bad idea, imo, baker, when you start second guessing yourself and playing differently thats when you can really hurt yourself and throw off a long term edge...the way i play anyway, is all prob and stats and odds, so...i.e. if you start mucking a hand how do you know thats not the day its going to make you money, the reason you play it is is going to make money long term so you have to stick with it to realize that "edge"...only time i slightly adjust play is how the table is playing...
Poker and the Beginning Trader
- Thread starter FanOfFridays
- Start date
bad idea, imo, baker, when you start second guessing yourself and playing differently thats when you can really hurt yourself and throw off a long term edge...the way i play anyway, is all prob and stats and odds, so...i.e. if you start mucking a hand how do you know thats not the day its going to make you money, the reason you play it is is going to make money long term so you have to stick with it to realize that "edge"...only time i slightly adjust play is how the table is playing...
On wednesday I played the two free multitable tournaments on Pokerroom. At 9:00 am I lasted until 10:00, made it to about #360 out of about 660 players.
At 3:00 pm I lasted to 4:30 pm and made it to number 151 out of 800!
It gets crazy at the end, with $400 to call and $800 to raise.
At 3:00 pm I lasted to 4:30 pm and made it to number 151 out of 800!
It gets crazy at the end, with $400 to call and $800 to raise.There are 6 Casino & Gaming stocks with over one billion dollars capitalization. HET IGT MBG PPE STN WYNN.
Most of them are in a down trend along with the rest of the market. But the largest capitalized company of the six, which just hit new highs this week, is IGT International Gaming Technology.
They don't run a casino, they create the software.
There were 48 other stocks listed in Casino & Gaming sector, with under one billion dollars capitalization. I'll go back later and see if I can sift out the other software or systems providers from those 48.
Most of them are in a down trend along with the rest of the market. But the largest capitalized company of the six, which just hit new highs this week, is IGT International Gaming Technology.
They don't run a casino, they create the software.
There were 48 other stocks listed in Casino & Gaming sector, with under one billion dollars capitalization. I'll go back later and see if I can sift out the other software or systems providers from those 48.
I understand that several trading firms include poker as part of the trading for their new employees.
Hi all,
After being an avid lurker on elite, I finally saw the right opportunity to make my first positive contribution. Amazingly, its not even on trading but on poker.
I started playing poker seriously about 3 years ago, and I wouldn't even characterized myself a winning player until the end of 2001, about 2 years of losing. Ive studied all the books....lee jones, sklansky, caro, brunson, malmuth, ciaffone, mcevoy, and I own the wilson turbo software. Since the beginning of last summer I am up over 15 grand. I usually play 15/30 to 20/40 stud or hold'em whichever game is better.
As much as my poker friends want me to take a shot playing poker professionally, that lifestyle does not really intrigue me. Maybe I am just too nice a guy but on numerous occassions when I have made a score I would only go home somewhat peeved because of the rude jerks at the table, or the ones at the table that always comment about the sucker play(not to mention the smoke and just the 12 hour sessions). More importantly the girlfriend that can't see poker past gambling. I do know lots of pros and they really tried to instill in me that you have to make poker your life, because if you don't live breathe think poker then mentally it would just be too tough to grind out consistent wins.
Anyway, I always knew that being a winning poker player would help me out in trading, just I was always a bit skeptical of telling my interviewer, "hey a pocket pair in hold'em is an 11/10 favorite heads up against 2 overcards before the flop" There's many similarities with trading and poker, most of them coming down to stacking the odds in your favor. In the long run in poker all your actions should have a postive EV. Every once in a while you'll get a bad beat but you have to remember Short-term luck is what keeps the fish from coming back, you won't make money off of a good player. If you truely are a winning player in the long run the only one who beats you is yourself, more specifically not going on tilt. For those that don't know, "tilt" is when you do something in poker that you know is not the right play but you do it anyway such as raise under the gun k-j offsuit or you cold call 3 raises with pocket 7s.(remember I play mid-limit poker10/20-30/60...different strategy applies in lower or higher games)
During the biggest rush of my life, about a couple weeks ago when I was playing at a club in Queens a lady asked me what I did for a living. I didn't know how to answer that, Here I am crushing a 20/40 stud game and I was about to tell her that I wait tables at Fridays. I decided to give my other ambition in life out which was become a trader. In college I thought poker would just be my hobby, where trading would be my career. A good day at the table playing 20/40 would be taking off a grand, maybe 2 with a good run of cards(Usually the bigger the rush the more you're pushing the envelope with starting hands, you really are only supposed to be looking for one big bet an hour). I am sure a great day of trading would make 2 grand look like one of those white chips at the casino.
I interviewed with a couple of pro firms in manhattan, I got turned away from many firms because my gpa wasnt stellar, but luckily one firm I liked was able to see past that and also did not require any initial capital. Maybe I was meant to be a pro poker player, maybe I am supposed to be a pro trader, who knows..maybe I'll end up a priest. Ill keep you guys up to date with what happens. Im the perfect test subject for this thread!
PM me with poker questions if needed
After being an avid lurker on elite, I finally saw the right opportunity to make my first positive contribution. Amazingly, its not even on trading but on poker.
I started playing poker seriously about 3 years ago, and I wouldn't even characterized myself a winning player until the end of 2001, about 2 years of losing. Ive studied all the books....lee jones, sklansky, caro, brunson, malmuth, ciaffone, mcevoy, and I own the wilson turbo software. Since the beginning of last summer I am up over 15 grand. I usually play 15/30 to 20/40 stud or hold'em whichever game is better.
As much as my poker friends want me to take a shot playing poker professionally, that lifestyle does not really intrigue me. Maybe I am just too nice a guy but on numerous occassions when I have made a score I would only go home somewhat peeved because of the rude jerks at the table, or the ones at the table that always comment about the sucker play(not to mention the smoke and just the 12 hour sessions). More importantly the girlfriend that can't see poker past gambling. I do know lots of pros and they really tried to instill in me that you have to make poker your life, because if you don't live breathe think poker then mentally it would just be too tough to grind out consistent wins.
Anyway, I always knew that being a winning poker player would help me out in trading, just I was always a bit skeptical of telling my interviewer, "hey a pocket pair in hold'em is an 11/10 favorite heads up against 2 overcards before the flop" There's many similarities with trading and poker, most of them coming down to stacking the odds in your favor. In the long run in poker all your actions should have a postive EV. Every once in a while you'll get a bad beat but you have to remember Short-term luck is what keeps the fish from coming back, you won't make money off of a good player. If you truely are a winning player in the long run the only one who beats you is yourself, more specifically not going on tilt. For those that don't know, "tilt" is when you do something in poker that you know is not the right play but you do it anyway such as raise under the gun k-j offsuit or you cold call 3 raises with pocket 7s.(remember I play mid-limit poker10/20-30/60...different strategy applies in lower or higher games)
During the biggest rush of my life, about a couple weeks ago when I was playing at a club in Queens a lady asked me what I did for a living. I didn't know how to answer that, Here I am crushing a 20/40 stud game and I was about to tell her that I wait tables at Fridays. I decided to give my other ambition in life out which was become a trader. In college I thought poker would just be my hobby, where trading would be my career. A good day at the table playing 20/40 would be taking off a grand, maybe 2 with a good run of cards(Usually the bigger the rush the more you're pushing the envelope with starting hands, you really are only supposed to be looking for one big bet an hour). I am sure a great day of trading would make 2 grand look like one of those white chips at the casino.
I interviewed with a couple of pro firms in manhattan, I got turned away from many firms because my gpa wasnt stellar, but luckily one firm I liked was able to see past that and also did not require any initial capital. Maybe I was meant to be a pro poker player, maybe I am supposed to be a pro trader, who knows..maybe I'll end up a priest. Ill keep you guys up to date with what happens. Im the perfect test subject for this thread!
PM me with poker questions if needed
Hey SUPat
Good to hear from you. For someone who is just completing his 75th hour at the Paradise poker .50/1.00 tables, your post is encouraging, because success at this has come slower than at anything I've ever tried. I didn't think I'd EVER be a losing player when I started out, but these micro-limit tables defy my well-laid plans a lot of the time. Hope you don't regret your offer to field poker questions because I am about to PM you with more than one
Your comments about a realistic winning expectation being 1BB/hour really got my attention. The variance at the .50/1.00 tables is just so huge. I can easily take 20 BB in a couple of hours or lose the same, playing what I believe is close to the same strategy each time(Lee Jones).
I wish you the best of luck in finding the right firm if you're interested in prop trading. Let us know how it works out.
Good to hear from you. For someone who is just completing his 75th hour at the Paradise poker .50/1.00 tables, your post is encouraging, because success at this has come slower than at anything I've ever tried. I didn't think I'd EVER be a losing player when I started out, but these micro-limit tables defy my well-laid plans a lot of the time. Hope you don't regret your offer to field poker questions because I am about to PM you with more than one
Your comments about a realistic winning expectation being 1BB/hour really got my attention. The variance at the .50/1.00 tables is just so huge. I can easily take 20 BB in a couple of hours or lose the same, playing what I believe is close to the same strategy each time(Lee Jones).
I wish you the best of luck in finding the right firm if you're interested in prop trading. Let us know how it works out.
Really I prefer 100 times trading to poker, I really don't see any thrill in this game of "aggression, bluffing, semi-bluffing"
"Poker demands many skills and strategies. To be successful, you must be able to master all of them and then apply them at the appropriate times. They include proper hand selection, appropriate aggression, bluffing, semi-bluffing"
I agree that poker can learn discipline but I think that it also attracts people only looking for thrill of actions and that's not suitable for trading.
As for the game theory of poker itself It can be interesting, I will perhaps study it one day
"Poker demands many skills and strategies. To be successful, you must be able to master all of them and then apply them at the appropriate times. They include proper hand selection, appropriate aggression, bluffing, semi-bluffing"
I agree that poker can learn discipline but I think that it also attracts people only looking for thrill of actions and that's not suitable for trading.
As for the game theory of poker itself It can be interesting, I will perhaps study it one day
Quote from traderNik:
Hey SUPat
Good to hear from you. For someone who is just completing his 75th hour at the Paradise poker .50/1.00 tables, your post is encouraging, because success at this has come slower than at anything I've ever tried. I didn't think I'd EVER be a losing player when I started out, but these micro-limit tables defy my well-laid plans a lot of the time. Hope you don't regret your offer to field poker questions because I am about to PM you with more than one
traderNik,
I was in your shoes also until I moved to the 1/2 tables, It seemed like I couldn't get ahead at the .50/1 tables on paradise. I don't want to tell you wrong but you might give it a try on the 1/2 games. I have less variance now and slowly grinding out the wins.
Just a thought
wdbaker