Poker vs. Day Trading

Quote from robk100:

I've been making a decent living playing poker and I've just started day trading at a prop firm and was wondering what's harder.... making money playing poker or day trading? Also, is there more potential for profit in poker or day trading? hopefully there's some poker players turned day traders or vice-versa in this forum. 1 more question.... is there a good resource or book for understanding how to use level 2 properly and understanding how the specialist trades? Thank you for your responses as a new trader I appreciate any advice.
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You might find this of interest...scroll down all the way for a portion of an article I wrote.

http://www.stocktrading.com/pokerpages.html

TASC article: www.stocktrading.com/pokermarch.html

Maybe this: http://www.blackjackforumonline.com/content/Brightint.htm

Keep in mind there is much more to trading for a living than just "day" trading, of course.

All the best,

Don

:cool:
 
A poker player can turn pro in about 1 year these days.

It takes a minimum of 3-5 years to become a truly consistent Trader.

This should tell you a lot.

Stevie Cohen (the best trader in the world) made over 800 million in his lifetime how much did Daniel N make ?

This should answer the rest of your questions.
 
Quote from aus_SPIder:

i have always belieeved that trading is more like blackjack than poker. Kind of like finding a long term statistical edge which u can mechanically exploit.
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This is debatable.

Blackjack is 100% mechanical with NO external factors.

Poker and trading...
Are mechanical for the 80-90% no brainer moves...
But the tricky 10% that separates the winners from the losers...
Requires what I call "lateral thinking"...
The talent to put together asynchronous data from many sources in several seconds...
And arrive at a correct decision.

This cannot be taught at a world class level...
Or the 95% percentile where money is made in zero sum games.
People are born with this talent and develop it over 1000s of hours...
There are no shortcuts.

The Securities Industry spends billions annually to tell you the exact opposite...
And this place is full of the mooks who will believe almost anything...
Except that they just don't have it.
 
Quote from Joab:

A poker player can turn pro in about 1 year these days.

It takes a minimum of 3-5 years to become a truly consistent Trader.

This should tell you a lot.

Stevie Cohen (the best trader in the world) made over 800 million in his lifetime how much did Daniel N make ?

This should answer the rest of your questions.
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If Daniel N could see his opponents hands he would make alot more and lose alot less....kinda like Stevo

I guarantee Steve couldnt make 12million from a 10k buy in...:D 12,000% in a five day trade...
 
Quote from HoundDogOne:

This is debatable.

Blackjack is 100% mechanical with NO external factors.

Poker and trading...
Are mechanical for the 80-90% no brainer moves...
But the tricky 10% that separates the winners from the losers...
Requires what I call "lateral thinking"...
The talent to put together asynchronous data from many sources in several seconds...
And arrive at a correct decision.

This cannot be taught at a world class level...
Or the 95% percentile where money is made in zero sum games.
People are born with this talent and develop it over 1000s of hours...
There are no shortcuts.

The Securities Industry spends billions annually to tell you the exact opposite...
And this place is full of the mooks who will believe almost anything...
Except that they just don't have it.
More...


This is an important post, and deadly accurate.
 
(2 cents)

Blackjack is almost "finite" (except for the adjustments made in penetration, or how many cards are cut away). Decisions are either right or wrong mathematically. Poker has more "mental guidelines" (always raise 3 times the big blind when in middle position, or whatever), and a lot of these guidelines are based on the other players (how many chips, reading the player, etc.).

Trading tends to be more like poker in the fact that we "read" the markets, play based on liquidity at times, account size matters, and some traders even use bluffing (not a good idea, but done all the time by some firms).

(2 cents out) LOL.

Don
 
I believe poker and trading have many similarities but in the long run it all comes down to having experience and knowing what to do it certain situations. I have been trading for about 8 months and been playing poker for about 3 years. The main thing and many would agreee with me is that in trading and poker you need to be disciplined and patient. Wait for the right opportunities and go all in when the time is right. Money management is another similarity in both. In poker you need a bankroll to play also in trading you need the same. How you keep your bankroll growing and not get greedy and blow the whole thing is important. As a poker player I spot patterns in betting and behaviors of players. I do the same in trading, I trade a stock and learn its behaviors and patterns day in and day out (lets call them tells of a stock). But I believe the most important similarity is psychology of trading and poker. You need to know how your opponents think and most importantly why you as a player or trader do certain things. What motivates a player to play a hand or bet after the flop ? Also what motivates a trader to put on a trade ? If you play poker long enough you really know how to handle loss and eventually know that you will have a losing day and need to put it behind you and move onto the next trade or next hand. Emotions really affect how you trade and how you play poker. A good poker player knows how to lay a good hand down and know he is beat. A good trader knows when to get out of a trade and take the loss. Have a great day!!!!!!
 
pokerchart.gif


Don
 
Quote from ElCubano:

and in a tourney of 8000 players mucho mucho luck ...nice post..
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As traders who can use capital, we have an edge over the "millions" of others in the markets....a bit better "pot odds". LOL.

Don
 
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