Hi everyone, my name is Nick and I joined here on the back of a few conversations I had with a mentor of mine who knows a few forex day traders and suggested I have a look. He said that given my previous experience with poker and sports betting that this would be a good area to look at.
Now, I guess you are all thinking that “this gambler is just going to spew all his cash on forex, think he is the nuts” etc. etc. and bringing poker up in most conversations is often a red flag. The vast vast majority of people see it is pure gambling as it is played in casinos and on online platforms that also provide virtual slot machines, virtual casino games and so on. It is (perhaps rightly) put in the same bracket and the only guaranteed winner is the casino. But their winnings are generated through rake, not rigged machines. Sites do not rig set ups to make money etc. and there are plenty of people who make a living, a side income, or like me a nice side pocket money from playing. I’m by no means a “semi-pro” as last year only 10% of my income came from poker, but, it is still a nice little past time that also bring in some cash
Sports betting is also a slightly dodgy area… I myself don’t really take on many bets, I was attempting to learn how to trade exchange markets but it feels quite dirty to me and is very fast paced. I know from this that it’s very easy to get bitten and to lose a lot quickly; I’ll try to avoid this in forex The actual sports betting is done by a friend of mine who has spent years studying a multiple of things, has set ups and uses those to make profitable bets. So far it has worked out making me around the same amount as poker did last year in just a few months.
My plan regarding Forex is to approach it how I wished I had approached poker. Start off with a thorough background study, note down everything that is important from my studies and try to lap up as much information from forums, videos (that aren’t advertising an amazing system that will make you guaranteed $50,000 a year) and so on. I will through this learning process dip my toes in a paper money account and try to pout some of hte basic skill I learn to the test.
I’ve seen so many people share these kinda of openings, regarding the plan, in poker, most of them being ridiculously over optimistic and not really doing the work they need to get good. I am going to try and avoid the pitfalls I have seen in those “journeys” and make sure my study is focussed and that I don’t enter with real money until I have a very good idea of what I am doing and have proven I can make profit paper trading.
So in short I’m an absolute Forex newb and will take as many baby steps that are necessary before having any real liability! Any advise on which content is best to start with, best brokers etc, would be extremely, extremely useful!
I have been to that situation Well the money management part is the same, according if you had good money management in poker. That is the most important and can help a lot in the learning process. Make the Babypips School, maybe not the brokers are the most important to learn about in the beginning.
A main difference is between poker and trading is that in poker you decide at what level and against who you want to play. Of course, such thing does not exist in trading.
I wish you a great journey, but do not forget: just like in poker, here you also have to focus completely and work very hard.
Thanks for the replies guys, I’m part of a friendly poker community and this looks like a similar setup so looking forward to it!
Regarding money management: Some areas of this I was super good at and was very careful with my bankroll and only moved up stakes when I was in a comfortable position to do so both skill wise and moneywise. My big leak in thsi department was looking far to often at my balance and letting it affect my mood & performance. It’s something that I’m hoping to improve with a few books I’m reading for some personally development and I really think that meditation may be a huge help in that department!
And I agree, the biggest that is drawing me to forex is that with a profitable strategy it doesn’t matter what size you trade (assuming it isn’t 100’s of millions lol).
I am afraid that meditation will not help you through the non-farming payrolls when you forgot to get out of a trade beforehand, only duct tape will… :S
As far as I know my friend was some kind of a professional poker player, and 3 years ago he started trading Forex. Now he’s a successful Forex trader, and he earns a lot, so I asked him for an advice. He told me to try to play poker as poker mentality tells him when he should stop or continue “gambling”. So, I started playing at ww88 and you know what? I’ve been playing poker on that site for a year and I learned some things. I even started earning on that site. Yeah, $ 100 a month is not a lot, but as a start it’s quite ok, isn’t it?
Poker is useful for traders because you can bring over what you learn about bankroll management and concepts like expected value (EV), pot odds and equity.
When you start system development, you will see similarities.
Welcome to the forex world. The way you were determined in poker, the same is the way you have to be in trading. Start off with an online course and choose a regulated broker. Based on the reviews of different brokers, you can choose one for you. Try out their conditions and learn how practically trading is.
Huh that would be an interesting transition I have to say. I usually know that the transition is usually the other way around. I personally have been playing casino games myself. I have been a Forex trader not that long but the constant adrenaline made me feel bad. I needed to find a way to blow of steam. I tried the parties and the drinks and any other thing you can imagine but one of the best feelings I had was when I won playing slots. It is an amazing feeling. When the pandemic started though I had to find alternatives. I decided to try online casinos. I have tried a few but one of my favorite ones is ign088. I really like it. They have a large selection of games over there. You guys can check them here: https://m.ign88.co/id-ID/Home I hope that that was of some help to you guys.
The actual sports betting is done by a friend of mine who has spent years studying a multiple of things, has set ups and uses those to make profitable bets. So far it has worked out making me around the same amount as poker did last year in just a few months.
Well the money management part is the same, according if you had good money management in poker. That is the most important and can help a lot in the learning process. Make the Babypips School, maybe not the brokers are the most important to learn about in the beginning.