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

[KCalhoun]

yeah... I am sorry man but it just pains me that you are being so rude to everyone and you clearly don't know much about poker at all. Yeah, maybe in the year 2000 this worked for you but not now haha. I have been a profitable poker player for years and I am new to trading. The more I learn, the more correlation i see with poker. I see you understand position strength and perhaps draw equity. but you clearly dont know anything about range. Range is the biggest "Indicator" that you can use but in relation to the other "indicators" such as pot odds, draw equity, fold equity, all stack sizes etc. Range takes people a lot of studying off the table to gain a adequate grasp. Range is a very complicated and vast subject but is king. So just like in trading, Its about using these indications that are not all concrete to attempt to make +EV plays opposed to -EV. So please stop acting like you know everything.

As for everyone else. yes there is a lot of correlations between the two. Going from a profitable poker playing to trading I assume will give you a leg up for many different reasons. However,if you are not a profitable poker player (in recent years) and have no desire to become one. It should be clear not to start training with poker analysis to assist with your trading. haha
Edit: Think of it like you were a great skateboarder. Transitioning to snowboarding you would have a leg up opposed to having no experience on a board. However you still need to go through a certain amount of the learning curve. So clearly you wanting to practice skateboarding only to become a better snowboarder just doesn't make sense because even tho they are similar, they're just not the same.

Right! Putting villains on ranges is critical, one of the most important skills to develop in hold'em. Negreanu and Ivey are masters.

See 2plus2 forum. On the flip side, being adaptive based on ranges you play in early vs late position is key.

I won my first small tournament 7 years ago.

 

[Overnight]

Sure, if you're counting the profile pick they uploaded to EliteTrader.

That's a BS answer, because it not only gets you out of answering the unanswerable question, but also shows your contempt for Jim Cramer.

 

[vanzandt]

Yeah, maybe in the year 2000 this worked for you but not now haha.

....I have been a profitable poker player for years and I am new to trading. The more I learn, the more correlation i see with poker. ....

As for everyone else. yes there is a lot of correlations between the two. .

Hahahha. No there's not. What you're seeing is viewed thru your own eyes. You don't know enough to know any difference. You need to listen to a pro. Year 2000 or otherwise. There's no correlation at all, unless maybe it's one's willingness to lose money and get over it fast. Or your ability to keep your cool when you're in the red.

The markets are gonna eat you alive son.
But welcome to the game anyway.
Throw some more money in that RH account.

 

[Evermore2017]

How many very successful traders where also successful in poker?

I guess almost none.

Successful online poker players with hundreds of thousands dollars/year in profits (+NL500):
- Most of the cases has millions of hands of experience
- develop their own complex strategies to fight against their opponents
- perfect money management
- improving and adapting every day

If you are a successful online poker player maybe you are not interested in trading, because both needed thousands of hours of experience and study.

 

[virtusa]

If you are a successful online poker player maybe you are not interested in trading, because both needed thousands of hours of experience and study.

I am an above average successful trader, but I never played any card game. Have no clue what poker is all about. So to me being good on poker is completely irrelevant.

Successful online poker players with hundreds of thousands dollars/year in profits (+NL500):
- Most of the cases has millions of hands of experience
- develop their own complex strategies to fight against their opponents
- perfect money management
- improving and adapting every day

Having these qualities is needed for many activities: in business you need them too.
So a good businessman is also a good trader?

 

[Symstep]

Hahahha. No there's not. What you're seeing is viewed thru your own eyes. You don't know enough to know any difference. You need to listen to a pro. Year 2000 or otherwise. There's no correlation at all, unless maybe it's one's willingness to lose money and get over it fast. Or your ability to keep your cool when you're in the red.

The markets are gonna eat you alive son.
But welcome to the game anyway.
Throw some more money in that RH account.

No they are not the same thing, just have a lot of similarities. There is. Especially in the over all psychology of the two. What you are seeing is through your eyes. Instead of being a bigot that struggles to understand abstract ideas, just go google it and do some research since you cant see that. yes the market may eat me alive just like online poker did my first year before obsessively studying. We will see

 

[Symstep]

Right! Putting villains on ranges is critical, one of the most important skills to develop in hold'em. Negreanu and Ivey are masters.

See 2plus2 forum. On the flip side, being adaptive based on ranges you play in early vs late position is key.

I won my first small tournament 7 years ago.

Absolutely. Ivey among others are on a god like level. Its insane. Congrats on your poker success. I read a statistic that only 10-15% of poker players are winning players. its a tough road to get there but rewarding. I look forward to trying to achieve this in trading especially since I read a similar statistic and if a success rate is achieved through sample size, exponential growth potentially is easier than in poker.

 

[vanzandt]

No they are not the same thing, just have a lot of similarities. There is. Especially in the over all psychology of the two. What you are seeing is through your eyes. Instead of being a bigot that struggles to understand abstract ideas, just go google it and do some research since you cant see that. yes the market may eat me alive just like online poker did my first year before obsessively studying. We will see

Bigot lol!? Where the f does that come from dude? Bad choice of a word there buddy in conveying the point that you are attempting to make. But that aside... I am the king of abstract ideas. I think anyone thats been here on ET long enough can attest to that. Pretty sure that's the ONLY part of my brain that works. I've done well with it. But whatever on that.

Now, here's the thing, and I apologize if I came off a bit condescending initially. All the things you said are true regarding the qualities of a good trader. But as another poster pointed out, those traits are pretty much required to rise to the top of any field. So yes... if you are going to be successful, and I hope you are... 1000%... those traits must be adhered to. So make sure you adhere. You will definitely be ahead of the game out of the gate. But that's where the similarities end.

The markets have a mind of their own, you can't go all in and bluff the S&P. You can't see the face of the cat on the trading desk that has access to millions plus leverage that's just waiting for enough suckers to go short or long a hyped up low float stock of the day so he can come in and in the matter of hours make 5% in one direction or the other, or both, gaming retail $'s. Not only can you not see him... you don't even know if he exists or not.

That covers low float stocks. Lets look at high volume stocks. Fang stocks. How will poker, aside from the discipline you described help you trade Apple intra-day? Explain that to me.

So you are right... those skills help... but you don't need 1000's of hours playing poker to learn them. You can write them on a post-it note and stick it on your monitor. Stick to them and you might have a chance... but you WILL need 1000's of hours of watching everything market-wise before you'll be consistent making money as a trader.

Like I said, welcome to the game. Keep us posted.

 

[m1nt]

In poker, you can control who you play against. In trading, you can't.

I kinda wished I could get into poker, but I would go for the straight suckers and I don't enjoy looking someone in the eyes and destroying them. Plus, I find poker boring.

I did do well, however, in online poker about 15 years ago when it was fairly new.

 

[virtusa]

If you have to be a good poker player to be good trader, then the majority on ET are louzy poker players.