Poker player moving to trade/advise please

Bye aces · Mar 30, 2019

ElCubano said:
You are light years ahead of most who are posting advise above. That’s my advise to you. Some differences are that in poker you can win with a worse hand than your opponent/s while in trading they would ram that shitty hand up ye arse. Buy in limits at the table/market, opponent chip size, Table position etc......in the market that info a poker player relys on is non existent, changing, morphing, moving, ducking, bobbing and weaving. One target is somewhat still (poker) the other target is all over the place (market). Good luck.
More...

thanks! I hope you are right about me been ahead of most. One thing is for sure I will do my best to get there

Bye aces · Mar 30, 2019

lylec305 said:
Although you can try it but there is No bluffing in trading.
More...

I am not intending to bluff on the market neither use same strategy as poker. I hope my poker background will be helpful but I know I am starting from the bottom, been humble to listen and learn a whole new world of strategy and techniques.

Bye aces · Mar 30, 2019

bbpp said:
Similarities:
Ability to assess probabilities.
Ability to find patterns.

Difference:
Trading requires ability to think independently,to find what the market doesn't know.That means you need to do what all the other 99.99% people can't do.
This is because in poker we share the knowledge, but in trading we hide knowledge from each other, as any importent knowledge become public, it will become useless.So in poker most of theoretical problems have been sovled. But in trading most of theoretical problems have not been sovled.
Anyone who find holy grail in trading, the first thing to do is to hide secret from others, because if public know how the holy grail works, it will be no more a holy grail.So everyone has to find holy grail by himself.
Reading will be of little help to the goal of becoming a consistent winning trader.
More...

In poker top player will share their strategy with their horses(players sponsored where you get a cut from winnings). This happens in poker because you cannot take all the action yourself as there s human limitations to that. So you share to increase your income where is possible.

I do understand top traders will hide their knowledge as sharing will only damage their profits

Anyway I think in this forum some somewhat good content can be find to start with

thanks

Bye aces · Mar 30, 2019

Trader Curt said:
Yeah, I'm pretty sure everyone has given you their best advice on this thread. If you want to be a gambler the market is there for you to lose all your money. If you want to be a skilled trader that doesn't mind making a small percentage, then the market is there for you too.
More...

I have never been a gambler. I always climbed up poker stakes with risk management and according knowledge

In poker we used to work with 3% return of investment(action limited to the recreational players pool) but throughout the years we achieved 5%

I am used to small margin

thanks

Bye aces · Mar 30, 2019

MattZ said:
To OP:
If you sat around poker tables long enough, you were exposed to certain "personalities" that have a similar pattern of behavior. You can identify their thought, habits, and their game. What you probably noticed, is that you have amateurs who play against all the rules of logic and still win(not for long). Then you have those who appear to have "no game" and walk away with everything, and at times you have those who play for fun and walk away when their bankroll is done. You could probably name lots of personalities you came across.
In the market place, they are all under one price and line. Trying to figure out the behavior of all them under one direction is your challenge. You are not playing against one table but a thousand. Single player versus crowd.

This thread points to a lot of similarities between Poker and Trading and I do not want to repeat what has been said, but essentially poker is similar to trading because they both have an element of odds and psychology. Intuition plays a considerable role in Poker in figuring out your opponents, but as you know, strategy comes ahead of everything and acting on a hunch alone will lead you to collapse, and the same is in trading.

As you start trading, keep score of your trading. There are many tools out there, and I am sure you can find plenty, but I genuinely like this one: EdgeWonk You will gain a full insight into the way you think and operate by looking at your numbers objectively.

Above all, best of luck!
More...

it was definitely a long time

You are completely right about the "personalities". This is the key to make the most you can in poker. Finding their leaks and setting best strategy to exploit it.

I know I need other people knowledge and experience to get somewhere. That is why i came here

Thanks for the advise. It was very helpful

Bye aces · Mar 30, 2019

Chris Michaels said:
You can follow me if you want on twitter. @stfrtrader. The best think you can do, (wish I had done this) was follow the market using something like TOS (thinkorswim) on demand service. You can go back in time and watch the market move, historically in real time. I use it when creating studies, or oscillators.

You can read books if you want. I’m not a person that learns through reading. I’m more of the “see it” guy. Of course there is a mix that I use in macro, and daily charting, or backtrading, price action, fibanocci, oscillators, news, Fed, Trump. It’s all inclusive. RN I’m studying the affect keywords in fin media have on AI/algo/black box trading mechanisms. Also watching dark pool volume daily. Then there’s timeframe, open interest in options, Bonds, EM.
It’s a lot, and no book that I know of will include all that, but then there’s more I haven’t even addressed.

Anyway, GL and if you have a question feel free to follow or just ask.
More...

I would be more like you. Learning from practical study.

I see it can be overwhelming, but it s motivational at same time

Thanks for the help and tips. I will check it out

Bye aces · Mar 30, 2019

Bekim said:
Well I would say they are very similar.
If you are a professional poker player then you already possess the ability to do nothing when their is nothing to do which would be to fold in poker. Bet when opertunity presents itself. Fold when you are wrong. You just have to figure out what your strategy and edge are.
You could still fail but I believe your chances would be 50% better or more then someone who is not a pro poker player.
More...

I know fail is a real possibility but with a lot of hours of study and practice I will reduce this chances.
thanks!

Bye aces · Mar 30, 2019

soulfire said:
The approach will depend on your trading style certainly. If you are a very short term "tick by tick" or "bar by bar" trader- working in HFT lanes of sub second trading, I agree that isn't a good comparison to poker unless you have a computer driven program that can match that speed and make lightning fast calculations and model projections.

For human non computer discretionary trading, you wouldn't be limited to just that small reference of date, but all the chart data, patterns and statistics prior to that to map your model to. Once you believe you recognize a high probability trading pattern (tell), you can use that to determine your best entry area, combined with a stop loss if prices move against your entry enough to invalidate the model/pattern, and a limit order for the anticipated target price. At this point no more human calculation/input is necessary - either you get stopped out (fold), hit your target (win pot), or decide to close manually within your defined range. Being able to close manually is an advantage over poker in that you can take your winnings at any time without needing to wait for your main target to be hit.

If I were forced to trade with just the data shown - one of the simpler patterns is to just connect peaks or troughs to establish a trend channel. You have two initial peaks So the believed "tell" in this case is that the channel will hold and there will be buying at the bottom of the range. So you have a limit buy order near the bottom with a stop outside the range of the channel floor based on your risk mgmt/comfort levels. If the limit order is hit, then you have a target sell anywhere from 1/2 to 2/3 the way up based on your past experience/risk mgmt.
More...

I think I will know my style in a while but I am open for suggestions for what style should optimal for a beginner.

Your explanation made me think it is simple to do the basics but I am sure to be a winner will be a lot more.

Then I ask what would be the main difference from a standard trader to a top one? ability to identify patterns? Been fast at setting orders? the right risk management?

thanks for the help

comagnum · Mar 30, 2019

I would recommend going through the "Chat with Traders' podcasts. There are at least half a dozen top notch traders that came from pro gambling, including poker. They share their hard learned insights on their transition into profitable trading.

Anybody that says gambling has nothing to do with trading is sadly mistaken, smarter traders have always learned from pro gamblers how to manage risk.

Ed Thorp said that pro gamblers have a much easier time making a transition to trading, but traders will have a much harder time trying to become a pro gambler.

Just like with gambling it is bankroll mgmt & your own psychology that wins the game - trade selection has virtually nothing to do with being profitable.

Chris Michaels · Mar 30, 2019

sle said:
LOL. Another celebrity trader in the making
More...

That’s where I post my trades. FREE. Call it what ya want. We’re here to help one another or so I thought. You wanna limit yourself to this forum,? your choice.