Forex vs Poker - page 4
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I've been playing poker for 5 years and trading Forex for about 1 year. I'll tell you one thing I've learned that applies to both. Those who can recognize "patterns" fair the best.
I've been playing poker for 5 years and trading Forex for about 1 year. I'll tell you one thing I've learned that applies to both. Those who can recognize "patterns" fair the best.
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THAT I will agree with !
good observation
mp
MP -- is there any comparison ?
Personally, I just dont see any but the slightest points, here and there, of agreement in how Forex is played and how Poker is played.
While I will not argue the "randomness" of poker vs. its probabilities as its a topic far beyond my meager measure, I do know how forex works and there is absolutely no randomness involved.
As "jturns" states, "patterns" are readily apparent to those who know enough to look for them and are substantial assistance when scalping, flipping or swinging, BUT technical analysis takes precedence once we have identified those patterns --- trends are established and can be easily followed, resulting in very nice rewards and these are very easily gotten by simple use of support and resistance applied to whatever timeframe you choose.
Various channels exist, used with or without fibs, that predict well the top and bottom of any move --- news can alter the pattern, creating a "breakout" or "breakdown" but if one is at the top or bottom of a channel, they are well advised to wait for any further confirmation of ANY move, before entering a trade again ---If the trend is changed, forex is a vehicle that WANTS to return to its original trend, and does so with uncanny accuracy. (of course, there can be month long changes in trend, but they can be fairly well figured as to where the ends may be with surprising accuracy also !) I am not aware of anything such as that in Poker ! I have been caught holding a long when a currency turned south for a long term visit, and a month later my long was taken out as the trend reversed from south to north --- dont think you can do THAT with Poker !
Poker contains few of these features that make Forex one of the kings of trading, because it cannot be charted, analyzed, tp's plotted, or note made of its repeatable cycles or have its trend correctly illustrated --- theyre just two different animals with different rules and cultures and share precious little except that humans try to win at both !
I had opened a demo account a while back, to show the newbs on another thread that THEY could do well with very little equity to work with by following a system I find decent, and I doubled the account every 2 or 3 days making 0.05 lot trades, proving it was do-able --- Now this is not in the nature of bragging, but only to illustrate what one member of the thread observed ---- he was simply in awe of where I had taken profit on each trade, as on almost every trade the tp point was at or one pip away from a drastic reversal of the trade. In other words, I nailed each profit point TO THE LETTER, leaving no room before the trade would have turned against me. This is possible because you can do that with forex, but I cannot say that ive ever seen a poker player announce what card would be his/her winning card !
understand this is definitely not in the way of bragging, but Forex is what i do and i would be embarrased if i could not do this repeatedly and I CAN DO THIS REPEATEDLY BECAUSE OF THE PREDICTABILITY OF FOREX, not because i have some inside track that others do not have !
The overpowering and underlying aspect to success in either Forex or POKER is "experience", plain and simple --- with that experience, one can easily determine present trend, and if one knows the trend, then a simple long or short takes care of Forex at that time --- Poker, I'm afraid, is just not that simple, although card counters tend to survive better than most. Unfortunately, counting pips doesnt do the same thing, IMO !
different strokes for differing folks, both with the intention of winning, but vastly different in the application !
IMO
enjoy and trade well
mp
you still dont get it do you, probabilities remain in forex or poker...
ok..LOL...i agree....
show me one of your trading approaches, i am interested, please..
you still dont get it do you, probabilities remain in forex or poker...
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Philt
quite honestly, whereas I guess one can say that "probabilities" exist in EVERYTHING in this world ("what are the chances that by putting my right leg forward I might step on a crack or fall on my butt" for instance) but that arguement only exists at the simplest level ----- if "everything" has a probability of some form of end product, then Forex very naturally has to fall into that realm also.
In posting, I was going far past that simple concept when talking about Forex vs Poker because the two are very different subjects, although they both share the "win" factor as an end result !
so obviously, from whatever direction you are approaching this, there is no defensable answer against probabilities, BUT probabilities is not the ONLY thing we are discussing here.
Let us drop "probabilities" from the conversation, as we both admit to its existance and get more into the REAL differences, which also on the surface has the attributes that Poker, by every definition existing, is GAMBLING, with everything that word brings to mind and Forex, played correctly, HAS NO BEARING ON CHANCE, RANDOMNESS OR GAMBLING, or I would not be able to hit EVERY profit point at the EXACT PIP !!!
As I stated, there is no bragging concerning the account, just the simple fact that people can do it with only a modicum of experience, as are those who I teach daily who have gone from unsure rookie to profit making traders and i have serious doubts that one can achieve that level of success with that level of experience in Poker !
btw, before you state anything, my "teaching" and methodologies are FREE with no "clubs", "payments", "donations" or exchange of anything but knowledge ! I gave away a perfectly good system that is presently being coded, although I trade it manually, and while it was probably a "commercial grade" idea, there was NO charge or "strings" attached to the gift !
enjoy and trade well
mp
ok..LOL...i agree.... show me one of your trading approaches, i am interested, please..
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most of my trading rants are over at "follow the dots" thread on this site
mp
It's all about reading individual people in Poker, while trading markets is about reading whole mobs of people, that may be the greatest difference if there is any.
I totally disagree on this one. Poker is all about probabilities, only afgter you know you have a good probability to win you start to read people to see if they seem to have the same feeling as well.
There is no point of trying to win with a bad hand in poker OR forex. (That's what most people mean when they say you should cut your losses fast and let your wins fly)
ODDS, the PROBABILITIES and a lot of hokum and hocus - pocus ! People, youre talking about what i do for a living as well as handling others accounts, and youre talking drivel !
Even if you don't understand it, your brain is constantly doing the probability calculations in your head as it's the only way to really assess if some timing is correct or not to buy/hold or sell. You might not be noticing it but all the patterns, bars, lines and indicators are actually a visualization of (this is debatable because someone would argue that market is random) probabilities of possible market movements.
Without events that add to probabilities of certain movement the market would be totally random and therefore it would be impossible to make any money from it.