Building a bankroll, poker style

Discussion in 'Professional Trading' started by chopper77, May 20, 2005.

  1. Is this viable these days? A lot of guys I know are just getting started playing cards because it's the newest fad or whatever, and because of all the action online you can get started and play for very cheap. Starting at with $90 at $.50/1 limit hold'em I've seen students of mine get up to $5,000 - $6,000 within a few months with hard work and study. This was not feasible when I got started, there wasn't so much free money in the form of bonuses and you couldn't get the kind of experience you can today. You see guys build their rolls and move up through the limits quickly where before long they are 6-tabling $5/$10 and clearing $100 / hr! This kind of opportunity didn't exist before internet poker. It's not always fun when you get started- at first you might be losing money and maybe only clearing a few bucks an hour maximum but you are learning the game and it doesn't cost you an arm and a leg.

    Is it the same way with trading now with spot forex? Has anyone out there started an Oanda account with $500 and slowly built up their bankroll, moving up in leverage as they gain money and experience?

    I'm interested in the concept, as I've been asked by a few people over the years how to get started trading and my answer is normally "Don't do it." Maybe it would now be feasible to tell em to take $500 to Oanda, explain some simple chart patterns and ideas and tell them to go crazy. They could learn the same lessons for $20 that other people have paid thousands to learn. If they blow up, so what, it's only $500, they learned their lesson and they didn't ruin their life savings.

    Has anyone out there done that? Is this feasible?
     
  2. Maybe I better try poker, might be better at that.
     
  3. you have alot of dumb money coming into the poker arena...if you work hard and dont mind the grind day in day out it may be for you...peace
     
  4. all kidding aside, grinding it out against poker newbies sounds a lot better than fighting the specialist and auto/algo players these days.
     
  5. as you climb the ladder you will have to start learning how to swim with the sharks....nothing is easy...
     
  6. Agreed. It's one of those things that sounds like a fun job to have, but is pretty unfulfilling after awhile. The money can be fantastic though, but who knows what happens when the poker boom ends..
     
  7. flat5

    flat5

    Exactly. I'm actually a semi-pro poker player who's here because trading looks attractive in that it's not self-limiting as poker is.

    As you move up in poker it gets tougher and tougher until you're inevitably bleeding. It takes a long while to find your level, and moving up to mid six-figure incomes is not easy.

    With trading, if you've got a winning strategy, it seems to me that strategy is scalable (I'm talking individuals looking to make mid six-figures), only limited by your willingness to take risk. There's no deepening shark pool as you move up - it's the same pool, although that pool might be "sharkier" to begin with.

    Poker players think traders have it easy. Traders think poker players have it easy.
     
  8. Back to the thread though! Does anyone know anyone that built their trading bankroll this way? Is this good advice to give a newbie?
     
  9. totally agree that nothing is easy...just relative. maybe i just want to stay in the shallow end for awhile and swim with the nurse sharks.
     
  10. Watch out for the sperm whales!
     
    #10     May 20, 2005