Can I get into trading?

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Old Apr 22, 2012, 11:51pm   #1
Joined Apr 2012
Can I get into trading?

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?
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Old Apr 23, 2012, 11:07am   #2
Joined Sep 2011
Re: Can I get into trading?

You can start forex trading with as minimum as $1. Some brokers offer bonus with each new trading account so in these condition, you can start trading without any investment as well.
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Old Apr 23, 2012, 11:51am   #3
 
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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?
Hello Amazin,

Some spread betting brokers will allow you to bet from 0.50 p in increments of 0.10 p if you want....

as Patricia is telling you, some of them have bonus for new accounts, so you could virtually start with a very small amount and/or with nothing at all...

About trading itself, you will want to learn very well the very basics first, and then moving on into your own preferred style/method that suit you the better, and practice a lot before you get into this world.... as you said, poker and trading have some similarities like odds, money management, etc... but, of course, each one has its nuances....

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Old Apr 23, 2012, 5:51pm   #4
 
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Re: Can I get into trading?

Quote:
Originally Posted by Amazin-Trade View Post
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.
First, you don't know you can make money from poker, or trading. Noone knows til they do start making money. Its a lot harder than what you said - playing a lot and learning from mistakes - you may not make any mistakes doing either and still be sh*t.

Second, I wld avoid comparisons of trading to poker, they are not v similar at all - money management, psychology and strategies are all completely different. When wld the probabilities be in your favour to go all in trading? Or even bet 50pc of your bank? And how about bluffing the market? ha. Plus you can beat an opponent with a crap hand if you're good, but v unlikely to beat the mkt with a crap strategy, or poor mm. Ever read harringtons books on poker? Well there's so many variables from table position, cash in pot, style of players sitting to left/right, players/your stake, stake vs the raise, cards which have been shown, probability of improving your cards,what happened on recent hands etc etc which can shape how your gonna play, and these change on each street! Nowhere near that many variables affecting your trading decisions - if there is then you have a way overcomplicated strategy.

The similarities? Keeping cool after a loss I guess (i.e. Not tilting), taking calculated risks (odds in your favour = having an edge), knowing when not to play, progression - using demo acct, can be a lonely existence. Also doing loadsa quality practice / training etc but these are inherent in many activities, sports etc.

Read the FAQ on these forums for newbies.

Good luck.
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Old Apr 24, 2012, 6:32pm   #5
Joined Oct 2011
Re: Can I get into trading?

to actually start trading you will need a minimum deposit and its some where between 1-50 dollars

but it is very time consuming, its not a one way highway to becoming a millionaire, it takes time to learn and play with demo accounts or practice accounts, learn the charts, study the market, but if you ask me its way better that poker, you can actually make a living out of trading forex, but for your first year you should keep it safe and small. you can combine both since practicing forex won't need any money to it, you can read online at babypips or forex factory, you can even ask the folks here about it. and best of luck
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Old Apr 24, 2012, 11:55pm   #6
Joined Apr 2012
Re: Can I get into trading?

Amazin-Trade started this thread Thanks for the information everyone. For some strange reason I'm was under the impression that I need to have £1000s in order to invest or trade. I'm so new that I don't know anything, lol
Something tells me that I need to read tons of information.

Like I said, I'm not sure if I have enough time for both poker and trading. My instinct will tell me which is the one for me.

Quote:
you can actually make a living out of trading forex
Are you aware that many pro poker players are multi-millionaires?

So how is it fair for me to assume that 95% of people in trading are losing money just like in Poker?

I feel very relieved to know that I can take things step by step like in Poker.
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Old Apr 25, 2012, 12:22am   #7
 
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Re: Can I get into trading?

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Originally Posted by Amazin-Trade View Post
Thanks for the information everyone. For some strange reason I'm was under the impression that I need to have £1000s in order to invest or trade.
You find an edge on demo, and then trade circa 1pc of your acct to build it up. Some SBs allow 10p per tick/pip which means for 20 pip SL = £2, and £200 bank. In other words start from the bottom, £200 is more than enough to get going.

Quote:
Originally Posted by Amazin-Trade View Post
Something tells me that I need to read tons of information.
Something tells you? You are brilliant at stating the obvious.

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Originally Posted by Amazin-Trade View Post
My instinct will tell me which is the one for me.
F/all to do with instict. Maybe read mystic meg?

Quote:
Originally Posted by Amazin-Trade View Post
Are you aware that many pro poker players are multi-millionaires?
Stating the obvious again.

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Originally Posted by Amazin-Trade View Post
So how is it fair for me to assume that 95% of people in trading are losing money just like in Poker?
Its so not fair....first dont assume, second it has no relevance to your aim.

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Originally Posted by Amazin-Trade View Post
I feel very relieved to know that I can take things step by step like in Poker.
Relieved? What was the alternative? All in one leap? Ha.
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Old Apr 25, 2012, 10:57pm   #8
Joined Apr 2012
Re: Can I get into trading?

Amazin-Trade started this thread @rsh01: It is not obvious that many professional poker players are multi millionaires especailly if that person doesn't play Poker.

Anways, I hope you don't find any of my posts annoying. I don't want to get into conflict with anyone just yet. I going to go away and do some learning.
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Old Apr 25, 2012, 11:20pm   #9
 
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Re: Can I get into trading?

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Originally Posted by Amazin-Trade View Post
@rsh01: It is not obvious that many professional poker players are multi millionaires especailly if that person doesn't play Poker.

Anways, I hope you don't find any of my posts annoying. I don't want to get into conflict with anyone just yet. I going to go away and do some learning.
You do play poker though?! I reckon its easier to learn how to make money trading than it is to play poker - online poker is rigged more than fin markets, and they are rigged against you whereas the fin markets are not necessarily rigged against you. Google absolute poker / ultimate bet if you wanna read juicy story about how dodgy poker is - and noone got done for it cos they're registered on an indian reserve.

Anyway good luck whatever you decide.
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Old Apr 26, 2012, 12:00am   #10
Joined Apr 2012
Re: Can I get into trading?

Amazin-Trade started this thread thanks, doing some reading right now and I'm already confused, lol I'm not going to ask any questions yet.
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Old May 11, 2012, 9:56am   #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, 5:36pm   #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, 6:09pm   #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 11, 2012, 11:14pm   #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, 3:41pm   #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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