Career Poker Player Evaluating a Transition

I’ve been playing poker for nearly 100% of my income since 2006, and for at least half my income since 1996 (all but two years, one of which I dealt poker).

While it’s been rewarding, I’m ready to move on and I’ve been attempting to dream up alternative sources of income. So far, none have panned out, at least not enough to consider replacing my poker career.

Poker uses an extreme amount of constant mental energy and I’m looking for something a little less taxing. A trip to the local poker room requires hours of focused attention and breaks just waste time (generally need to wait for blinds to come around again to get back into the game.)

Don’t get me wrong–I realize that FOREX trading requires a similar mindset. A successful poker player has a lot of skills that carry over into trading (and other similar activities):

  • Money management. Risk vs. ROI management, I believe, is a big one. I’ve never been busto in my 20 year poker career.
  • Patience is another whopper. You can sit for two hours and not play a hand.
  • Sifting through details to find the most relevant information.
  • Mathematical/analytical mindset. I’m not a big proponent of “tells” against most opponents. However, considering their temperament, personality, and motivations are important. (Maybe this can relate to market sentiment?)

You’ll understand, though, that I am extremely skeptical of the prospect of making money with FOREX trading. But I do believe that it POSSIBLE that MAYBE I can earn a healthy living with trading. It sure [I]appears[/I] that it should be “beatable.”

I’m willing to commit six months or so to intensive study and “demo” FOREX trading before I make up my mind. If I can’t see a light at the end of the tunnel by then, I guess it’s not for me.

So here goes…hope it works!

Woah a pro poker player in the house! Thanks for sharing these similarities between poker and forex, and it’s great that you’ve properly illustrated that there’s more to both careers than just guessing or gambling. Spot on!