Some thoughts: Trading is a no ante game, i.e. you don't have bet. Gambling is betting on the outcome of an event, e.g. the value of a hand to be dealt, a horse race, a football game, the rollo of dice, the stopping point of a wheel of fortune. In trading, that event is price change. Most of the time, the direction of the next price move or series of moves is random, i.e. any bet is an even 50/50 bet with no edge. Add in the house vig, and most of the time the market offers you the chance to lose over time. This game can be beat. You need to learn to identify those few times when the direction of the next movement of price favors one direction over the other, and make the most of those times. Or, you can identify bets where you can make proportional non-directional bets that will keep losses small but allow for profits larger than the losses. In most games, the event ends without any further effort by the bettor (the last card is dealt and called, the horses cross the finish line, time runs out of the game, the dice come to a rest, the wheel stops spinning). You either win according to your bet and odds, or you lose your bet. Your losses are thus self-limiting on a per bet basis. In this game, i.e. trading, price change continues. Your losses can and will continue to grow until you or the margin clerk stops you out. Bet size should be according to you bankroll and odds. Trading is gambling, but it is a beatable game.
Keep the simple fact that there is no cost to sit in mind all day, every day. And understand that no matter how tight you play this game, as long as you trade RTH in highly liquid instruments EVERY bet will be faded. No one can see that you are tight, tight, tight. You have no table image to be concerned about ... no need to mix up your play. It is these elements that make this a much better game than any card room will ever spread for you. Unless you exploit these edges and the way they compliment each other you might as well walk into the pit and play whatever wheel or table has the prettiest girls. It is these two edges that make the skill you acquire pay out. Now ... you need the skill. PS: cygnetnoir's important and spot on quote had a typo: It was missing the word "to". I inserted it.
You probably already know this one, but this is a must read, for those who haven't -- http://www.amazon.com/Poker-Face-Wa...297&sr=8-2&keywords=poker+face+of+wall+street
Obviously you know the difference between tournament play and cash play. In cash play you can be aggressive and run over the tight players and pick off the weak players with marginal hands. When it comes down to it there are virtually two types of tournament strategies. Big stack and short stack. The big stack can be aggressive like the cash player, but the short stack has to be very patient and pick his spots carefully to try to gain chips or double up. This is like trading. The guy with the most money is going to try to run you over and he will win most of the time at first. As a new trader with a short stack it is very important to stay patient and pick your spots, don't try to "force the action" from the market.
in poker you are forced to take a loss, hand is over,in trading you have to take that loss,learn to enjoy losing,enjoy the fact that you recognized a bad bet and got rid of it quickly, the losses will be a lot smaller,never fall in love with a trade,no love or hate at all ,no emotions, just business
Duy, post your run here if you can. I know a few players (that you know) who have made a transition to trading.
you know people that went from poker to trading? i only know people that went the other way. backgammon and bridge to trading options I have heard of though
I'm making the transition as well. I havent heard about many bridge players tho, I have heard backgammon.