Currency Trading Success - Why so Many Poker Traders Have Become Trading Millionaires

| Posted: 30-06-2008 | Comments: 0 | Views: 33 | Rating: (64)

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If you look at the great traders a huge amount of them came from being successful poker and blackjack players and if you think that successful forex trading, has no similarity with being a successful card player, you would be dead wrong. There are huge similarities here's why...

Before we look at the similarities, one story sticks in my mind which comes from the 1980s and its when Richard Dennis taught a group of traders in the 1980s, with no experience to trade and after 14 days, they opened accounts and went on to make hundreds of millions of dollars. Interestingly, there were 2 professional card players in the group and they were very successful.

Since then I have read about numerous card players who count their background in card playing as a crucial element of their trading success.

Reason is, card players understand that making money is based around being at the table and betting and they live by this maxim

"There's a time to hold them, a time to fold and a time to get out of town fast"

This is the basis of successful forex trading.

You only want to take trades with high odds (hold them) you pass by low odds trades (fold them) and you employ rigid money management (get out of town fast). The above is summed up in run your profits and cut your losses but there is another key that the successful card player uses and that's bet size.

Bet Size

The successful card player will bet and bet big on high odds trades and very rarely bets the same amount per trade.

Most traders have no idea of when to bet and bet size in relation to the odds and that's why they lose.

Losing is Part of Winning

You have to lose to win in cards and same is true in forex trading - but most traders in forex trading hate losing and run losses - not the successful poker player he cuts them. Losing forex traders hate doing this and leverage destroys them.

Furthermore, they simply lack discipline and cant stay on course through a string of losses (and all trading systems have them) and throw in the towel to soon.

The card player knows if he continues to maintain discipline and take his losses his time will come.

Science V Odds

Most traders like to think they can win all the time and try and follow others - but the fact is success comes from within and is based on your confidence and discipline, your on your own. Most forex traders cant stand on there own two feet, they want to trade with the crowd or want to always be right but forex trading is simply not like that.

So you can learn a lot from poker when trading forex:

You can learn that, you must only bet when the odds are in your favour and vary your bet size in line with the odds. You must cut your losses and you must rely on yourself. Most traders cant do this - but if you learn from the great poker players who became multi millionaire traders, you will know this is the route to spectacular currency trading success.

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Article Tags: Forex Trading, Currency Trading, Forex Education, Currency Trading Success, Forex Trading Success

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Currency Trading Success - Why so Many Poker Traders Have Become Trading Millionaires

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