Trading vs poker: ALL IN!
I see your T.A and I raise you a sentiment
I piss on your sentiment and I'm all in on this support-level
Elliot-waves say you suck!!
Poker is a lot like trading and trading is a lot like poker. That's why you see a lot of poker players trading crypto now and generally doing rather well. It's because they are strong where it matters. Their mentality and thinking is probabilistic, EV-taking inclined and long term and their emotions are in check.
It's rare to see weak-hands ex-poker players in trading..well, not GOOD ex-poker players.
A difference that I noticed and that is really cool and maybe not exploited as it should right now is that in poker, what you bring to the table can be considered - maybe should be considered - already lost. Your money can - and most of the times will - go all in on one hand. If your opponent has more chips then you, you will lose it all. You will rebuy and try again.
In trading, you will rarely lose it all. You can quit the "hand" early and lick your 10-20% loss by reinvesting the saved money in the next trade. Of course, you won't be in the hand "till the end!" and you won't hit the occasional lucky river...but you won't be out sa well.
Now what does this mean is that you can be a little more aggressive naturally in trading. In poker, aggression pays, in trading aggression give you liberty explore your options but just as in poker, discipline in the end will win out.
In practice, this means that your RiskOfRuin is a bit different and you don't need as big a bankroll as you need in poker.
What I find though is that this can be misleading as well. If you lose 20% on a trade you need your next trade to make 28% for you to be even. It's a slower bleed if you suck at it...the bad poker player and bad trader get to the same point eventually: broke as fk!!
But while poker can be a sudden knock-out in trading it's the death of a thousand little cuts. It's a very undignified way to go and your shrinking trading account will start to be mirrored by your shrinking self-esteem, confidence and ego. It can turn bulls into bears and bears into crying bears and quitters but it can also fuel your ambition to beat it, fight it and rise above, proving yourself worthy of opening positions.
Knowing your risks, your reasons and your rewards can be empowering and in the end, profitable.
Good luck!
When I played poker the money in my account was not really money, it was ammunition. It became real money when I cashed out some winnings.
This did not work everyday but most of the time.
But to understand that money is your tool and detach yourself as much as possible from it, was really valuable for me. Not only in Poker but also in real life.
GREAT ADVICE! Thanks for commenting and yes, I agree.
Trading just needs some practice and the right mindset, just like poker. In the beginning I've wasted a lot by using too short term charts or buying shitcoins predestined to get rekt. Now I use at least daily charts and only buy coins I know about and trust. I stay calm when the price drops because I know the project is legit and will get on it's feet again. Maybe it's an opportunity to buy more. Don't think just short term and plan your moves carefully. You will be rewarded. And always wear your anti-bullshit-glasses!