agree with archangel1, above. i think this is one of the best threads on ET. absolutely fantastic thread starting post by traderNik, as well.
i've known about this thread for a while, but up until a few days ago, i never really knew how to play poker; i just had not played cards much. i started playing on yahoo and now that i'm getting the hang of it, IT IS SO MUCH LIKE TRADING. i started with $1000 on yahoo and i already got up to over $1800 within 3 days of learning how to play (and no, i did not play wildly). being familiar with trading definitely helps when playing poker, and i would also say that successful poker playing probably can help with trading, too. i say this because it reinforces the behavior you need for successful trading.
i would bet most people lose money playing poker for many of the same reasons people do trading. there's an older thread by vegasoul discussing the idea that people, by nature, are terrible with risk and financial decisions. i totally agreed with the point made in his thread. EDIT: here is that thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=20848
i am no poker expert, but here's an example from what i've seen so far: say your cards are not that strong and at the flop, 2 kings come up. i tend to fold here if there are a lot of players because someone may have a king and i'm already in a bad position. so cut the loss short and play the next game. i've seen so many poker players play on 'til the end and lose to someone who had a king.
in trading, a similar example would be: you enter a position, immediately you see problems, but you hold on hoping for some chance that it goes you way eventually, but then in the end you exit with a big loss...and you feel terrible because you saw the problems earlier.
i could go on and on. another poker example would be how you feel after a big win or a big mistake. instead of doing something risky, just keep doing what works...but a lot of people probably don't do that and make foolish plays.
here's 1 more.... i fold right away all the time when my cards suck. i see so many players playing bad cards eager to win/make some money. in trading, that's similar to staying out of the market and waiting for the best trades.
poker rules...i like it already.
i've known about this thread for a while, but up until a few days ago, i never really knew how to play poker; i just had not played cards much. i started playing on yahoo and now that i'm getting the hang of it, IT IS SO MUCH LIKE TRADING. i started with $1000 on yahoo and i already got up to over $1800 within 3 days of learning how to play (and no, i did not play wildly). being familiar with trading definitely helps when playing poker, and i would also say that successful poker playing probably can help with trading, too. i say this because it reinforces the behavior you need for successful trading.
i would bet most people lose money playing poker for many of the same reasons people do trading. there's an older thread by vegasoul discussing the idea that people, by nature, are terrible with risk and financial decisions. i totally agreed with the point made in his thread. EDIT: here is that thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=20848
i am no poker expert, but here's an example from what i've seen so far: say your cards are not that strong and at the flop, 2 kings come up. i tend to fold here if there are a lot of players because someone may have a king and i'm already in a bad position. so cut the loss short and play the next game. i've seen so many poker players play on 'til the end and lose to someone who had a king.
in trading, a similar example would be: you enter a position, immediately you see problems, but you hold on hoping for some chance that it goes you way eventually, but then in the end you exit with a big loss...and you feel terrible because you saw the problems earlier.
i could go on and on. another poker example would be how you feel after a big win or a big mistake. instead of doing something risky, just keep doing what works...but a lot of people probably don't do that and make foolish plays.
here's 1 more.... i fold right away all the time when my cards suck. i see so many players playing bad cards eager to win/make some money. in trading, that's similar to staying out of the market and waiting for the best trades.
poker rules...i like it already.
