posted
Im a die hard poker player, online and live games, as Im slowly learning here im seeing alot of closeness in the two, example, patterns, in poker I look for betting patterns, bluffing patterns, and Im now starting how to identify stock patterns and trends
The highs and lows, excitement & fear, just like poker
guts and instict I make good money everyday on internet poker and have plenty to use on the stocks, but just like in poker I will not jeapordize my bank roll, I know how much to invest without losing my whole bank roll
I remember when I 1st started playing poker I lost money, but I read books, DVDs and played as much as I could and I got better & am now a regular cash game player, so Im sure I will lose money in the beginning but as I hang in there and learn I should slowly start making some good smart trades
so any Poker players here, do you see the same coralations in the two worlds ohh and on a side note Toni Turners book a Beginners guide to day trading online, I love it, great book, easy to read and follow, I will be getting more of her books
Hope you guys did good today, my paper trades had 2 go down and 3 stayed even and 2 went up just a hair, so my paper account stayed pretty even so far-LOL
BooDog
posted
I play on poker stars. Fish_jimbo. I would not mix the 2. Completely different worlds. Allthough it seems the best hands last just as long as a game of holdm.
T e x
posted
one easy correlation: discipline
BooDog
posted
quote:Originally posted by T e x: one easy correlation: discipline
Reality.
No doubt Tex. Study study study.
Machiavelli
posted
quote:Originally posted by BooDog: I play on poker stars. Fish_jimbo. I would not mix the 2. Completely different worlds. Allthough it seems the best hands last just as long as a game of holdm.
Not different worlds. I have touched on this subject many of times in the past. Poker and trading are both "gambling" for those who do not know what they are doing. But for those who do know what they are doing they take the "gamble" out of the game and succeed. Both require patience to receive a starting "hand" and you'll have to fold and pass up many cards you get for starting hands (and stocks)till then. And also as Tex has mentioned both require discipline. The mental and sometimes physical ones that make "players" in both game a success. You have to have discipline in both to not let your emotions make your decisions like fear (sell or fold too early), greed (averaging up or chasing worthless hands once identified when your needed cards are in other player's hands or the trend is obviously the opposite of your position) and hope (self explanatory but i'll explain. In both Poker and Trading losing hands and positions are not folded/sold in the hopes it will turn around by the river or the trend turns around. In other words cut your losses and wait patiently for another good starting hand and/or stock position with a positive trend whether to the upside (Long) or downside (Short).
Btw I specialize at 7 card stud on pokerstars.com.
BooDog
posted
Very well put Mach. Take the theory of poker out of your thinking process when selecting what to buy. Do your homework. In poker you have no choice until your cards are dealt. Which are predetermined on a % of risk (ie. using someone elses picks/ following). You already anted up and will lose your initial buy or pay more to get rid of it. Unless you are one lucky puppy. The ante adds up over time. Once the cards are in your hands then yes I agree your analogies would be correct imo. Knowing when to hold em and when to fold em like poker is certainly a learned skill. One that I am persistently learning more and more.
biker0962
posted
Hi Mach & Boodog, Happy Turkey day well Mach I agree alot with what you say, I most certainly have patience, Im on full tilt NL cash games 1-2 tables, and I have great disipline, greed I love that one, but not me, Im a tight wad, started on the .5-.10 table limits and slowly worked my way up the tables, never jeapordizing my bank roll, I like to have 800 times the amount of the big blind, but I have a great cushion from poker to use on stocks, so its money I can afford to lose ( I hate that word-LOL) each week I can take 10% of poker winnings and put it toward my stock account, anyway Im slowly learning and Im enjoying the challenge, each day im learning something which cuases me to ask more ??-LOL so go eat some turkey & watch football & enjoy your day guys
PCola77
posted
I used to play on Pokerstars all the time. have since had 2 kids and no time for stuff like that anymore. A buddy of mine at work quit here and plays fulltime online. On the point of discipline, he plays like a robot, seems to always make the right play. Obviouisly loses plenty of times, but rarely from a mistake. Me? I have no discipline. i just played for fun. Don't know if I ever cashed a penny out, always added more to the account.
BooDog
posted
Amazing that some make a living from either or both. I think (I know) my wife would kill me if I quit my day job. At least she feels that way now........
Seamonkey1959
posted
One way to combine your love of gambling and stock trading might be to look into companies that invest or own casino's in Macau,China..I used to know of 2 if you are interested in those I can find their symbols.
BooDog
posted
Always open to interesting plays Seamonkey.
Cheers.
Seamonkey1959
posted
I'll check for you tonite for those 2 stocks BooDog.It will be after dark when things are cooler.
Seamonkey1959
posted
I lied.I only tried one stock and its symbol is PACT.At the time it was trading at %.27 when I got out for a loss.I needed the money for something and it hadnt moved up in over a month. So play with this if you want.Several companies were investing tons on $$ in Macau since they touted $1000/hand blackjack tables and billions of bucks a month.If I remember right Macau was going to replace Vegas as the place to go to for large amounts of hi-roller games.
BooDog
posted
Cool Monkey. Thanks.
Machiavelli
posted
quote:Originally posted by Seamonkey1959: One way to combine your love of gambling and stock trading might be to look into companies that invest or own casino's in Macau,China..I used to know of 2 if you are interested in those I can find their symbols.
I would assume you mean the Wynn company... Steve Wynn's...
Seamonkey1959
posted
I believe that was his name.Had huge articles about him.
Bottomfeeder
posted
What do these rating stars mean? I didnt have a rating as seamonkey but changed to bottomfeeder and some show it as 5 stars.
T e x
posted
software glitch...
my ratings are turned off cuz back in the day bad guys would flood the board and rate me low cuz I busted 'em...
lol, enjoy your new stars!
(the original idea was better posters would get more stars...hardly anyone pays attention, nowadays, as far as I know)
Bottomfeeder
posted
Thanks Tex
Bottomfeeder
posted
Just remembered the other company listed stock for Macau is PACT.
PCola77
posted
Damn, I thought I could eventually trade in my 4 stars for a waterproof radio/tv/computer. Oh well, guess I'll stick to cutting out box tops...
quote:Originally posted by T e x: (the original idea was better posters would get more stars...hardly anyone pays attention, nowadays, as far as I know)
fourseven
posted
quote:Originally posted by biker0962: Im a die hard poker player, online and live games, as Im slowly learning here im seeing alot of closeness in the two, example, patterns, in poker I look for betting patterns, bluffing patterns, and Im now starting how to identify stock patterns and trends
The highs and lows, excitement & fear, just like poker
guts and instict I make good money everyday on internet poker and have plenty to use on the stocks, but just like in poker I will not jeapordize my bank roll, I know how much to invest without losing my whole bank roll
I remember when I 1st started playing poker I lost money, but I read books, DVDs and played as much as I could and I got better & am now a regular cash game player, so Im sure I will lose money in the beginning but as I hang in there and learn I should slowly start making some good smart trades
so any Poker players here, do you see the same coralations in the two worlds ohh and on a side note Toni Turners book a Beginners guide to day trading online, I love it, great book, easy to read and follow, I will be getting more of her books
Hope you guys did good today, my paper trades had 2 go down and 3 stayed even and 2 went up just a hair, so my paper account stayed pretty even so far-LOL
excellent observations.. if the underlying psychology is as similar as you put it, you should do ok with stocks. provided the work, the discipline, etc etc. you know, the easy part
PJ
posted
I've played poker for years and have traded stocks for years.
I always tell people how similar they are and people just laugh and I'm sure some probably disagree....ah well.