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Successful poker player
- Thread starter philivey
- Start date
GordonTheGekko
Guest
No poker carries very little/nothing into trading. Maybe the fun of it, but the similarities stop there.
Does not mean you can't trade. I would strongly encourage it. It's amazing how easy it is to make money (and how stupid some people are for coming up with ultra creative ways to lose it!)...
Does not mean you can't trade. I would strongly encourage it. It's amazing how easy it is to make money (and how stupid some people are for coming up with ultra creative ways to lose it!)...
I have found that chess players make much better traders than poker players. Backgammon players can make good options traders. It's the mindset.
Quote from Lucias:
Phil Ivey... lol
Well if you find a good mentor then it could be a lot easier. But, in a word.. NO.
I've always been rather surprised that prop firms look at pro poker players as if they will somehow win at a game that is different. I played poker as a TEST and as an EXPERIMENT just to see what it could teach me about trading. A lot of these prop firms and hedge funds are jokers. If you want a world class brain surgeon do you go to a world class veterinarian? No.. Duh.
It taught me some valuable lessons but not that much. As a poker player, you have a few traits that are useful: mentally tough, some ability to think in probabilities, and and maybe some ability to manage risk and desire to win. Your biggest asset will hopefully be a large bankroll. But you need a much bigger bankroll to trade then to play poker.. you'll need 50k to step up to the plate and 100k is better.
But you lack a lot more.. I found poker way too boring for me. I was OKAY but my trading skills didn't translate into poker skills either.
Basically, how much do you think completing elementary school would prepare you to be a brain surgeon ?
One big thing about poker is that there are, at least, some verifiable edges. There are weak games. Things like that.. Trading isn't that way. No weak games and nothing for sure. Nothing to review that will tell you what cards are worth more then others.
These are real uncertainties. No weak games. No fish to prey on. And, we don't take kind to gamblers either.
So you tried poker a little, and say in a word "no it wont be easy"
Any guys here really good, consistent, and legitimately GOOD at poker. THEN go and try trading? (Because i'm not one of them!)
One thing that is similar between poker and trading is the continuous release of information (cards played, trades made/market info) and continuous decision-making.
In trading, it's easy for me to get caught thinking in terms of only entry, target, and stop. Continously evaluating targets and stops can be a challenge for me but might come naturally to a seasoned poker player.
In trading, it's easy for me to get caught thinking in terms of only entry, target, and stop. Continously evaluating targets and stops can be a challenge for me but might come naturally to a seasoned poker player.