[UrmaBlume]

There are so many apt comparisons between poker and trading that as a long time poker player, consultant to online poker sites, published poker author, software developer and manager/director of a small trading fund, I would like to start a discussion and answer any questions I can on poker as it relates to trading as well as poker in general.

Today's online poker sites offer so many deals/rakebacks & specials that smart, hard working, competent players can make six figures a year just by breaking even in their play. Kind of like the volume rebates given high frequency traders - they can break even on the trades and still make a killing.

cheers
UB

[TheDude]

Can I wear sunglasses when I trade like those fat mugs who play poker on TV?

[UrmaBlume]

Originally Posted by TheDude »

Can I wear sunglasses when I trade like those fat mugs who play poker on TV?

Sure you can, but if you look a little closer you will find that the best of them, the biggest winners, never wear sunglasses, the same for traders.

UrmaBlume

[TheDude]

Originally Posted by UrmaBlume »

Sure you can, but if you look a little closer you will find that the best of them, the biggest winners, never wear sunglasses, the same for traders.

UrmaBlume

haha. Makes sense when you think about it. I guess like traders, the biggest and best dont want to go anywhere near the TV or media in general.

[UrmaBlume]

Originally Posted by TheDude »

haha. Makes sense when you think about it. I guess like traders, the biggest and best dont want to go anywhere near the TV or media in general.

You got it. And with traders it is even more so. So many have their funds based offshore and that's not just because of lower or no taxes.

For some poker players the media attention can offer them great leverage whereas the reverse is often true for a certain type of trading.

Do you play and what is your game and venue of choice? Even though I live in Vegas I only play online and play mostly PL Omaha H/L.

UrmaBlume

[TheDude]

To be honest, Ive only played poker once with a load of US marines in a bar in Germany. I walked off with 100x what I came to the table with. No joke. Obviously it was beginners luck!!

I play black jack very rarely - just for laughs, and mostly lose. I can see there is skill in these games, I just don't have the time to devote - otherwise I'd just be gambling.

[brownsfan019]

I got one UB - having been on both sides (poker/trading) - what do you think is the easiest to make it in? I realize that may be relative, but you asked for questions and here's one.

If an eager protege came up to you and said teach me, your choice, where do you start? And why?

[UrmaBlume]

Originally Posted by brownsfan019 »

I got one UB - having been on both sides (poker/trading) - what do you think is the easiest to make it in? I realize that may be relative, but you asked for questions and here's one.
If an eager protege came up to you and said teach me, your choice, where do you start? And why?

In the markets there is no ante or rake until you have a hand you want to play - in other words no cost to wait for best possible starting hand.

When you get the best possible starting hand in poker the other players can fold - in the markets - all market orders are filled.

When you have the best hand you can raise, can even raise yourself with more market orders and your opponent can never fold and must always call. Not so in poker.

With stops you never lose the whole pot, can protect gains and not so in poker.

Maybe best of all is that if you go to the Bellagio to play it takes a certain level of skill to beat the $1 - $2 game but it takes another whole level of skill to beat the $1,000 - $2,000 game but in very liquid markets like ES the skill required to bet the market with a 2 lot can beat it with a 100 lot.

While rates of success for both are about the same, in the markets your opponent can never fold, never bet and never raise you - in poker your opponent can do all of that including bluffs.

In poker it is really tough to find/play the really big games but in the markets - any size you want is available 24/7 to anybody who cares to step up.

Both are great opportunities because anybody can play for almost any stakes and you don't need a license, permission or be member of a club to play either.

One aspect of online poker that resembles the markets is that if your size/frequency is big enough you can, through rebates, make a lot of money even if your play is only break-even.

For our traders we teach both and are not much interested in those who don't enjoy the challenges of both.

All of our trader enjoy and play both. As I have been outed as the author and the cover posted elsewhere in this forum you can see on the back cover of my book how we value poker skills in our traders.

Browns - the short answer to your question is that I think the markets are easier than poker, I wouldn't teach the protoge either, I would teach both because the skills of each compliment the other.

cheers

UrmaBlume