Poker player trying to convert

bavermun

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Hi everyone! A very nice forum.

Been playing poker for the last 7 years. Now I am hoping that I can re-use some I have learned! I would guess here are other pokerplayer as well?

What I got:

- Money management/odds - check
- Following rules without tilting - check
- A lot of time - check

What I have done so far.

- Been reading around in this forum for a month. Trying to get the big picture.
- Studying TA
- Tried papertrading DAX with CFDS.
- Read 3 books 4 years ago...

My plan right now is to form a strategi and start to backtest.

What program could you guys recommend for backtesting and form a strategi.
I have heard of prorealtime? Is it any good for a newbie?

Is there anything else I should do before starting?
Any feedback or things I should consider? All tips are very welcome!
 
Hi everyone! A very nice forum.

Been playing poker for the last 7 years. Now I am hoping that I can re-use some I have learned! I would guess here are other pokerplayer as well?

What I got:

- Money management/odds - check
- Following rules without tilting - check
- A lot of time - check

What I have done so far.

- Been reading around in this forum for a month. Trying to get the big picture.
- Studying TA
- Tried papertrading DAX with CFDS.
- Read 3 books 4 years ago...

My plan right now is to form a strategi and start to backtest.

What program could you guys recommend for backtesting and form a strategi.
I have heard of prorealtime? Is it any good for a newbie?

Is there anything else I should do before starting?
Any feedback or things I should consider? All tips are very welcome!

if you mutli t 6max, and can reach final table with 4 hands in a ring tourney and do long stretches, imo you have a chance
 
I use to play a lot of poker when does the market bluff
Unless you have found a method that tells you which way the market is going short/med/long term how will you know your hand is beat. Trading is not poker
 
I use to play a lot of poker when does the market bluff
Unless you have found a method that tells you which way the market is going short/med/long term how will you know your hand is beat. Trading is not poker

However, some skills may be transferable. all that time you spent looking for a seat to the left of a lag will come in useful when choosing a moving market
 
Poker player to Trader

Hi,

I was a poker player for years.

After a while It was pretty mechanic, and kind of boring... Winning money wasn't, but...

So I tried something new: Trading. I used my bankroll from poker and started trading and losing, at first.

Now I cannot leave trading, my profit per hour is a lot higher.

I use AGT and trade in Soccer (at first) then horses and tennis.

Any questions just ask.
 
What program could you guys recommend for backtesting and form a strategi.
I have heard of prorealtime? Is it any good for a newbie?

Is there anything else I should do before starting?
Any feedback or things I should consider? All tips are very welcome!

I would recommend ForexTester2 for backtesting. Though I hear they will release a new version this year - though the upgrade should be smooth.

Yes, there are some skills that are transferable from poker to trading. With money/risk management and discipline being two of the big ones (IMHO). However it will still be a lot of hard work. It takes time, experience and exposure to develop an understanding of how the market works.

There are a lot of threads on this forum providing guidance of things - one way that i have broken it down in terms of area of study - money/risk management, psychology, trading strategy, operational setup.

PM me when you can - my background is similar to yours. Happy to help you along a little.
 
I believe you have already have one big advantages from most of the newbies and that is psychology. Practise a lot and test several strategies before going live
 
lol, i had almost this same history like you bavernmun.
After couple years of cash head up's it was time to quit and do something with longer future...

Everyone would recommend Forex or there is something else which have great potential?
At the moment it's more hobby then day job but it might change in near future.
 
Hi,

I was a poker player for years.

After a while It was pretty mechanic, and kind of boring... Winning money wasn't, but...

So I tried something new: Trading. I used my bankroll from poker and started trading and losing, at first.

Now I cannot leave trading, my profit per hour is a lot higher.

I use AGT and trade in Soccer (at first) then horses and tennis.

Any questions just ask.
Sounds good. How long did it take you to get your head around it. What are you trading now? What did you start trading?
 
I would recommend ForexTester2 for backtesting. Though I hear they will release a new version this year - though the upgrade should be smooth.

Yes, there are some skills that are transferable from poker to trading. With money/risk management and discipline being two of the big ones (IMHO). However it will still be a lot of hard work. It takes time, experience and exposure to develop an understanding of how the market works.

There are a lot of threads on this forum providing guidance of things - one way that i have broken it down in terms of area of study - money/risk management, psychology, trading strategy, operational setup.

PM me when you can - my background is similar to yours. Happy to help you along a little.
Ok. Is that program just working with forex? Yeah of course a long way to go. Yes I will PM you.
 
I believe you have already have one big advantages from most of the newbies and that is psychology. Practise a lot and test several strategies before going live
I just started backtesting different kind of indicators and stuff. Trying to learn.
 
lol, i had almost this same history like you bavernmun.
After couple years of cash head up's it was time to quit and do something with longer future...

Everyone would recommend Forex or there is something else which have great potential?
At the moment it's more hobby then day job but it might change in near future.
I see. When did you start trading? Are you trading forex now?
 
Sounds good. How long did it take you to get your head around it. What are you trading now? What did you start trading?

It took me like two or three months... During that period I was learning by practicing, also I read about 3 books about it, but in my experience books didn't help me much (unlike poker where reading books helped me a lot), experience and always testing new ways of trading were much more important.

I also blew twice my initial bankroll ! But I think every trader may do the same at first.

Also bankroll management is a nice skill for "normal" trading; But when scalping you really need more than the usual in order to profit from a tick. I may use half my bankroll for scalping, which seems crazy, but in soccer, when laying the draw (for example) you only lose money with time, and It is a minor lose considering you are constantly hedging and opening your position - I may scalp a entire game laying the draw, and win money when the game ends 0-0 !

I started with soccer, but then I met horse racing, and after that it is really difficult to go back... The rush, the fast and easy money; And the tiny exposure. Well, to be honest I lost a lot at first, learning how to profit from that crazy game...

My advice in soccer: Filter the games, always trade live and after something good, like a super fav draw at HT or a super fav after suffering a goal. You need an alert system for those cases. I use:

bestlivetips.com

They alert me when something good is there, and when red carded a game that is still draw. In tennis, they alert when a favorite lose the first set, so I get really good odds.

It may be others sites/software out there, but this one I like because is only live opportunities which I love.

That way I may trade in horses and only go for soccer when receive a good tip. I analyze them I only entered the best ones.

I hope this help you.
 
Update:

Now i got 3 monitors.
Backtesting in Prorealtime right now.
When I think I got it. What should i continue doing to make sure.

Any tips och guidance about backtesting? I should probably search before asking hehe :)
 
Ok. Is that program just working with forex? Yeah of course a long way to go. Yes I will PM you.

No, the program can be used for any instrument, provided you are able to obtain the raw data for the instrument, so that you can then upload it into forextester.

Some months ago I obtained raw DAX data (the German stock index) from my broker, created a new instrument in the software called 'DAX' and then uploaded the data in CSV format - it's very straightforward.

Thus, provided you can get the data, you should be able to do anything - forex, indices, commodities, treasuries...
 
It took me like two or three months... During that period I was learning by practicing, also I read about 3 books about it, but in my experience books didn't help me much (unlike poker where reading books helped me a lot), experience and always testing new ways of trading were much more important.

I also blew twice my initial bankroll ! But I think every trader may do the same at first.

Also bankroll management is a nice skill for "normal" trading; But when scalping you really need more than the usual in order to profit from a tick. I may use half my bankroll for scalping, which seems crazy, but in soccer, when laying the draw (for example) you only lose money with time, and It is a minor lose considering you are constantly hedging and opening your position - I may scalp a entire game laying the draw, and win money when the game ends 0-0 !

I started with soccer, but then I met horse racing, and after that it is really difficult to go back... The rush, the fast and easy money; And the tiny exposure. Well, to be honest I lost a lot at first, learning how to profit from that crazy game...

My advice in soccer: Filter the games, always trade live and after something good, like a super fav draw at HT or a super fav after suffering a goal. You need an alert system for those cases. I use:

bestlivetips.com

They alert me when something good is there, and when red carded a game that is still draw. In tennis, they alert when a favorite lose the first set, so I get really good odds.

It may be others sites/software out there, but this one I like because is only live opportunities which I love.

That way I may trade in horses and only go for soccer when receive a good tip. I analyze them I only entered the best ones.

I hope this help you.

Many good advices!

That was what I thought at first too. Just reading a couple of books, look at some videos. Just like in poker:)
 
No, the program can be used for any instrument, provided you are able to obtain the raw data for the instrument, so that you can then upload it into forextester.

Some months ago I obtained raw DAX data (the German stock index) from my broker, created a new instrument in the software called 'DAX' and then uploaded the data in CSV format - it's very straightforward.

Thus, provided you can get the data, you should be able to do anything - forex, indices, commodities, treasuries...

I see. I just came across slippage. How should i whink? Should I find a way to make a slippage marginal or something?
 
I know what you meant about reading, I tried at first because it was what helped me in poker... But you are going to realize in trading is not the same, praxis is so much important...

Also you NEED a good trading software. I use AGT (Geek's toy) but BetAngel is also nice. I prefer AGT because I bought I one time payment license, which BetAngel doesn't have.

BotBeetle is nice for soccer (only). But my advice: Don't use any other than the ones I just pointed out. I lost money with free software, because they have so many contras. It is like playing online poker without Poker Tracker ! You may win, but long term you are not going to profit like PT4 people.

Books are going to say: Analyze the game, analyze 99999 stats, and then proceed. In reality you may never have an opportunity in that game that cost you hours ! That's why I prefer don't waste my time in analyzing and trade much more games, but only the ones that represent real opportunities. Don't misunderstand me, I do analyze, but an ultra light analysis, only Bet365 live stats and soccerway metagame, quick and easy.

There are days with near thousand games, I cannot lose time looking and analyzing... I trade horses and wait for the soccer/tennis alert in order to maximize my time.

bestlivetips.com allows me that. Before I used soccerpunter, but they don't have the options I need either the filters. For example: They alert every red card, even when they are at minute 95, or when they are winning 3-0... Not useful.

Example of tennis tips: Monfils v Schwartzman (I received just after monfis lost first set !) - Great trading oportunities and huge movements. Big win. Also they sent A Ivanovic v Doi.
Example of soccer tips: Boca Juniors v Huracan Las Heras, they were 0-0 at half time... And a better one FK Susa v FC Agsu, I received when 1-0, final score 1-2. A lot of trading moments. Basically every game when a huge favorite is losing or draw after half time generates a lot of profit, even when they don't win. Point is getting these tips at the right time.

I am talking more about soccer because It was something I was very successful and I think It is a nice market to start, because it is slow... Unlike horses when it gets really crazy.
 
I see. I just came across slippage. How should i whink? Should I find a way to make a slippage marginal or something?

I have not found a way to incorporate slippage into ForexTester. I don't know whether this is something that will be addressed in the next version of the software.

Hence this is definitely a shortfall in the software. The software assumes that you will be stopped (or targeted) out at exactly the level that you had set - even if a news event produces a 20 or 30 pip price gap. This can happen on a regular basis with various Tier-1 news items. Thus the software does not give you a realistic scenario in these cases.

When testing, you could roll back time (in the software) and make a judgement on how much slippage you might have incurred, and then adjust your trade result accordingly. Bear in mind that slippage can also work for you, as long as your broker passes on favorable slippage to its clients
http://http://www.trade2win.com/boards/brokerages/203422-cmc-markets-slippage-policy.html

A couple of words on commission (you didn't ask about that, but I thought you might find it interesting)....

In terms of commission, you are able to set the commission/spread yourself for each instrument - this is done at the time that you upload the data - however in the current version the commission can only be changed in 1 pip increments which is not reflective of real trading. In real trading I track the spread in 0.1 pip increments - thus I have EURUSD at 1.1, Cable at 1.5 and EURJPY 1.8 - just some examples.

The exact commission becomes less important as you move up timeframes. So it's less important if you are trading from the 4H or D. But more important if trading from the 1H chart. Really important if trading from 15M or 5M - though I am sure many will say that it's not important. But you could think of the comission/spread as the rake and/or tips in your poker game. Would you care if the rake rate increased or decreased?
 
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