is easy to use for backtesting?