OP, I wrote an article for the 2+2 Magazine a few years ago, about transitioning from poker to trading. I republished it on SA when they gave me back the rights. It might be helpful for you https://seekingalpha.com/instablog/...ioning-online-poker-trading-financial-markets
That was great to read. I do remember black Friday as it was today. As it was my second year as professional I could not give up even tho I felt like it. But anyway things just got better for me from there on. Now I am having my personal black Friday This was definitely very helpful. Indeed gave me motivation
Maybe after considerable time infront of the screen and understanding the market you will be able to calculate the odds and probability factor like you do in poker. But you will have to sacrifice time and money both to get there. Atleast 2-5 years to be consistent and understand the market and its reactions.
Think of trading as a cash game organized by Lou. Lou uses a marked deck and conjures chips out of thin air. If against all odds things still don't go his way, Lou will change the rules of the game. Your goal is to grab a piece of the other suckers stakes before Lou cleans them up. You probably guessed by now that Lou's last name is Cypher. Welcome and good luck.
It is just like what you were doing in poker. Find your edge. With the edge you recognized you play the game. Evaluate and question your game. Find leaks and fix it. p.s. ITT so many people who don't understand poker. Online pro multi-tables and sit-and-go pros have like 3 seconds to make each move.
1. In poker you play with individuals. Your winning comes from fishes and suckers, who have worse skill than you. In trading you are deal with institutions, and the money which can move market is controlled by smartest people, who have better research tool and better information sources than you, and are a lot smarter than average traders.So your opponents in trading are a lot tougher than your opponents in poker. 2.In poker you bet by wager, so you only risk what you put on table.If you get +50% probability( or +EV) on your wager you win. In trading you risk all your capital. You could lose all your capital even you have 90% probability.You could win 9 out of 10 times, the one you lose could blow up your account. So you need to set stop to protect your capital.And after you set stops, your probability are dramatically lower than before. Let's say you see a pattern that has 70% probability moving up.But market doesn't always move straight up. It goes up and down and up. So in 10 times, 7 times market end up moving up, Of which, 4 times it goes straight up, 3 times it go down first, and trigger your stops. So you end up only win 4 times out of 10.Your probability, after you set stops, become 40%.
We are not here to help each other. This forum is mostly low value banter, bragging and posturing, with some rare exceptions. I am here because of boredom and partially because of a social vacuum outside of work. Whenever I need a second opinion I usually reach out to people I trust, like my former colleagues. PS. even though this place is has almost zero signal to noise ratio, there are plenty of interesting people here, FWIW
You mean negative SNR, right? Zero equals 1:1 (50% signal, 50% noise). SNR = 10 * log10( S/N ) It's a decibel scale.
Let's just say that some of us are grateful you folks are still willing to hang around and pontificate. Us newbies who pay attention can still pick up a few good tips here and there to improve our trading skills. I am forever grateful to whoever recommended Bennett and Hull, to he who told me to attend MOOC/Coursera classes, and the threads on butterflies... Have a good day.