Being a poker player is a great prerequisite to fx trading psychologically wise I’m theorizing. In poker, you have to manage your bankroll properly or you go broke, you have to learn to manage your emotions to the T or you go broke. That includes dealing with massive bad beats, tournament entries, your buy in if you play cash games, etc.
Being that I’ve been playing poker for ten years now, plus I’m not an emotional type of person (very logic-based, or that my emotions are filtered through my logic first) I think Forex may be a good fit for my personality type.
What do you guys think? I can’t wait to dig in, (gonna learn first of course before I start).
Hey Dreighen, being a poker player should serve you well, my son plays (does ok) and got the right mindset to trade forex when hes ready … patience and waiting for the right hand (signal) is all important IMO cheers and good trading Q
Thanks, as I’m reading the forums here tonight (I should be sleeping lol) I see that a big part of it is the psychological aspect of detaching yourself from the money so when you take losses you don’t chase them and end up an even bigger loser. Another lesson I learned long ago in poker. This makes me pretty excited as I don’t have the hang ups most newbies may have coming into this.
It’s liberating to say the least, and I think once I start learning the fundamentals, coupled with the fact that I will have a pretty good chunk of capital at the end of this month (not that I plan on starting to trade then) I can’t wait to get going.
hehe …IF I was you I would put half that fair chunk away somewhere safe for a while … you will most likely need it 1 day , blown accounts are the norm to start off …Q
There’s a good overlap between poker and trading. The basics are the same, in that we are dealing with probabilities, bankroll / money management, tilting / psychology, table selection / chart selection etc. Many poker skills are transferable.
One advantage with trading is that you have no opponents getting an individual read on you. On a poker table, good players can use your personality or playing style against you. In the forex market, you’re such a small fish that no-one cares.
although some of the quality you posses are in favour of you to become a good forex trader, but i will suggest you to open a demo account and try trading there before entering, and if money is not a issue then open a real account.
You’ll most likely have an advantage on the psychological front. Read this - quite possibly the most important information a newer trader can get their hands on.
This is not a bad comparison actually. When you think about, indeed the psychological aspect in poker can help while trading. You can easily control your emotions, greed, fear, etc. You don’t have any opponents right against you so no bluffing as well. But I agree with the others that you need to practice on demo first for a few months before going live. After all the psychological abilities are very important but other aspects of trading are quite significant as well which could not be learned with poker.
I have never played poker, so I cannot speak from a personal experience, but what you say does sound logical. Managing one’s emotions impeccably is imperative to good Forex trading.
