Registered: Jul 2012
07-06-12 08:40 AM
Quote from dom993:
There's a saying around about "you need 10,000 hours of screen-time" (watching then trading live markets), for this to happen your finances have to be large enough to cover your life expenses for that amount of time.
Then, you'll need some risk-capital, enough of it to make a living after a few years on a reasonable yearly-return%.
You'll have to find your trading style, both time horizon & volatility, corresponding instruments to trade, find "what works" for you (which might not be the same as what works for anyone else), get good at it.
Some will say: "find a mentor", very good advice if the mentor is actually both a profitable trader (ask for trading statements) and a good coach (ask other students).
This is a big commitment (time & money) if you really want to succeed.
BTW, how did you learn & become a pro poker-player?
Hi, thanks for the response. You make a lot of sense. Can you elaborate on what you mean by style? I mean, do you mean what market to trade? Options, stocks, forex, etc? Or do you mean like the type of trading? ie: arb, pairs, swing, etc.
To answer your question:
I never intended to be "pro" I delivered pizza in school, some guys would play poker after work...I was clueless, in fact, I tried to argue with a guy that my a7 was a spli pot against my friends a9 on a board of A 5 10 J 6. As embarrassing as it sounds, I really couldnt grasp the whole "best five card hand" thing...Anyways, that was one night, and after that I was just kinda looking for something to do you know? I decided to learn more by playing really small stakes online.
Many sites at the time had promotions. "play x amount of hands and get free poker chips, poker books, and a table!" This is the only reason I started online...to get free shit!
Out of pure boredom, during fall break senior year in college (2006-2007) I decided to create a spread sheet that would track my profit...I thought to my self "ok, if i suck and lose, I'll drop this hobby, as I don't want a hobby that lights money on fire"
Turns out I was doing well. Now was I playing well or just getting lucky? Likely a little of both, but mostly luck, as I didn't know nearly as much as I thought I did.
So then I thought "ok, if I continue to play well, and win money, I will quit my job delivering pizza as long as the hourly is more than I can expect to make delivering pies." It was. Then I quit and thought "well in May, when I graduate, I will simply get a real job....unless my hourly is higher...not only higher, but significantly more after factoring career mobility and promotions and stuff."
So thats how it began....I hit a rut in 2009 where I realized I wasnt playing well. In order to improve, I would watch videos of players that were better than me. When I went to casinos, I would watch what the good players did. I recorded every episode of the high stakes cash game, "high stakes poker"
I put everything together and was doing super awesome. 2011 came and was looking like it was going to be my best year by far and doomsday occurred.
So here I am. Now, one fundamental difference is that I don't think learning "trading" is as accessible as learning no limit hold em. I mean, there isn't a "Trading" channel that shows a bunch of traders at work. Basically, it seems the information is more hush hush, and rightfully so, as traders seem to really move markets, and thats a big deal I think?
Again, this post was much longer than I intended!