http://www.elitetrader.com/vb/showthread.php?threadid=41577
The thrill of poker, the skill of trading
The thrill of poker, the skill of trading
Poker and the Beginning Trader
- Thread starter FanOfFridays
- Start date
When I play well, I win.
When I play poorly, I lose.
I usually play well. Sometimes, I do not.
If I play well, I may lose in the short term because I get sucked out on more often than expected, but in the long run, I win. I know, from watching the play of other players, that this is because I have a plan which is good enough that it provides a positive expectation in terms of outcomes over time. My plan wasn't that hard to formulate. Most of my opponents have no such plan.
Every time I make a mistake, I know it almost immediately. I have been playing for a while now and I still make mistakes. It is amazing to me because I have no interest in manifesting the behaviour which characterizes 'mistaken play'.
It is abundantly clear to me that those who will succeed in trading and in poker must be the type of people who, either by dint of effort or by natural inclination, are able to control their actions, and this must extend to non-trading activities. Alexander Elder's comments about people who know what they have to do to lose weight but are unable to do it ring more true every day.
I am eventually going to give daytrading a serious try, and I wonder how it will be then, with real money on the line. I have managed to give up some serious habits in my time, and it was not easy. I like to think of myself as a disciplined person.
The more I think about it, the more I suspect that those who fail at trading fall into one of two easily definable groups. Either they are
a) unable to formulate a plan which provides them with at least a reasonable expectation of a positive outcome over time or
b) unable to execute the plan
This implies that there isn't anything that difficult about trading, which is contrary to what I see written here all the time. It explains why some people can only trade systematically. It means that anyone who can formulate a decent plan and execute it can at least give it a good try. This is what I believe about online low buy-in NL Hold-Em.
But what about all the professional traders who have all that experience, all that knowledge, all those resources, and still lose money? Are they losing because of factors outside of their control or are they simply making mistakes?? This question is pretty relevant, IMO.
Is trading success all in our heads?
When I play poorly, I lose.
I usually play well. Sometimes, I do not.
If I play well, I may lose in the short term because I get sucked out on more often than expected, but in the long run, I win. I know, from watching the play of other players, that this is because I have a plan which is good enough that it provides a positive expectation in terms of outcomes over time. My plan wasn't that hard to formulate. Most of my opponents have no such plan.
Every time I make a mistake, I know it almost immediately. I have been playing for a while now and I still make mistakes. It is amazing to me because I have no interest in manifesting the behaviour which characterizes 'mistaken play'.
It is abundantly clear to me that those who will succeed in trading and in poker must be the type of people who, either by dint of effort or by natural inclination, are able to control their actions, and this must extend to non-trading activities. Alexander Elder's comments about people who know what they have to do to lose weight but are unable to do it ring more true every day.
I am eventually going to give daytrading a serious try, and I wonder how it will be then, with real money on the line. I have managed to give up some serious habits in my time, and it was not easy. I like to think of myself as a disciplined person.
The more I think about it, the more I suspect that those who fail at trading fall into one of two easily definable groups. Either they are
a) unable to formulate a plan which provides them with at least a reasonable expectation of a positive outcome over time or
b) unable to execute the plan
This implies that there isn't anything that difficult about trading, which is contrary to what I see written here all the time. It explains why some people can only trade systematically. It means that anyone who can formulate a decent plan and execute it can at least give it a good try. This is what I believe about online low buy-in NL Hold-Em.
But what about all the professional traders who have all that experience, all that knowledge, all those resources, and still lose money? Are they losing because of factors outside of their control or are they simply making mistakes?? This question is pretty relevant, IMO.
Is trading success all in our heads?
Hi Guys, Larry W. Phillips, the author of the great book "Zen and the Art of Poker" is visiting the Zen thread. Any poker questions?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=38333&perpage=6&pagenumber=53
http://www.elitetrader.com/vb/showthread.php?s=&threadid=38333&perpage=6&pagenumber=53
hi mousakka
Not sure if you already know of this, but - a lot of up-to-the-minute info can be found at
www.twoplustwo.com
free to read posts, or sign up for free and post your question there.
The action at Party Poker is still crazy, although a few people at 2 + 2 have suggested that it is becoming tighter. I can't believe it, personally. Maybe they were talking about higher limit tables. The NL 25 and 50 are just nuts, and by that I mean all in with ducks
Hi,
Just wanted to mention that Johnny Chan has a new book out geared toward beginning and intermediate players.
It's available at http://www.playLikeChan.com
Currently the copies are autographed, but I don't think that's going to last as he's not too into signing them.
Just wanted to mention that Johnny Chan has a new book out geared toward beginning and intermediate players.
It's available at http://www.playLikeChan.com
Currently the copies are autographed, but I don't think that's going to last as he's not too into signing them.
I'm sure you know this but I'll say it anyway - if I'm dead wrong someone will tell me fast enough.
I wouldn't expect the live ring games to be anything like the $25 NL tables online. If you have been playing online you know that at these low levels, you need to play your best hands to the hilt and expect big variance as you get sucked out on by guys calling you with poor odds. Your implied odds are generally a lot higher at these tables. Of course you can adapt to the texture of the table and start to get a bit trickier than purely tight-aggressive if you think it will work, but generally I find that simple play is best at these low limits online. Maybe it's just wishful thinking but I imagine that the tables at AC will be a lot tougher. [Wishful thinking because I can't play them and it would kill me to think that they were as easy as the PP tables
]I am not sure what level you will be playing in AC. Hopefully someone with experience at both PP and AC can help you out here.