Howard Lederer's income from poker is not 5-10 million. He makes more from his DVD's and seminars. Watch the high stakes games on full tilt poker. These people have six-figure swings in just one session, hell sometimes in one hand.
It's all about perspective... Again I say... I played poker, I was so so... Fun game... Managing your purse definitely keeps you in the game.... I never won big.... Trading is easier for me... I am only betting against myself... or With myself.... I can control my actions, I can't control the guy across the table... I can't read a bluff as well as I can read chart....
abosulotely incorrect statement...but I know what u mean.... the market goes thru the path of least resistance even if someone is bluffing...
not in one hand...perhaps in one session....i remember watching that terror of sweden lose about 300k in 1 day agaisnt texaslimitking.... now this is a game.... http://www.pokerlistings.com/poker-world-on-fire-with-billionaires-rumored-win-over-pros-6008
Successful pro trader for 15 years... Break even online player at low end NLHE SNGs. (1) Precise strategies for winning poker are all public domain... Easy to find... just go to 2+2... But very, very difficult to master at Pro Level... Require at least 2 years = 5,000 hours quality experience. In contrast... Specific winning strategies for trading... Are NEVER released publically... And 98% of information posted in places like ET is worthless. Trading strategies easier to master... But require ** serious computer infrastructure **. (2) Variance or "luck factor" MUCH higher in poker. If you trade at a Sharpe ratio of 3.0 to 4.0 like me... You might have one losing month/year. In trading... you can pretty much chose your variance. There is a reason why Pro Poker players... Very commonly buy/sell a "piece" of their winnings among themsleves... To spread the risk... Because even for Pros the variance is too high for comfort. Look at the hand that decided the last place in the final table of WSOP HORSE tournament... The DE FACTO World Championship: 7 card stud, Deeb/Hansen/Kaplan 3 monster hands... Deeb showing flush... Kaplan and Hansen go all-in with full houses... Both eliminated when Deeb spikes a 6 for four of a kind (4 sixes). That's pro poker... You play near perfect against the best in the world for 3 days... Climb to 9th place out of 150 players who put up $50,000... And then get eliminated by ** sheer bad luck **. Successful trading is a much more stable lifestyle... But has serious barriers to entry. If I was 20 years younger... I would be playing poker instead of trading. But wait... Alan Smurfit just won his first WSOP bracelet at age 65. He started playing poker at 62. Got almost 20 years on him... So I may still take a shot at poker... But will always have a lucrative trading operation to support everything.
This nagging question keeps coming to me when I see these threads: WHY DO SOME QUESTIONS REAPPEAR EVERY GODDAM FEW DAYS. There should be some built in warning that comes up when a person posts saying: This subject has already come up 47 times.
As long as the word NEW is in teh dictionary, there will be somone NEW to ask the Same OLD questions. LOL. People think that time will change the answer.... Trading is how Old?? and it is still the same now as it was then..... Just different delivery systems....
I was venting. Got knocked out of a tournament with pocket queens, checked out this site and the first thing I see is a poker thread.
LOL. Understandable. LOL.... There is a forum I peruse, and the same questions get asked every day, even though there is the SEARCH function and stickies with all the answers. People want to feel good about the lie they are proliferating upon themselves... So they seek acceptance or validation. LOL. Either that, or they are just PLAIN too Lazy to search...