Can I get into trading?

This is a discussion on Can I get into trading? within the First Steps forums, part of the Reception category; You are forgetting Full Tilt in your list of dodgy sites... But stating that there are pro players who are ...

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Old May 11, 2012, 10:56am   #11
 
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Re: Can I get into trading?

You are forgetting Full Tilt in your list of dodgy sites...

But stating that there are pro players who are multi-millionaires is like stating that there are pro football players who earn more than a million a year. In both scenario's you are talking about a very small group.

I've played poker for quite a while and haven't done too bad at it, and I have some friends who I consider experts, some who indeed earned more than a million, but the top is extremely thin. Don't fool yourself that you can make it big in poker, especially with such a big gap. But who knows you might have a god given talent for poker, just don't quit your day job yet...
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Old May 11, 2012, 6:36pm   #12
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Re: Can I get into trading?

I completely agree with you on the value of time.

I have played a lot of poker, both live and online. I have seen an unbelievable amount of ridiculous bad beats happen over the years when playing online poker. Sure, you see your share of bad beats when playing live, but nothing compared to playing online.

Like others have already said, there are rigged online poker networks. In fact, I wouldn't be surprised if they are all rigged to some degree. After all, the more money in the pot the more rake they get. Thus, fish play would be encouraged.

So you could spend hours studying poker and come up with a great strategy, but still not be profitable because of rigged software. All these bad beats can take a toll and you could end up tilting.

Also, there are completely different strategies and risks associated with no limit vs. limit, cash games, SnG's, and tournaments. For instance, you could do well playing in nl cash games for hours. But then on one hand you could lose all your profit by getting KK and another player has AA (happens all the time in online poker and rarely does the K hit). With tournaments, you could spend hours playing only to lose on or near the bubble.

On the other hand, you have SnG's which are less risky but also have a lower margin of profit. So you could spend hours to only make a few bucks.

I don't want to discourage you. I just wanted you to know my experience with poker over the years and the reality of it. It was a big time waster for me and of all the hundreds (if not thousands) of hours I spent playing I probably made a couple hundred bucks (maybe not even that because I've never calculated it all up).

As for trading, I am new to it myself and only have a couple months of experience. So I'm not really in a position to give you advice on that. But so far it doesn't seem to be rigged anywhere near as much as online poker...
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Old May 11, 2012, 7:09pm   #13
 
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Re: Can I get into trading?

Maybe I shouldn't reply but I'll go ahead anyways:

Yes Ultimate bet was rigged in that there was a superuser, but unless you played the highest stakes I doubt you would have encountered him. Besides that those who were affected by this superuser(a board member of UB), got compensated for their losses (not adequately if you ask me).

I don't think online is rigger, or that you see more bad beats online than live, more the opposite if you ask me. I've played near 2 million hands now and sure there are the 100.000 hands downswings/be-stretches in there, but I definitely wouldn't call it rigged.

However I am still looking for successful forex traders who started with a couple of bucks and became millionaires. There are more than enough poker players who did it and whose results you can easily find on 2+2, how come there aren't any forex traders who amassed millions and are posting it here? I would reconsider your opinion of what is rigged in this case.
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Old May 12, 2012, 12:14am   #14
 
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Re: Can I get into trading?

Quote:
Originally Posted by Amazin-Trade View Post
Hello everyone, I just registered because I'm very curious about trading. I have a big decision to make and it will influence how I will spend my time in the next few years. Time is the most valuable resource there is and we all have limited amount of time.

Right now I'm learning to play poker and I know I can make lot of money if I keep playing and learn from my mistakes. At same time I'm thinking, what if I invest my time into something else? Something could give me a bigger return? Trading and Poker have lot of similarities I heard.

I don't know anything about trading unfortunately and I don't have much money to play with. So I would really appreciate if someone can tell me how much money I would need in order to start trading?

What is the lowest amount I can trade? Is it possible to trade in micro scales like I can do in Poker? like £1 or £5 trades?
First of all, loose the naivety

Secondly, you will almost certainly fail, I am 95% certain of that

Thirdly almost everyone here who is advising you here hasn't got a clue about how to trade successfully themselves, I am 95% certain of that

Those are the facts face reality.

But if you have what it takes to think for yourself, then there is just possibly a 5% chance that you will make it.
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Old May 12, 2012, 4:41pm   #15
Joined Apr 2012
Re: Can I get into trading?

Amazin-Trade started this thread
Quote:
First of all, loose the naivety

Secondly, you will almost certainly fail, I am 95% certain of that

Thirdly almost everyone here who is advising you here hasn't got a clue about how to trade successfully themselves, I am 95% certain of that

Those are the facts face reality.

But if you have what it takes to think for yourself, then there is just possibly a 5% chance that you will make it.
Thanks for the comments but I don't like the way how you present it. No need to write to me like that.

Do you belong to the 5% or the 95%?

I personally don't think it is that unusal to be honest. There are many industries are like that why 95% will lose or won't get much out of it.
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Old May 21, 2012, 3:33pm   #16
Joined Oct 2011
Re: Can I get into trading?

of course you can first get some good idea about real trading by opening a demo account with a decent brokerage company !
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Old May 21, 2012, 4:35pm   #17
 
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Re: Can I get into trading?

I agree. Start with a demo account. Get some practice time and some time in front of some charts. While it is true that a lot of traders don't make it, that's true with any business. Most new businesses fail in the first 2 years. However, I don't think you should go into it expecting to fail because if you do then you will absolutely fail. Go into it with the mindset that you will succeed and then work as hard as possible to make it happen. That's the only way to make it success happen - hard work, dedication and belief.
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