Tripster I used to be a regluar on Elitetrader, but have been playing poker successfully for a few years now. To those who say its a grind I will agree with them if all they are doing is multi-tabling a bunch of no limit cash game 6 max tables. But the idea is to make poker viable over the long run (i.e. make it interesting) and the way to do it is to diversify into limit. SNGs, MTTs, live play etc etc I am making less as a poker player than I was at my height as a trader, but here are the upsides of you sticking with poker 1) adapting to changing market conditions is much tougher than adapting, say, to an increasier LAG'ier style of play 2) my equity curve for trading was very volatile, but my equity curve for poker is smooth 3) poker is about table selection to play the right kind of opponents, but in trading you are at the mercy of market conditions which may not be kind to your set of strategies for prolonged periods of time In terms of trading, the key upside is leverage 1) in poker the same strategy cannot be easily leveraged up to higher buy-in tables, meaning that the upside for poker is limited to less than 7 figures for all but the best 2) in trading, you have the ability to a) leverage up a successful strategy to large size b) benefit from OPM My view: Overall its a decision between stability in income (poker) and potential massive upside couple with high variability in income (trading). In other words, it boils down to what motivates you as an individual.
Good post. I'm curious if you would comment on the differences between your poker income now and as you say the height of your poker career. Thanks
I know some people on here would like to find out where I'm at now. I did get an offer from a top MM/prop trading firm and accepted it. I have only been working for about 1 1/2 months and have enjoyed the experience. I've been trading for about a month and have had alot of success despite a very volitile market that I'm involved with. The type of trading I'm doing in very similar to poker and I've been able to use that experience to help me transition. Also trading is alot less intense and less stressful than poker. I have time to chill for a minute and look away from the screen while in poker it was always constant decisions. My daily swings in trading are larger but it doesn't bother me in the same way as poker. The social life is much better compared to what I would of had just playing poker. Lots of social outings and have met alot of cool kids. I like that fact I'm involved with the markets and I have a much better understanding of where the market is and may be going. It's not as isolating compared to poker. Overall, I'm def glad I switched over.
I think Rearden Metal is the only person in here who can make a definite stance regarding this thread. You rarely see a person who's reached heights on both ends like him. Try PMing him. A warning would be... that he's a savant (autistic) so some of what he mentions may not be exactly helpful.
Do you think you could make more money in markets? There can't be any rational reason for trading except making money. Ask yourself why you want to switch over?