Poker and the Beginning Trader

Quote from Magna:

If it feels like a sucker game to you it will probably show up that way in the results of your trading. Anyway, you could easily be right that playing online poker may well be simpler than trading, so good luck.
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My intention was not to insult Gordon, but to help him. Poker had been suggested to him on his other thread "I know this is obvious, but . . .", and he remarked that he doesn't play poker and so the comments about poker were a bit obscure to him. I just think it would be so easy for him to learn this game on these online sites, and that he'd actually not only enjoy it but probably be good at it. I said I think he is smart and I mean that sincerely. I myself am also smart. But that doesn't guarantee that I can make any dependable guesses about the stock market. Because the stock market's movements are random, or at the least not very straightforward to the nontechnician.

Compared to the stock market, I find these poker games to be exceedingly predictable. And maybe if he tries out the poker game online, if nothing else it may help him understand the poker analogies that are cited by people on here. Which might in some small way help him to achieve the better trading results he is hoping for.
 
the quote you refer too is:

"those who think they can and those who think they can't... are BOTH correct"!

Ice:cool:

And if you recall the Gekko character in WS said: "Every battle is won before it is ever fought."

Those who think that is just a platitude will lose money trading.
 
I've traded successfully for ten years,
Played profitable poker for about the same
and played backgammon well for many years etc.

Playing poker, backgammon, liars poker, or
whatever game that has the possibility for
for positive expectancy with the right system,
will help you to become a better trader, as long
as you play for an amount of money that is
meaningful to you.

If you are already good at these games, having
them listed on your resume will often get you
an interview at top tier wall street firms.

I personally know many people on wall street,
who otherwise would never have had a shot,
get great jobs because they are top gamblers.

David Anderson
 
Quote from iceman1:

And if you recall the Gekko character in WS said: "Every battle is won before it is ever fought."
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I believe this was one of those ancient Chinese "zen" (actually Confucianist) quotes. I'm sure the Wall Street character said it, but was requoting an ancient maxim.

Speaking of MXIM, got hit by INTC drop today.
 
Quote from iceman1:

the quote you refer too is:

"those who think they can and those who think they can't... are BOTH correct"!

Ice:cool:

And if you recall the Gekko character in WS said: "Every battle is won before it is ever fought."

Those who think that is just a platitude will lose money trading.
More...

actually, bud fox said that. he also gave credit to sun tsu "the art of war"

best,

surfer
 
Quote from Madgenius:

I've traded successfully for ten years,
Played profitable poker for about the same
and played backgammon well for many years etc.

Playing poker, backgammon, liars poker, or
whatever game that has the possibility for
for positive expectancy with the right system,
will help you to become a better trader, as long
as you play for an amount of money that is
meaningful to you.

If you are already good at these games, having
them listed on your resume will often get you
an interview at top tier wall street firms.

I personally know many people on wall street,
who otherwise would never have had a shot,
get great jobs because they are top gamblers.

David Anderson
More...




i.e. bill gross
 
Finally NETeller credited my account the $1,000 they withdrew from my bank account on monday.

I transferred $300 into my Casino account at 11:15am today.

Started playing the game I had determined to be the easiest to profit on. It was a "Power Poker", that gives you 4 poke hands at once. Started off writing down each play I made, noting the amount of money, the hand won, of each hand in order. Of course, that was slowing me down a bit, but I wanted to at least keep a thorough record at the beginning. By 12:15pm, I had played 100 hands, and I was down to $235. I decided to stop writing each hand, and just start playing.

It got down as low as $205, then at 12:34pm I got back to $250 with a $40 win on a hand that was:
3 of a kind/3 of a kind/3 of a kind/4 of a kind

Then at 12:36pm, I got a Royal Flush. Payoff was $1,005

So now my account says $1,240. I quit then and there and came here to write this.

So in my first 1¼ hour playing, playing only one game, I was down 33%. Three minutes later I was up $940 from my initial $300.

May be time to check the horoscopes, with Gordon making an easy $3,000 today, and me making another $1,000 . . . each in our own way according to our own preferences and abilities. Must be something in the stars?
 
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