Forex vs Poker - Page 2
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Thread: Forex vs Poker

  1. #11
    Yes, there are a lot of similarities between poker and forex. I played online poker before getting involved with forex and the mindset and skills I learned from poker has transferred well to my own trading.

  2. #12
    Quote Originally Posted by ;
    Not correct. Fantastic poker players understand money management as well since a number of the greatest traders.
    True. Any poker player who's serious about earning money comprehends money direction. It's at the core of becoming a fantastic player and among the first things you understand.

  3. #13
    Quote Originally Posted by ;
    True. Any poker player who's serious about making money understands money management really well. It is at the core of becoming a good player and among the first things you are supposed to understand.
    Edited for accuracy.

  4. #14
    Don't allow your afro juice affect your thinking.

    I was speaking about good players. To be a fantastic player you need strong MM. Consequently, if you are a player you are past the point of assumed to learn. You did learn.

  5. #15
    Both poker and Currency Market are based on one easy calculation - chances of winning x risk/reward. In poker these chances can be calculated precisely in Currency Market they are estimated. Poker players who move to Currency Market automatically understand this essential principle quite nicely which gives them a big edge over playing newbies. Successful poker players should have discipline and the patience required to'exchange' for days, or hours, on end without even setting a trade until they're certain the chances are in their favor. Inability to perform this is exactly what washes out many traders early in their career.

    The eduional/developmental sides of poker and Currency Market are also quite similar. To succeed in you must make a long term commnt and get into a regular study routine. You have to leave self at the door and open yourself up to self analysis to discover mistakes and always work on them. In both poker and Currency Market you lose and are able to make the ideal choice, you may produce a big mistake and triumph. Concentrate on long term anticipation and You have to ignore short term outcome.

    The biggest gap between the two, and the reason I changed from poker to Currency Market, is that poker gets exponentially harder as you move up through the degrees. In Currency Market the game does not change as you increase the bets, which allows traders to compound their own returns.

  6. #16
    Truly the external variables are similar, making an system that provides you a slight advantage with time, it is the struggle we wage.

    After we can detach ourselves from the fear of losing cash we can manage our system (play our hands ) always not giving any tells.

  7. #17
    As I've mentioned earlier, I think than poker is, blackjack is much more akin to FX trading. Three motives, just off the top of my head:

    1. In blackjack you're playing with a negative expectancy game against a single, anonymous, inscrutable giant (the home ), and you're having a (card-counting) egy to attempt to change invisibly in your favor. Whereas in poker you're pitting your wits against various opponents, and no person is disadvantaged with a negative edge (before the cards are dealt).

    2. There's no opportunity to bluff at the home, when playing blackjackjust as it is impossible to hit on the market.

    3. It would be every bit as absurd to go all in if playing blackjack, for the reason that it is to risk one account on a trading result.

  8. #18
    Well said, one drawback to blackjack is that you can not bank roll at all in the markets you can. As you may know, the main reason behind the maximum bet, is you can not keep doubling your bet. In the event that you should begin with a $100 bet and lose, bet $200 the next hand and lose, bet $400 the next hand and lose, bet $800 the next hand and win, then you are now $100, pocket the $100 and stat your greatest over back $100. Problem is whenever the tables cap you at a maximum $500 bet, this will not work.

    The markets nevertheless permit you to bet any bet you want, therefore you could, in theory bank roll the market. Just an observation.

  9. #19
    Quote Originally Posted by ;
    Well said, 1 disadvantage to blackjack is that you simply can not bank roll where as in the markets you can. The main reason behind the max bet, is so you can not keep doubling your bet, as you well may know. In the event that you should begin with a $100 bet and lose, bet $200 another hand and lose, bet $400 another hand and lose, bet $800 another hand and win, then you're now $100, pocket the $100 and stat your best over back $100. Whenever you are capped by the tables in a max $500 wager, problem is, this doesn't work.

    The markets however enable you to bet any...
    The M term. Do you really wish to base your money management on risk of loss/ruin? This is akin to gambling (and playing with passion )-(Not directing this at you Tim although I'm quoting you. I understand you mentioned in theory. I only want to comment on this in another direction). No matter how confident you're in your egy, unexpected and crazy things will happen if you're around long enough. Of course there is such a thing as luck, but you can not rely on it into currency trading. It is not a fantastic model in this company and you may have to be blessed to make it big on that alone. Just don't put yourself in that place. Never allow it to be simpler to put up your back against the wallsocket.

  10. #20
    The difference is that a poker player at a table can take risks because he knows he has a guaranteed quantity of money winnings. A FX trader has no guarantee of money winnings. In case a FX trader makes a stupid mistake at the wrong timehe can eliminate everything...a poker player will just come in 2nd place vs 1st place....that is a massive difference folks.

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