Good at poker bad at trading, how could that be?

Discussion in 'Trading' started by TripleJs, Jan 29, 2021.

  1. bone

    bone

    Still another generality about trading that doesn't really work. In fact - most generalities don't work when it comes to trading.
     
    #21     Jan 29, 2021
    Bad_Badness and murray t turtle like this.
  2. Overnight

    Overnight

    Can you be more specific? ;-)
     
    #22     Jan 29, 2021
    userque likes this.
  3. bone

    bone

    There are always exceptions to just about every universally held "truth" when it comes to trading success. If scientific smarts was the key - you'd have every STEM PhD trading full time and that's clearly not the case. If coding was the key - you'd have every computer programmer trading full time and that's clearly not the case. Same with poker players and autistic savants and the like.

     
    #23     Jan 29, 2021
  4. KCalhoun

    KCalhoun

    I won my first hold'em tournament in Vegas 8 years ago and have been day trading since 1999. There are many similarities; and many differences.

    in poker you know the difference between early vs. late position, putting villains on ranges, strength of your starting hand, table image, pot odds, variance Etc.

    in trading the two most important things to really understand are ranges and risk management. scanning for strong charts to trade is a lot like deciding which hands to play and how to play them in poker. deciding whether to min bet, c-bet or shove is similar to position sizing in trading. It's a great topic once you know all the details.

    we're all degenerate gamblers LOL the goal is making sure you've got an edge and shoving when you've got the odds in your favor
     
    #24     Jan 29, 2021
    TripleJs likes this.
  5. userque

    userque

    To some elite traders here:

    Saying a game of checkers shares some similarities to a game of chess, is not the same as saying that checkers IS the same as chess.

    Now, apply that logic to poker and trading.

    (I'm sure some of you can't, and will never see ANY similarities; and that's OK. :) )

    HTH
     
    #25     Jan 29, 2021
  6. Bad_Badness

    Bad_Badness

    Why would one think they are the same? Seriously, because there is money and stress? Unknown outcomes? Probabilities? One might as well compare trading to a marriage.

    Skill matters. List all the skill needed for any discipline. The list for trading in pretty long and deep. If one cannot list all the skills needed then there is not much chance of long term success. Maybe start with that because the list is the starting point. List all the things traders need to make it consistently and not just the things that are in common with poker.

    Hope that helps and NOT trying to be mean or demeaning.
     
    #26     Jan 29, 2021
  7. userque

    userque

    ...nevermind.
     
    #27     Jan 29, 2021
  8. bone

    bone

    One of the best traders I've ever seen - Harris Brumfield, was a superb Poker player.

    And some of the other really really good traders I've seen couldn't play Poker to save their souls.
     
    #28     Jan 29, 2021
    TripleJs and KCalhoun like this.
  9. userque

    userque

    Sometimes a trendline holds. Other times it doesn't.

    Some people are good at chess and checkers. Some are only good at checkers.

    Water is wet.
     
    #29     Jan 29, 2021
    TripleJs likes this.
  10. TripleJs

    TripleJs

    I have no background in coding, which software is easy to use for backtesting?
     
    #30     Jan 30, 2021