Entries are everything, especially if you are scalping. Any moron can exit - just apply any number of simple rules... I will say this though, the exit becomes interesting when you need to maximize the gain. Knowing when to get out to minimize the loss can be left to a computer, i.e., that's the whole idea of programs like BracketTrader, or the new additions to the IB TWS...But find me a program that would take the decision to entrer out of my hands...good luck... nitro
BTW, Have you noticed this in my signature that I give more weight to entries than exits or anything else for that matter in my signature at the bottom of this post below? The one thing that still eludes me is the _IDEA_ of adding to losers...I know of at least one situtation where it is "right." Others claim to that "averaging down" is key...I don't dismiss them AT ONCE, but I am highly skeptical... nitro
Dottom- I have a question about poker. In rounders, the guy who told matt damon's character to just grind. I.e. play your good hands and dump your band ones, seemed to be giving good advice. Could a trader, who was sitting down at a table that he considered to be fairly low stakes--- apply the grind concepts learned by trading and do well at poker or would a trader go through the entire learning curve. For instance, when I was in school, I had good job in the summer so I had a bit more cash than my friends so when we were playing cards I would stay in for the fun and also make and occassional bluff. Generally I lost some beer money. But sometimes I got stuffed in guts when the hands got larger than I could afford. In law school some of my friends had worked in vegas and tahoe and loved to play poker with me cause I played poor hands and contributed money. Then after I had been trading for a few years and even though they made good money as lawyers I crushed them one night. One guy was almost crying. I was wow, is this how poker is supposed to be played grind and then press em hard when you have the cards. In other words would they eat me alive in Vegas or could 6 years of full time trading make a little poker on vacation interesting. By the way I do not enjoy regular games in vegas at all since I have been trading. I feel like and idiot playing a game I know I cant win. Thanks. By the way only answer if you have the time as this is not a burning question in my life.
Rounders was a decent movie. They obviously consulted poker pros when making it, although they did sensationalize and over dramatize a few scenes. Playing poker professionally is just like trading. You make moves 99% by instinct and win or lose it shouldn't affect you emotionally. You know that you'll win your share of pots over time, just like in trading. "Grinding" is a very good description of how many poker pros make their living. You "grind" out small expectations. The term "grinding" actually refers to your non-ideal game, but a game that is a positive expectation for you so you grind it out and make money. For example, a lower stakes game, or a game with the non-ideal mix of players but you still have an advantage. Your "ideal" game usually only occurs during swing shifts, and often only on the more popular nights, usually Thus-Sat night. You can also find good side games at major tournaments and always on nights & weekend right after payday. As far as how well a trader would do, assuming that you understand and can apply poker theory during a live game (i.e. you make good decisions), being a trader will definitely help because good poker playing (once you get past the knowledge phase) is all about discipline. You need discipline to not play the hands that don't give you a positive expectation just to get action. You need discipline to be aggressive or passive when the situation warrants. For example, even some pro (male) players have a hard time raising or check-raising a pretty woman at the table. If they have a hand that they should raise (to drive other players out or add more $ to the pot because they have a value hand), but instead they do not, they are giving up a part of their +EV. Playing poker professionally is a lot different than most people imagine. It's nothing like those Sat night poker games in college and nothing like the movies. If you're more interested in poker, the rec.gambling.poker FAQ is a good start. It has some good book recommendations as well. Â Â Â http://www.conjelco.com/faq/poker.html