of similarities. The mental discipline and money management principles are basically the same. Stay out until you have an edge. This takes extreme discipline, as most traders/players will get bored and take a trade/enter a pot out of bordem when they shouldn't, and lose. When you have an extreme edge (buying a bomb detection stock (INVN) right when an attack occurs/ getting a full house), plow all in with all the capital you can. When thereis no edge, sit out. In both trading and poker, a large percentage of total profits come from a very few trades/pots. The trick is minimizing losses during slow times (about 90% of the time) and maximizing during good times (10 % of the time). I think many professional traders make great poker players, and many of the professional poker players would make great traders. To us (traders), our profession is NOT gambling , we merely know how to maximize our edge. The same is true for great poker players. NST
And what happens? Everyone else folds, and that huge win never materialises. I agree with most of what you said. If you've played poker though, I'm sure you realise that you can't just play when you've got a winning hand. That would be the biggest difference between poker and trading.
LAS VEGAS, May 27, 2002 /PRNewswire-FirstCall via COMTEX/ -- A 74-year old Covina, Calif. woman hit the third largest slot machine jackpot ever Monday at Bally's Casino on the Las Vegas Strip. Johanna Huendl invested about $170 to win $22,621,229.74 on Nevada Megabucks(R), the grand daddy of multimillion-dollar progressive jackpots. (emphasis added).
[/QUOTE]I'm sure you realise that you can't just play when you've got a winning hand. That would be the biggest difference between poker and trading. [/B][/QUOTE] What type of poker are you playing? That's what makes games like hold-em so great..unless you have a blind...when you get crap cards..you fold. Money management. I made a decent supplement from on-line poker last year. Nothing to write home about, but enough to put away an extra 300-400 a month..and that was playing a small table. If you can discipline yourself...you can make decent money at a poker table.
"Money management. I made a decent supplement from on-line poker last year" Uptik2000, what's the name of the web site?? Thanks.
www.planetpoker.com i have no beneficial interest in this company..and I have not played there in almost a year...but I can say that they are prompt when it comes to check requests. Provided you win of course!
Poker and trading are very similar indeed. You must know the players, how they play, what there "style" is, and all the rest. It is much more important to know when a poker player tickles his ear when bluffing, than knowing the odds of drawing to an inside straight. It was cool when Chris Ferguson, when of our LA traders won the "World Series of Poker" for $1.5 Million last year. Some people gave us grief about the "gambling" aspect and it's relationship to trading..... until I explained that his father is a Professor of Gaming Theory at UCLA, and Chris himself has a PhD in Software development! We have quite a group who enjoy playing a game where they have the edge, and that is what trading is all about. Don