Gp00053: The Online Poker Player and Sports Bettor

This August we’re giving some serious virtual high fives to forex junkies out there who are brave enough to trade the choppy summer trading environment!

Let’s meet some of the popular men in the forums this time of the year, gp00053, Cyco, and Pips Ahoy!

In their interviews they have shared their forex trading origins, their trading routine, and even some tips for the newbies.

These guys don’t bite (unless provoked) so don’t be scared to say hello!


1. Tell us little bit about yourself. Where are you from? What are your hobbies?

I’m from just outside of Niagara Falls, Canada. I live with my wife and our 3 children. I’m a semi retired businessman and work from my home.

###2. When/why did you start trading forex? What resources did you use to learn how to trade (websites, books, apps, mentors, etc.)?

I came to the forex in late 2012 after researching it for about 6 months. I use to be a full time, online poker player and sports bettor, after selling a financial services company I owned and operated for years. Just over 3 years ago after selling my business and playing poker and betting full time, I was riding in a car as a passenger, and someone drove threw a stop sign and hit the car .

Besides serious damage to one of my legs, several cuts I received a concussion which permanently affected my brain with speech and cognitive function. I have a slight stutter and can not process information quickly, as well as short term memory loss. So needless to say I could not play poker full time the way I use to. While in therapy a poker friend of mine asked if I knew anything about currency trading I told him no he said to take a look, I did and here I am.

After researching quite a few forums about currency trading, I chose to start with BabyPips. I found and find the school to be well put together, informative and a must do, to have a strong trading foundation. The knowledge I gained from BabyPips school and forum helped me wade through the sizzle offers when I was looking for a forex steak on utube and various other websites. From there I used a simple day trading and scalping strategies to put together the trading methods I use now.

###3. What do your friends and family think about you trading currencies?

My wife and I are partners in everything we do and she is fully supportive of whatever I do once we talk about it and put together a plan. As well I have a lot of support from other family members.

###4. What were your first strategies in forex trading? How are they different from your strategies today?

Originally my strategy was to purchase a signal providing service and start trading. I thought signal service providers were like handicappers in sports betting. It didn’t take too long after reading the different posts in the forum and what I was learning at the school to find out that’s not the case.

My next strategy was to sign with a dealer who offered a live trading room and would train me to day trade while in the live trading room. Again one of the members here told me I could learn everything I needed to know for free following the threads in the forum.

From there I decided to do what other members here said. Learn it myself. First thing I did was to figure out what kind of trader I wanted to be. After that my strategy was and is short term to meet long term goals. I believe that the best way to do that is to get as many of the probabilities on your side as you can.

###5. Describe your current daily or weekly trading routine. What do you do before you trade?

I only trade between the overlap of the London and NY exchanges Monday through Friday and usually 30 minutes before or after any news releases regarding whatever currency pair I want to trade.

Before opening up my trading platform, I look at the BabyPips economic calendar, read over night forex news releases from Dukascopy and several (free) emails (two from this forum) that I subscribe too, to get a picture of what’s going on in the market.

Next I plan my trade session and then work the plan After trading I enter trades in my journal, review and make notes on the session. After that I try to learn something through webinar, forum posts or videos that will make me a better trader tomorrow.

###6. What are some of your most unforgettable trades and trading moments?

Hands down. I was trying to decide when I first started training whether to start with a live account or demo. I got posts from here saying open a micro and start trading as well as get a demo for a year or 6 months and then someone on another forum told me. To get a demo so I could avoid making the same silly mistakes that all new traders make in the beginning. So I decided to go with a demo with $10,000 start up and 500:1 leverage.

I made my1st trade entered and left it. I opened the platform the next day and I had zero in the account. I forgot to put in a stop loss and take profit. If the account was live I would have lost my startup capital for real.

###7. What non-trading activities are you into when you’re not trading?

I have therapy almost every day and other business I have to deal with and after that, I relax in the pool. At this point in my life spending time with my family is my 1st priority.

###8. Complete the sentence: “If I hadn’t learned about forex trading, I would probably _______.”

"If I hadn’t learned about forex trading, I would probably not be as happy as I am now.”

###9. Forex trading is not an easy business. What motivates you to continue trading when in a trading slump?

The same thing that motivates me with anything I do and go into a slump without a doubt: Individual (trades, poker hands, sports bets, business opportunities, chances, mistakes) will come and go. Think long term and then it’s: Some Will, Some Won’t, So What. . .Next

###10. Do you have any advice for trading newbies out there?

Absolutely: Don’t try to reinvent the wheel. Learn to: crawl first, then walk, then run, then sprint. Make a plan based on your situation, then work your plan to reach your goals.

It’s interesting to see alot of poker players try their hand at trading. :slight_smile:

I think that’s because the process to be successful in trading is the same as the process to be successful at online poker long term. But with trading there are advantages that you don’t have with poker. You need a method that long term is designed to give you more positive results than negative, money management that will keep you in the game and the patience and discipline to give your method and money management time to work. That’s the same for both. But with trading you can automate. Unlike poker you can set a pending order, with entry, stop loss and profit levels and leave. No 12 hour sessions playing 10 tables. You still need to measure risk with both, but again much different. Poker requires you to rely on your notes, observations position and ability to think quickly; trading you rely on hard data, and all the time you need to think through your trades before you execute. Poker deals with probabilities and odds and you have to hope the other players at your table understand and abide by it. Trading it’s just balance of probabilities and who abides or doesn’t is not an issue. I think mostly you don’t have the uncertainties with trading that you do with poker