Similarities between poker and trading

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
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Iron
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http://www.youtube.com/watch?v=qcPD9AmV ... r_embedded
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Totty2457
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Betfair have inefficient customer services in both?
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Totty2457
Posts: 60
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Betfair have inefficient customer services in both?
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freddy
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Everything in life is like trading when you think about it, or maybe im a just a bit obsessed :)

it's all a gamble but with a traders mindset you will at least in theory spend more time evaluating a situation first before jumping in.
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enzabella2009
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are they both rigged?
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Iron
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Joined: Fri Dec 11, 2009 10:51 pm

Hi Freddy

I agree there are similarities in terms of the psychological qualities required to succeed in both - things like being disciplined and focused, especially when things go against you.

BTW, I'd recommend Mark Douglas's Trading In The Zone, if you haven't read it.

Jeff
freddy wrote:Everything in life is like trading when you think about it, or maybe im a just a bit obsessed :)

it's all a gamble but with a traders mindset you will at least in theory spend more time evaluating a situation first before jumping in.
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Iron
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Joined: Fri Dec 11, 2009 10:51 pm

They are only rigged in the sense that you are up against players who want to take your money from you! ;)

On a serious point, I know some people think that big traders can manipulate the market at will. I'm sure it goes on, but I doubt many people can control it for more than a moment. You might get one big trader who wants to push the market one way. But if you have other traders who want the market to carry on its current course, presumably the price will bounce back quickly. What do you guys think?

Jeff
enzabella2009 wrote:are they both rigged?
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Iron
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Joined: Fri Dec 11, 2009 10:51 pm

Here's another video about poker and wider gambling-related issues:

http://www.youtube.com/watch?v=RkURIgfo ... ded#at=159

Jeff
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Zapata
Posts: 213
Joined: Thu Jan 21, 2010 11:58 pm

Wonder if the subscribers to these USA poker sites will ever see their funds again?

http://www.dailymail.co.uk/news/article ... bling.html
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rubysglory
Posts: 309
Joined: Thu Nov 04, 2010 7:02 am

I found it interesting that the first video presenter (Jeff's original post)found belief that the best Traders and Players lose on average more hands (trades)than they win, yet are the biggest winners overall.

rg
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Iron
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Joined: Fri Dec 11, 2009 10:51 pm

I suspect it's the same with professional gamblers - I wouldn't have thought there's generally much value to be had in backing an odds-on favourite...

Jeff
rubysglory wrote:I found it interesting that the first video presenter (Jeff's original post)found belief that the best Traders and Players lose on average more hands (trades)than they win, yet are the biggest winners overall.

rg
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Iron
Posts: 6793
Joined: Fri Dec 11, 2009 10:51 pm

http://www.bbc.co.uk/news/business-13121768

The article says that: 'Last year, 5 live Investigates reported on a ring of Chinese poker players who colluded to rip off players on the Isle of Man-based PokerStars site. PokerStars refunded $2.1m (£1.3m) to customers across the world after the scam was uncovered.'

I'm sure Betfair would have acted just as honourably...

Jeff
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federer

Ferru123 wrote:http://www.bbc.co.uk/news/business-13121768

The article says that: 'Last year, 5 live Investigates reported on a ring of Chinese poker players who colluded to rip off players on the Isle of Man-based PokerStars site. PokerStars refunded $2.1m (£1.3m) to customers across the world after the scam was uncovered.'

I'm sure Betfair would have acted just as honourably...

Jeff
You were right....
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