advice for starting out..., san francisco day trader

Discussion in 'Professional Trading' started by DuyLe, Aug 29, 2010.

  1. DuyLe


    Hi All,

    I am interested in starting a day trading career. I am currently an online poker player and want to venture out into the market and become a day trader. I am a top ranked online player, and have really strong results playing live as well. I placed 13th place in the wsop main event this year. If anyone has any information on where I should begin, it would be greatly appreciated.

    I live in San Francisco. Where should I go for live training? A coach or mentor would be great...Should I go to a prop firm? If so, where do you recommend going?

  2. Bluffing "works" in poker but not the market. :cool:
  3. How long did it take you to become a "top ranked online poker player"?

    The numbers that are thrown around the most is 8,000 - 10,000 screen hours. 4-5 years @ 2000 per year (full time job). Some will be quicker for others it will take longer.

    Are you making money playing poker, if so, why change careers?

    Reverse the question, say I want to learn how to play online poker what advise would you give me?
  4. Bluffing can work in poker but not in the market. :cool:
  5. steoli


    Great traders are many times big poker players.

    Nevertheless, i have to agree with some comments, you can't bluff in the market.

    If i had to pick a casino game and compare it with the market i would choose Black Jack.

    It's always you and the dealer... you don't know for certain how will be the outcome, but you know your odds and you will bet according that...

    Feel that's a buy? Then sell...
  6. DuyLe


    of course you cannot bluff the market, but from my what I can see, there are a lot of similar skills, e.g. bank roll management, understanding risk to reward ratios, being patient, identifying market patterns (betting patterns), etc
  7. What's your PTR?

    I am coming back to trading from poker too, after a hiatus from trading for several years.
  8. DuyLe


    1. I have been playing since 2005 my senior year of college. I've made money a long the way, but I didn't reached a high point untill 2009/2010, so about 4 years.

    2. I am changing careers because the state of online poker is uncertain at the moment. I mainly play online cash games because I prefer not to play live because the pace is too slow and dealing with live degens is annoying. It might be legalized in the future, but nothing is for certain, and at this point poker is coming down from its peak, and I want to get a head start in learning a different job that involves a similar skill set. And with trading equities, the market will always be there, the profitability of poker on the other hand is greatly diminishing. Poker is also getting boring after 5 years; once you understand the game, you see that the few optimal strategies are very limited.

    3. If you wanted to learn to play poker, I would start you off with some basic reading material for cash games, like super system, and all the dan harrington books for cash games to get the fundamentals down. Start off with that for atleast 6 months and learn within a live group enviroment before you play on your own, and experiment with non-fundamental or advanced strategy. I would also have a daily stop loss of 5 buy ins, and about 25 buyins as your bank roll.
  9. DuyLe


    Anyone have suggestions on group learning environments? I've heard of prop firms, but are unsure of how they work...Any places in san francisco?