Good at poker bad at trading, how could that be?

RolloTape III said:
For the same reason an elite tennis player is not elite at golf. They are both different games lol. The tennis player has spent a lifetime of dedicated practice in their sport and not the other.

You clearly know how to player poker and have dedicated time on it. You have a verified method - probably some form of solid ABC poker (strong starting hands, good table position, C-Bet most flops etc) - and your positive PnL is direct feedback on this.

Trading is an entirely different beast (yeah it’s about probability, expectation yada yada...). Most people dabble with totally unverified methods. They cannot distinguish the difference between market behaviour and randomness and the market preys on this cognitive defect. Your negative PnL is direct feedback that most likely implies that you don’t have a verifiable method.

It is no coincidence you have rock solid “discipline” in poker yet tilt in markets.. and this is NOT down to psychology, mentality, performance states etc etc.. yawn

The common denominator is skill. You have skill in poker, and not trading. Before committing more money in trading (and going down the trading psychology route) prove that you have skill in it first.
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In poker odds is easy to calculate. I am 100% believe in the math and bet only when odds or expected return are in my favor，thats in a low limit game of course. where in trading，although I know almost every formation in books，but I am not certain with the percentage behind it and I see setup everywhere.
 
Bad_Badness said:
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.
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I know nearly all the things a trader need to do to be sucessful trust me, read most of the trading bible, but a lot of time I break these rule，I think because I don't really believe in them and I don't know any real trading mentor to prove to me one must follow these rules，my stubornness to do it my way causes me to lose money trading，now I think I will try follow these rule to convince myself these rules would work.
 
murray t turtle said:
%%
Exactly. And even a proven track record in any other business, even for long time/may not help@ all/in trading/investing
Trading /investing is not gambling+ i dont care how many time the WSJ told you it is LOL.
But to use pool hall gambling language;/
best way to lose ls is try to get rich quick\bet big. And if one like losing faster\ do that faster.
Anything that involves money may have some common ground.
WE used certain size coin in pool hall gambling/it shows up in markets a lot. BUT i think i will not mention that number /ttrading is not gambling/LOL:D:D:D:D:D. Get a library..... Edit=[NOT saying markets are filled with pool hall gamblers/LOL]
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Ya, 80-90% of any cross section of humans, whether dumb, smart, genius, old, young, rocket scientist...... they lose in trading.
So if trading and losing your ass isn't gambling - wtf is it???
 
sef88 said:
Ha!! My apologies. Out of all the tools in the link, I'm only familiar with Quantconnect which is coding based too.
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I use NinjaTrader. You can backtest with their end of day data for free.

There are other platforms out there too.
 
Bad_Badness said:
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.
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Yeah, that’s right.
It doesn’t matter if it is chess, poker, checkers or trading. All that matters is proper skills and knowledge to ace that game.
 
themickey said:
Ya, 80-90% of any cross section of humans, whether dumb, smart, genius, old, young, rocket scientist...... they lose in trading.
So if trading and losing ..... isn't gambling - wtf is it???
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%%
Its not gambling\ its called quitting or stupid risk/stupid plan.
Some times with 20/20 hindsight i took stupid risk, but may main problem with daytrading was not even over paying on comissions which i did.
My main problem was ''never day trade to much if your nickname = ''t turtle'' LOL

Common sense eventually works in any business. In other words even as good as his company was + is/he still sold/took partial profits we would call it. Investor/trader Bill Gates/MSFT And strangely/he did much better with MSFT than health care......................................................................................................
Some think insider selling is bad/actually its bad if they never do legal insider selling/LOL
I cut a loss on a trade last month/not gambling/its common sense.......:D:D:D:D:D:D:D
 
murray t turtle said:
%%
Its not gambling\ its called quitting or stupid risk/stupid plan.
Some times with 20/20 hindsight i took stupid risk, but may main problem with daytrading was not even over paying on comissions which i did.
My main problem was ''never day trade to much if your nickname = ''t turtle'' LOL

Common sense eventually works in any business. In other words even as good as his company was + is/he still sold/took partial profits we would call it. Investor/trader Bill Gates/MSFT And strangely/he did much better with MSFT than health care......................................................................................................
Some think insider selling is bad/actually its bad if they never do legal insider selling/LOL
I cut a loss on a trade last month/not gambling/its common sense.......:D:D:D:D:D:D:D
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It's common knowledge professionals use the term 'bet' when describing a trade.
What do you think that means?
 
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