Poker and the Beginning Trader

Quote from Bankedout:



Kempo,

Have you experienced any difficulties withdrawing winnings from the site?

I'm getting ready to start with real cash. I looked at Planetpoker.com, but there weren't enough players there. I like Paradise Poker quite a bit. What's your handle at Paradise? I'm Bankedout, the same as here.

My plan is to start at the $.50/$1.00 tables and move up from there, that is if I can grow my account enough to be well capitalized for the next monetary level.

Thanks in advance,

Banker
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Banker,

I have made 3 withdrawals(requested check) took about a week to arrive.

My handle is also the same as here, kempo. I was thinking of playing for a while. I'll look for you @ the .50/1.00 tables.

Good Luck!

kempo
 
Quote from kempo:



Banker,

I have made 3 withdrawals(requested check) took about a week to arrive.

My handle is also the same as here, kempo. I was thinking of playing for a while. I'll look for you @ the .50/1.00 tables.

Good Luck!

kempo
More...

Thanks Kempo,

I'm glad that they sent you the money per your requests. That's a good start. I still need to prove these things to myself, but it certainly helps my confidence to hear that you have done this before. I know there are many poor poker players out there, and it may be possible to turn consistent profits over time if the system they have built is legitimate as they claim it to be.

I wasn't planning on heading to the .50/1.00 tables when I wrote my post this morning. I looked through their website after I posted here. It seems professional to me. I'm deciding which route I want to take to fund my account with them, and then I will make it over to the .50/1.00 tables. Since the casino is open 24/7 I will probably be there during random hours. 24/7 is a big bonus in my opinion. I like to be able to conduct business whenever I want. That's part of what is drawing me to investigate the currency markets further.

Good luck to you too,

Banker
 
gottatrade

I believe that the most popular sites have been mentioned in this thread - you can search the old posts and get the addresses, or search google for ParadisePoker and for Planet Poker. At Planet Poker, you can play very low-limit games - these will be the cheapest if you are a beginner and want to learn the game.

Re: funding - visa is the quickest most efficient way, but many people are not eager to give their CC info to a gambling site. I have a CC that has a $500 limit on it, which I use for internet transactions. I have spoken to a few people who have requested their money from poker sites and there hasn't been a problem mentioned so far. You can also use FirePay or you can mail them a money order or you can wire the funds in.
 
Quote from traderNik:


Re: funding - visa is the quickest most efficient way, but many people are not eager to give their CC info to a gambling site. I have a CC that has a $500 limit on it, which I use for internet transactions. I have spoken to a few people who have requested their money from poker sites and there hasn't been a problem mentioned so far. You can also use FirePay or you can mail them a money order or you can wire the funds in.
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Funding is questionable, at least for me. I know my credit cards have guarantees regarding internet fraud, so that might be the best route to go. I looked at FirePay, and it just doesn't seem that credible to me. NeTeller didn't make me feel too confident either. You would think online money transaction service companies would put more effort into confidence building via their websites. I guess I'm just skeptical.

I still haven't funded my account. I'll probably go the credit card route once I do.

Banker
 
Not that I am recommending internet gaming.....what I did for funding was to set up a seperate bank account with an attached visa card. Place a couple of grand in there (limit any extended payments).....automatically transfer the payoffs to another bank account via the web. And, yes, I actually ended up net ahead a bit while doing this.

I really didn't want to give a real credit card with high limits out.....still a bit cautious, especially after meeting a couple of people who head up one of these websites while on my trip to Curacao.

I got paid every time, usually within 30 days. FWIW...

Don
 
I believe that the safest way is to send the money via Western Union. It is considered a wire transfer. You must contact the customer service department to get the wiring instructions.

It is quick, easy, and safe. But, it is more expensive.

Has anyone else used this method?
 
Quote from Stardust:

Zen and the Art of Poker: Timeless Secrets to Transform Your Game
by Larry W. Phillips

Great book about poker and trading.
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I bought this book on the suggestion of someone on this site...It is a lite read and I enjoyed it.

nitro
 
We've been using the "poker game" analogy for years, as it applies to trading. One of our traders, Chris Ferguson, actually won the "World Series of Poker" in 2001 ($1.5 Million ). He is not a "gambler" ( a PhD in Software), and his father is a Professor of Gaming Theory at UCLA.

The similarities are many...and you must realize that you only play poker when you have a true reason to do so. Gamblers simply "hope' to win, good traders and good poker players "expect" to win.

Good Post!!

Don

Don,

I am fascinated that you have Chris trading with you. He is a great poker player. I just saw him on TV playing on the partypoker.com cruise and he came in 4th I believe. I also saw his win in 2001 on TV as well. He must be a wizard with stats and probabilities. Since he does so well playing poker professionally I have to figure that he must do better trading or he wouldn't waste his time. Is this true? Could you bring him to the NYC Expo and we could all head to Foxwoods for some fun? Please? :D

Thanks
 
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