Hi, I am profesional poker player for 10 years. Lately the market for my kind of game shrunk and i am trying to expand my income with trading. I started reading a book of techinical analysis and checking out some blogs. I came here to ask for advise where to start and where to find the best material. In high level poker the best material and knowledge you find in forum and small groups of study. As well in poker best strategies change so fast that you need to be up to date. I think in trading must be similar So i believe i will find some answers here. I have full time to follow markets as i am on computer playing poker full time anyway. As my poker action decreased a lot i will have plenty of time to focus on markets Thanks
It's really not similar in any way. This is good though. Lots of time will be needed in front of the screen. I trade for a living, and play Omaha poker on the side for fun. It is important to realize that there is a distinction between the two. One does not and cannot apply to the other.
Strange..what are you playing? Any of the top strategies are still crushing 5/10 live for 8-12 BB/100 in holdem. Omaha has higher win rates at the same level. My friend recently took me to a dog race track in Melbourne(I think that's the name) florida. We ended up playing 10/10 PLO with truck drivers (full ring). I dont think you'll ever get those opportunities in trading.
There is no true conditional probability in trading. The edges simply aren't that large outside of vol/skew-dynamics.
First and foremost, realize that many folks giving advice won't know wtf they're talking about. IMO, start with books--not the internet. Start at bookstores, not libraries or Amazon. First read/buy books to see which style of trading you may be interested in: scalping (multiple 'round trips' per day), daytrading (one round trip per day or two), or swing trading (one round trip per day to several days). You may also, during this time-frame, figure whether you'd be interested in using computer technologies to assist with your trading, and to what extent. The books will help, to the extent possible, to build a proper foundation. From there, seek books on Amazon based upon ratings/sales/reviews/recommendations/etc. Finally, you then should have a knowledge base sufficient enough to seek information from the internet, without being baffled by bullsh1t or felted . Good Luck, and keep us posted.
Really don't have to buy any books, this guy best IMHO on charting, buy his books. http://thepatternsite.com/chartpatterns.html Get where you know the stats of all your back testing over a decade in intraday or 25 years on weekly timeframe for longer term. Best to know charting well. then after few years check out TA. One of the reasons people fail is not knowing charting and starting with TA, nothing faster than price except price, TA is delayed and takes even more years to learn than charting. Good luck, in a way video poker is similar to trading, you have mastered what to discard and what to keep, you keep stats, same with trading-know the stats at different levels of trend based on much back testing.
What is similar is risk management between poker and trading. Also controlling tilt will make a difference between a successful and non successful trader. If there strengths in your poker playing, then you have a small leg up in learning to trade.
I have to disagree with this. Risk management in poker is just a matter of playing pot odds divided by number of players in the hand? But trading isn't like that? There are an infinite number of players on the opposite side of a trade?
I don’t think a poker player has any more chance of succeeding as a trader, than a homeless guy in the street.
This I also disagree with. Both require elements of skill in their respective fields. The analogy of the "homeless guy on the street" denotes someone with no skill (or experience (feel)), random chance. *shakes* head. A person with the experience will beat the random chance homeless guy. Yes sir.