Poker -- Has your knowledge of poker improved your trading profits?

Scataphagos said:
None of which have ANYTHING to do with trading... which was my original point.
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And that would depend on what kind of trader you are. Scalping ES is one thing; spreading interest rate Flys is another thing.
 
maximumpossiblesuffering said:
Poker and trading have several common denominators that have already been mentioned: Gaming theory and adjusting probabilities and decision making according to context (Not “Static”) just like trading. Poker is more about implied odds on what people are likely to do than it is about card odds. If you are a Poker player who only waits for proper starting hands for a given position, you will be exploited by better players in all but the lowest limits. At the lowest limits, the house edge can be hard to overcome, however. As a poker player, you are reading players while attempting to confuse players who are trying to read you. Again, players that have a static and defined style have exploitable weaknesses. In addition, overcoming competition is a another attribute that applies to success at both poker and trading.
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Excellent Post. Thanks @maximunpossiblesuffering. Really well stated.
 
Scataphagos said:
None of which have ANYTHING to do with trading... which was my original point.

Anybody looking for "insight into trading via poker knowledge" is fishing in a dry hole. There is ZERO correlation!
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I definitely respect your opinion. I also respect my own opinion as well as Goldman Sachs. For whatever reason, you seem to be coming off with very strong emotions on this subject. If this represents displacement because of a negative event in your life, so be it, and I hope things improve in that area for you. Please reread this thread tomorrow with an open mind to see if it might be appropriate to adjust your position on this subject, given the sound analysis by others.
 
MACD said:
It is important to realize, at least in my opinion, that when ones creates a Thread here, there is a serious obligation to be well intended and that it is posted for the benefit or all who share the same concerns of Real Value in their contributions. (How the posts Help others...) With that in mind here is a Free book (PDF format) that I paid $29.95 for many years ago at the suggestion of one of the most respected poker players in the U.S. -- I met him at a Karate class and he asked me "what do you do for a living". I told him I trade commodities. He asked if I would show him. We made a "date" to meet at a Starbucks and I brought a notebook computer to show him how I made money trading commodities. After about 2 hours -- he took me to a bookstore where he showed me a book on Poker. He suggested that buying the book would "make me a more successful commodity trader". He was right. I taught him trading and now he makes a substantial extra income -- and still plays high stakes poker everyday at the Bellagio Poker room making at least $3500 daily. Not bad huh? Turns out that he never graduated even high school. Now lives in what some might call a mansion in a gated community.

Here is the FREE book. Hope it benefits you as much as it has me.

http://www.datascienceassn.org/sites/default/files/The Theory of Poker Book - David Sklansky.pdf
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Oh, gimme a break.

If you REALLY know what you're doing in the financial markets, you could trade the ES for 2 points per day on a 20-lot. That's $500K/year... and you could do it with $10K initial margin. (I have a wealthy fried who claims to one year to have captured 9.5 points/day. Having that in mind, I haven't been able to do that well. But if he can make that, perhaps it's reasonable for you to make 2?)

Highly leveraged or not... as a trader you should be able to take 2 points/day from the ES. (If you don't feel capable of that, keep working on it. Rewards await.)

You don't have to "kill it". Grind out 2-points per day and you will wind up being the next Tom Vu.
 
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MACD said:
It is important to realize, at least in my opinion, that when ones creates a Thread here, there is a serious obligation to be well intended and that it is posted for the benefit or all who share the same concerns of Real Value in their contributions. (How the posts Help others...) With that in mind here is a Free book (PDF format) that I paid $29.95 for many years ago at the suggestion of one of the most respected poker players in the U.S. -- I met him at a Karate class and he asked me "what do you do for a living". I told him I trade commodities. He asked if I would show him. We made a "date" to meet at a Starbucks and I brought a notebook computer to show him how I made money trading commodities. After about 2 hours -- he took me to a bookstore where he showed me a book on Poker. He suggested that buying the book would "make me a more successful commodity trader". He was right. I taught him trading and now he makes a substantial extra income -- and still plays high stakes poker everyday at the Bellagio Poker room making at least $3500 daily. Not bad huh? Turns out that he never graduated even high school. Now lives in what some might call a mansion in a gated community.

Here is the FREE book. Hope it benefits you as much as it has me.

http://www.datascienceassn.org/sites/default/files/The Theory of Poker Book - David Sklansky.pdf
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thanks for this.... I read a few pages..yeah definitely a lot of similarities...
 
maximumpossiblesuffering said:
I definitely respect your opinion. I also respect my own opinion as well as Goldman Sachs. For whatever reason, you seem to be coming off with very strong emotions on this subject. If this represents displacement because of a negative event in your life, so be it, and I hope things improve in that area for you. Please reread this thread tomorrow with an open mind to see if it might be appropriate to adjust your position on this subject, given the sound analysis by others.
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There have been a few stories about fund managers hiring poker players to potentially juice their investment results. So far, haven't heard of any success from that effort. No surprise to me, as I view champion poker players having ZERO skills to transfer to markets trading. Some people like to compare poker trading to financial markets trading. I see that as comparing a "box of rocks to a fruit salad"... that is ZERO correlation whatsoever.
 
Scataphagos said:
There have been a few stories about fund managers hiring poker players to potentially juice their investment results. So far, haven't heard of any success from that effort. No surprise to me, as I view champion poker players having ZERO skills to transfer to markets trading. Some people like to compare poker trading to financial markets trading. I see that as comparing a "box of rocks to a fruit salad"... that is ZERO correlation whatsoever.
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Hi Scat,

So would you say that the concept of maximizing the size of one's wins and minimizing the size of one's losses does not transfer to trading/day-trading?
 
Maverick1 said:
Hi Scat,

So would you say that the concept of maximizing the size of one's wins and minimizing the size of one's losses does not transfer to trading/day-trading?
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Well of course. Unfortunately the dynamics of poker are not about that.
 
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