Well, I would never put myself in that spot, why do you? Aren't you a position trader? Don't you want to find spots your comfortable in? Isn't NQ jumping up 20 points a known possibility when you enter the trade? Just like a 2% outer can get you on the river when you are already all in on the turn?
Poker player moving to trade/advise please
- Thread starter Bye aces
- Start date
The key difference between poker players and traders is that poker players have much more time to make a decision, relative. Your chips do not wisk away from under you in one second while you are making a decision on what to do with your hand, yes? Do I understand poker properly?
I would think so, I have been playing it for quite a while.
Of course, I play poker with no picosecond timer. If you are playing speed poker, if that IS such a thing, then MAYBE I can understand what you are on about. Otherwise, I do not see the similarities.
Among the top poker players, the vast majority of them have serious, compulsive gambling problems. Only certain older veteran players that have diversified into more stable investments, achieve any level of financial stability.
Very aggressive, well-timed gambling is required for poker success, whereas in trading one can practice various forms of arbitrage without ever taking a major risk.
Trading and poker attract a very different psychological type. You can be great at one or the other, but rarely at both. You’re either an arbitrageur that minimizes volatility or a gambler that feeds off action and chooses high volatility.
Applying poker variance to trading will always result in disaster, and applying trading discipline to poker results in a weak/tight playing style which guarantees losing. The only overlap is understanding the nature of randomness and zero-sum games.
You had all the time in the world before you decided to place your trade and position it properly. If you dont want to be exposed to 20 point moves that's your descison. Once your trade is in, you are at the mercy of the market. How is that any different than poker? Once you place a bet, time is irrelevant because it's not your turn. Whether your opponent decides to call your all in bluff in a pico second or an hour, it does not matter.
Anyways, I'm off to the clubs(friends bday) chat lata!
Anyways, I'm off to the clubs(friends bday) chat lata!
Enjoyed reading this thread - have to say though that as a previous UK poker player against the US time zone players that there is certainly no resemblance to trading. Entirely agree with @Overnight and his posts, all be them comical to read...yet spot on.
That's IT! In trading time DOES matter, you goober. In poker, time is irrelevant, as you say. In trading, time is the most relevant aspect! *sighs* How are you not getting this?
"Once you place a bet, time is irrelevant because it's not your turn."
I guess you will never know this unless you are forced to lose all your shit before you are ready. Enjoy your mead at your friend's B-Day party. Here, have some balloons.
(Are you British? If so, I hope I don't offend by mentioning the War).
It's unfortunate this is getting you heated. I always enjoyed reading your paper trading posts. Now you'll have to go on my block list....
I'm just playing dude (about the block list), have a beer, let's take it down a notch.
It's not really true, though. Many of the top notch investing/trading people are card players. Both poker (lowbrow, so it's mostly for equity traders) and bridge (highbrow, so you see fixed income and other exalted types there) are wildly popular.
PS. You should read a book by Aaron Brown (he used to be a head of risk for AQR) https://www.amazon.com/Poker-Face-Wall-Street/ and https://www.amazon.com/Thinking-Bets-Making-Smarter-Decisions/ by Annie Duke