[Nextek]

Anyone have any opinion on this? Im not a poker player myself but the game seems fairly similar.

[Fxtrader06]

Originally Posted by Nextek »

Anyone have any opinion on this? Im not a poker player myself but the game seems fairly similar.

They are both a game of probabilities and discipline. In my opinion, a good poker player can transform himself into a good trader alot easier than a bad poker player. He has the basics done in terms of the mental aspect of the game.

[Soultrader]

Originally Posted by Nextek »

Anyone have any opinion on this? Im not a poker player myself but the game seems fairly similar.

I would have to say yes. I played professiona poker prior to trading. Probably the only reason why I changed careers was because of its similarity. One thing I learned from poker that has helped me in the trading businesss is discipline and consistency.

There are two kinds of players. A cowboy and a true grinder. I was a grinder aiming for consistent profits on a daily basis. Alot of poker players will never make it as a trader though. Most of the newcomers now play for the excitement and not for the money.

When I used to play 10-14 hours a day, poker was complete boredom. After a while, you design your own set of rules and system to follow by. You add a couple tricks here and there but overall the game is the same. Discipline and patience.

Trading is the same. At times trading can be extremely exciting. Other times completely boring. From my understanding, Chris Ferguson, the 2000 WSOP champion is a trader also?

[1time]

Interesting. Do you still play Soultrader?

[Piptrader]

I think I read an article somewhere on Chris Ferguson and how he trades for a hedge fund now. I may be wrong.

Alot of traders are hardcore poker players. I host poker games every weekend and all my buddies are investment bankers or institutional traders. I think its in the blood.

[grandwiz]

Both games require a similar set of skills. Losing money comes with the game. Learning to accept this is necessary for a trader. In no-limit holdem, you may invest a decent amount into the pot with a AK. However if the flop is useless and your opponent raises 20-30% of your stake after the flop, you will need to fold your hand.

Similar to trading, no matter good the setup may look there is always a possibility of losing on that trade. One must understand this concept or else you will trade on the tilt. Players on a tilt are sure losers.

[jose c]

Im a good poker player... been playing for over 8 years now.

However I am a struggling trader. Poker and trading is very similar. But it does take some time to understand the similarities. Hopefully I can turn around my trading with more experience.

[MindGame]

I think the two are linked. At one of the trading firms I've been at in the past, every single trader played poker in their free time. Like others have mentioned before me, both require discipline and patience, both of which are traits which can be learned and improved.