Ditto. IMV... There is literally ZERO correlation of skills between poker and trading. That's not to say a good poker player can't be a good trader, but that's not a given. There is a bit of correlation between black jack card counting and trading the markets, however.
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!
No you aren’t considering what the “tells” are. “Tells” are usually found in back trading. If this, then this should happen as an example. A good tell for example is the N225 when trading the ES. Timeframe also plays a factor in my opinion.
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.
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.
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.
Thanks for the input. All the help is welcome. This is inspiring and motivational self-determination is something I got from learning poker throughout the years
Thanks! Controlling emotions is something I mastered for poker levels. Loosing 5-10K in one night was easy digested after some years. I know variance very well. But was easy as i knew I was doing the right plays and sure was all variance. I do not know how sure can i be I am doing the right trades in a post-analysis study of my operations I will pm for sure