Did you even go to Firepay? http://www.firepay.com/default.asp
There isn't even an address or a phone number. I mean come on, give me a break. I'll just give my bank account number to any old website....
Banker
Poker and the Beginning Trader
- Thread starter FanOfFridays
- Start date
Did you even go to Firepay? http://www.firepay.com/default.asp
There isn't even an address or a phone number. I mean come on, give me a break. I'll just give my bank account number to any old website....
Banker
Quote from Good_Attitude:
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?
Thanks
I wish I could...but he is a pretty busy guy....we see him a few times a year in Vegas.......
See you in NYC...
Don
the same can be said for blackjack too. Don, i was wondering your opinion of which game is more similar to trading, poker or 21.
assuming all other things being equal what game has th ebest edge, 21, poker, or even throw trading into the mix.
Bankedout
No, didn't really check out Firepay, just noticed that it's an option... so you have to give them your bank account number??
Sounds like a wire transfer would be the best thing for you. Good luck.
IMHO, blackjack is not quite as analogous to trading as is poker.
In 21, the player must "trade" every hand, there is no choice to enter or not. In poker, almost every hand let's you decide if you have an entry signal. The exception being the blinds. In 21, once your bet is on the table, it is for the most part static (except for splits & double down). In poker, if you feel the hand(trade) is going your way, you can aggressively add to your position by betting or raising. Or if you want to see more information you can just check.
Most importantly, IMHO, in 21 you are playing against a built in house edge. Blackjack from the casino's pererspective is very much like trading. They just do the same thing over and over and over--and they make their money. The 21 player is not the house.
In poker, with correct play, you are the casino(you only pay a table commission to the house). You are trading against people who do not play poker as well as you. That is your edge. And if you keep your edge and stay disciplined, you will win in poker and in trading.
kempo
Actually funding your internet poker account is quite hard. Your credit card will not work (at least if you live in the united states). While the sites say that that is one way to fund the account they just won't accept these charges anymore. PayPal no longer works. I know that nettellier will work but you will have to set it up to take funds from a bank account. I know nothing about firepay................I wanted to play on line but found funding the account again so difficult that I gave up. Someone suggested western union. I think that you will have to pay some sort of vig but this may still be a good option. Anyway if you guys are really interested in this do a search of rec.gambling.poker on this topic and you will find more anecdotal info then anybody could possibly want. Good Luck............
But my ATM/Debit card works.
TraderNik
Were you playing for real money? How did you fund the account if you did?
The best way to fund the account is through either NETeller or FirePay. Many Credit Cards will not allow you to fund online casinoes with them (the one smart move credit cards have made). Even if the casino will accept your credit card, they will add about a 6% charge for funding that way. I guess that's the fee that the credit card charges them as merchants. The NETeller and FirePay are free for you. So you can put $100 in the account for $100. You would spend about $106 to put $100 in the account on a credit card. The Virtual ATM is similar to NETeller and FirePay but they have some slight fees for certain transactions too, or for creating the account I think.
The NETeller and FirePay are basically ACH transfers from your bank. It's the simplest quickest and free way to transfer funds. If you for one moment thought there was anything funny going on, you could call your bank and instruct them not to honor any withdrawals from your account to those companies.
You don't want them having your bank account number? Well guess what. If you would rather send a check to a merchant than provide your bank routing and account number to an ACH service, that same information is on every personal check you send. They're going to know your bank account number whether you create an ACH account or mail a paper check. That's how it works.
Sending a bank wire will cost you $10-$25, and probably won't be credited to your NETeller or FirePay account any quicker than the free ACH transfer (which is also more convenient and quicker for making withdrawals from the casino back to your bank account).
I would never play an online casino game that was just me against the computer, because obviously that game can be absolutely rigged. But most of these poker games are you against other private suckers like yourself. The casino doesn't need to rig the software, because the set-up itself is thoroughly rigged in their favor. They get a 1%-5% cut of every hand dealt. It's exactly like a brokerage. The one group guaranteed to make money in an active stock or commodoties market, regardless of what happens in the market, is the brokers. They make commssions on both sides of every trade, while we worry about whether it's a winning trade or a losing trade, all they have to do is ensure that we keep trading. The casino makes 1%-5% per hand. That doesn't sound like much, does it. But they get that cut on each successive hand dealt. If 10 people sat at a poker table, with $10,000 each, and kept playing continuously without anyone ever leaving, there's only a limited number of hands that could be played before the House had $100,000, and the ten players had nothing.
The online casinos provide this opportunity for themselves, without even the expenses and problems of maintaining an actual physical casino location, needing rent, utilities, staff, bodyguards, police protection, etc. They have no need to rig the poker software itself. That fact may be worth considering in any analogies about the stock market. Think about it. Where does all the money in the stock market come from and go to? When you figure that if no-one ever put new money into the stock market from outside sources, the brokers would eventually own practically all the money, from the commissions. Same thing with taxes. The government eventually gets all money back, taking a 5% cut of each transaction. Neat swindle for those that can get it going. So it's in the interest of the online casinos to keep their system reputable so customers keep returning time after time bringing fresh supplies of funds from the outside.
Anyone looking for directories about online poker can try here:
www.poker.net/po_directory.php
there's a zillion sites
for more poker related sites:
http://www.pokerroom.com/goodies-links/
Were you playing for real money? How did you fund the account if you did?
The best way to fund the account is through either NETeller or FirePay. Many Credit Cards will not allow you to fund online casinoes with them (the one smart move credit cards have made). Even if the casino will accept your credit card, they will add about a 6% charge for funding that way. I guess that's the fee that the credit card charges them as merchants. The NETeller and FirePay are free for you. So you can put $100 in the account for $100. You would spend about $106 to put $100 in the account on a credit card. The Virtual ATM is similar to NETeller and FirePay but they have some slight fees for certain transactions too, or for creating the account I think.
The NETeller and FirePay are basically ACH transfers from your bank. It's the simplest quickest and free way to transfer funds. If you for one moment thought there was anything funny going on, you could call your bank and instruct them not to honor any withdrawals from your account to those companies.
You don't want them having your bank account number? Well guess what. If you would rather send a check to a merchant than provide your bank routing and account number to an ACH service, that same information is on every personal check you send. They're going to know your bank account number whether you create an ACH account or mail a paper check. That's how it works.
Sending a bank wire will cost you $10-$25, and probably won't be credited to your NETeller or FirePay account any quicker than the free ACH transfer (which is also more convenient and quicker for making withdrawals from the casino back to your bank account).
I would never play an online casino game that was just me against the computer, because obviously that game can be absolutely rigged. But most of these poker games are you against other private suckers like yourself. The casino doesn't need to rig the software, because the set-up itself is thoroughly rigged in their favor. They get a 1%-5% cut of every hand dealt. It's exactly like a brokerage. The one group guaranteed to make money in an active stock or commodoties market, regardless of what happens in the market, is the brokers. They make commssions on both sides of every trade, while we worry about whether it's a winning trade or a losing trade, all they have to do is ensure that we keep trading. The casino makes 1%-5% per hand. That doesn't sound like much, does it. But they get that cut on each successive hand dealt. If 10 people sat at a poker table, with $10,000 each, and kept playing continuously without anyone ever leaving, there's only a limited number of hands that could be played before the House had $100,000, and the ten players had nothing.
The online casinos provide this opportunity for themselves, without even the expenses and problems of maintaining an actual physical casino location, needing rent, utilities, staff, bodyguards, police protection, etc. They have no need to rig the poker software itself. That fact may be worth considering in any analogies about the stock market. Think about it. Where does all the money in the stock market come from and go to? When you figure that if no-one ever put new money into the stock market from outside sources, the brokers would eventually own practically all the money, from the commissions. Same thing with taxes. The government eventually gets all money back, taking a 5% cut of each transaction. Neat swindle for those that can get it going. So it's in the interest of the online casinos to keep their system reputable so customers keep returning time after time bringing fresh supplies of funds from the outside.
Anyone looking for directories about online poker can try here:
www.poker.net/po_directory.php
there's a zillion sites
for more poker related sites:
http://www.pokerroom.com/goodies-links/