From professional poker player to professional trader?

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Old Jan 19, 2011, 12:39am   #1
Joined Mar 2009
From professional poker player to professional trader?

First post here, total newbie!

Hi, my names Andy im 23 and from the UK. Since i was 19 i have been a professional poker player. Im not a typical gambler, about 5 years ago when i was 18 i saw someone playing online poker, i was immidiately drawn to it because i saw that it was a skill game. I was totally attracted to using strategy and my wits to beat people and make money. I am very analytical, logical and emotionally detached. I also dont give a **** about losing large sums of money. Which is a plus, because the swings are pretty big and emotionally draining at first.

Very long story short, i have done decently ok for myself. Earning mid 5 figures to low 6figures every year. However, there is definitely a downward trend, in terms of there being less "fish" or poor poker players around, and more professionals. Basically, my margins are being squeezed. So i am essentially looking for new avenues to potentially make more money.

Ive potentially isolated trading and one of these avenues i could pursue, as some of the skills are potentially transferable. Essentially, trading is the same. Using the information you can get your hands on and betting on the outcome.

That being said, where would you guys suggest i start? Do you think this is even worthwhile? I am not looking for a get rich quick scheme, im just looking for potential. Im definitely willing to work hard, learn and put the effort in.

I have around £75k set aside as my starting capital. I am slightly risk adverse, so im not looking to over expose myself, or run before i can walk.

Looking forward to your comments
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Old Jan 20, 2011, 10:55pm   #2
Joined Jul 2010
Re: From professional poker player to professional trader?

Definately go for it.

You are thinking along the right lines, and with 75K tucked away to dip your toes into the business of trading, and aged 23... you have time and capital on your side.

You will need to take things sllllooooooow, do not rush into jumping onto some course that promises to turn you in to a super trader overnight... trust me, just trust me.. they do not exist.

Trading is the hardest way to make easy money

First you need to work out which financial market place you will trade in? Equities? Bonds? FX? Indicies? etc etc

This is massive, as you need to find a market that you will fall in love with, as it's like a good women... treat it well and you will get plenty of rewards... lead it on and not really love it, and you will have a life of misery.

So before all else, forget the trading strategies etc... what interests you?
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Old Jan 21, 2011, 12:09am   #3
 
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Joined Mar 2010
Re: From professional poker player to professional trader?

Quote:
Originally Posted by squizzel View Post
First post here, total newbie!

Hi, my names Andy im 23 and from the UK. Since i was 19 i have been a professional poker player. Im not a typical gambler, about 5 years ago when i was 18 i saw someone playing online poker, i was immidiately drawn to it because i saw that it was a skill game. I was totally attracted to using strategy and my wits to beat people and make money. I am very analytical, logical and emotionally detached. I also dont give a **** about losing large sums of money. Which is a plus, because the swings are pretty big and emotionally draining at first.

Very long story short, i have done decently ok for myself. Earning mid 5 figures to low 6figures every year. However, there is definitely a downward trend, in terms of there being less "fish" or poor poker players around, and more professionals. Basically, my margins are being squeezed. So i am essentially looking for new avenues to potentially make more money.

Ive potentially isolated trading and one of these avenues i could pursue, as some of the skills are potentially transferable. Essentially, trading is the same. Using the information you can get your hands on and betting on the outcome.

That being said, where would you guys suggest i start? Do you think this is even worthwhile? I am not looking for a get rich quick scheme, im just looking for potential. Im definitely willing to work hard, learn and put the effort in.

I have around £75k set aside as my starting capital. I am slightly risk adverse, so im not looking to over expose myself, or run before i can walk.

Looking forward to your comments
squizzel!!
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Old Jan 21, 2011, 12:51am   #4
Joined Mar 2009
Re: From professional poker player to professional trader?

squizzel started this thread
Quote:
Originally Posted by Faceman78 View Post
what interests you?
Success, money, women, cars. Is that the wrong answer?

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Old Jan 21, 2011, 1:43am   #5
Joined Jul 2010
Re: From professional poker player to professional trader?

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Originally Posted by squizzel View Post
Success, money, women, cars. Is that the wrong answer?

The question was geared towards what interests you within the financial markets, enough to keep interest up day after day.

Hope this helps.
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Old Jan 24, 2011, 7:42pm   #6
Joined Sep 2010
Re: From professional poker player to professional trader?

if your trading for the money you are doomed to failure... trading is not like poker the only way there are related is the risk management aspect.. im afraid you need to educate yourself first this is a noob question.. read about the psychology of trading... keep playing poker if it works for you.
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Old Jan 24, 2011, 7:48pm   #7
 
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Re: From professional poker player to professional trader?

Put £100 into an Alpari account. Trade 0.01 lots. If you are as good as you say at poker (ie you know about psychology and money management), willing to learn and are not looking to make a quick buck, £100 will last you months.
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Old Jan 24, 2011, 8:29pm   #8
 
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Re: From professional poker player to professional trader?

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Originally Posted by russianking View Post
if your trading for the money you are doomed to failure... trading is not like poker the only way there are related is the risk management aspect.. im afraid you need to educate yourself first this is a noob question.. read about the psychology of trading... keep playing poker if it works for you.
This is not true, they share many similarities. I was in a similar position to you squizzel and made the transition a while back. Took me a couple of years of losing before I got the hang of things. Trading is probably the easier game to beat, and it is certainly much easier mentally because the variance is not as high as in poker at the top levels.

Unfortunately its going to take longer to learn than poker because you cant do the same insane volume and learn at the exponential rate of a multitabling online player.

Don't make the mistake I did however, start very very small... and then halve your size
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