Let's face it nobody is more valuable as an opinion provider than our @tommcginis. So thanks Sir for your post.
"Phew! Glad that's over."
Nope!
Last edited:
Poker -- Has your knowledge of poker improved your trading profits?
- Thread starter MACD
- Start date
"Phew! Glad that's over."
Nope!
"Phew! Glad that's over."
Nope!
Gross but still love that post tommcginnis.
THE best exchange trader I’ve personally ever met and known won many CHESS tournaments in Middle School and HS.
He’d occasionally stuff $200K into a gym bag and head off to Vegas but he really only did that a couple times per year. He enjoyed cards - Baccarat, Black Jack, Poker but he wasn’t some World Series of Poker honcho.
He’d occasionally stuff $200K into a gym bag and head off to Vegas but he really only did that a couple times per year. He enjoyed cards - Baccarat, Black Jack, Poker but he wasn’t some World Series of Poker honcho.
But isn't that how it can go in no-limit against a stronger player? I imagine the writers for the Rounders movie did a lot of research to get this stuff right. And from what I have seen watching poker on TV, the really good guys, there are actually folks out there who can do this sort of thing...
Thanks @Overnight -- great contribution and you are right. I taught one of the U.S.A top poker players about trading. He learned so fast it was incredible -- reason being he had the memory and the disciplined mind as well as the transferable skills from Poker to Trading. And Yes, when I was allowed as a guest at one of his no limit poker sessions he was able, usually, to know who at the table of 9 players was holding what and when. Truly amazing skill. Admittedly those at the table were often his usual players. Poker like trading is a "game" of Skill not Luck. But @Overnight Your Knew that. Enjoyed the video -- thanks.
I played poker full time for 6 years until 2011 when online poker pulled out of the US and i was forced to find another profession. I recently said this in a recent thread but this thread fits it perfectly so i'll say it again, poker have helped tremendously in helping me to become a profitable trader.
Here are a few things I can think of where poker have helped;
Emotional discipline: there isn’t a poker player in the world that can I say I have never tilt at the tables. I’m guilty of tilting at the tables many times but the experience with Poker helped to keep my emotions under control while trading. I hardly ever get affected by losses if I know I traded according to my plan. But if I was to ever feel that I am emotionally affected by losses or if I’m not all there mentality, I will immediately trade smaller or walk away and take a break.
The importance of a game plan and sticking to it: Because of poker from day one in my trading career I know not to worry so much about the amount of money won or loss when starting out but to concentrate more on your execution, trading small, learning, and following your trading rules.
Problem solving skills: I feel that the stock market is one big puzzle that is constantly changing and the more of it u solve the more money u will make. Poker have helped with my problem solving skills.
Pattern recognition: as an online player u can’t physically see ur opponent so u have to learn to analyze your opponents through betting patterns, timing tells, positioning, stake sizes, tendencies, playing statistics, past experiences, basic math, risk/reward, and guessing hand ranges. These experiences helped with my analytical skills and is useful In interpreting price action and reading graphs.
Thinking fast on my feet and multitasking: at one point in time I was able to play 20 tables simultaneously and u have a time bank to make your decisions so it forces u to think fast and multitask. Because of this, I can manage 8-10 day trades pretty efficiently and act fast base on what I see.
Adapting to changes: in order to make money at poker u have to adapt to the players at the table and this is no different in stocks because u have to adapt to market conditions.
Bankroll management: it’s pretty much the same concept for poker and stocks.
Here are a few things I can think of where poker have helped;
Emotional discipline: there isn’t a poker player in the world that can I say I have never tilt at the tables. I’m guilty of tilting at the tables many times but the experience with Poker helped to keep my emotions under control while trading. I hardly ever get affected by losses if I know I traded according to my plan. But if I was to ever feel that I am emotionally affected by losses or if I’m not all there mentality, I will immediately trade smaller or walk away and take a break.
The importance of a game plan and sticking to it: Because of poker from day one in my trading career I know not to worry so much about the amount of money won or loss when starting out but to concentrate more on your execution, trading small, learning, and following your trading rules.
Problem solving skills: I feel that the stock market is one big puzzle that is constantly changing and the more of it u solve the more money u will make. Poker have helped with my problem solving skills.
Pattern recognition: as an online player u can’t physically see ur opponent so u have to learn to analyze your opponents through betting patterns, timing tells, positioning, stake sizes, tendencies, playing statistics, past experiences, basic math, risk/reward, and guessing hand ranges. These experiences helped with my analytical skills and is useful In interpreting price action and reading graphs.
Thinking fast on my feet and multitasking: at one point in time I was able to play 20 tables simultaneously and u have a time bank to make your decisions so it forces u to think fast and multitask. Because of this, I can manage 8-10 day trades pretty efficiently and act fast base on what I see.
Adapting to changes: in order to make money at poker u have to adapt to the players at the table and this is no different in stocks because u have to adapt to market conditions.
Bankroll management: it’s pretty much the same concept for poker and stocks.
Last edited:
Dis b tru!
MattZ
Sponsor
I appreciate that you shared your experience. If I may ask: How do you find the concept of variance as it relates to trading? I find that Poker players realize that they have to give up most cards, just as good traders realize that there will be many losing trades. I just wanted to hear your perspective on that.
While poker and trading are quite different. I think poker players can translate easier to trading then other people. Skills that translate are money management / analytical thinking and ability to withstand volatility.