Forex vs Poker - page 2
Halilu Yahaya January 17, at 6: Find Threads Started by River Royale.
By tweaking the rules, like charging a very small commission or reducing the payout if the banker wins with a certain number, the odds are turned slightly in favor of the house. To become consistently profitable, you have to trade like the HOUSE and play the advantage over a series of outcomes.
First, you need to learn the market behaviors, patterns, and tendencies that could be recognized in the future and turned into trading opportunities. This comes from reviewing price action against a framework support and resistance , mechanical indicators, economic events , etc.
This is where keeping a trade journal becomes a necessity. Using the data from your journal, you can focus on the setups that have had higher probabilities of winning, rather than those setups that tend to lose. Secondly, you need solid risk management. You can tilt the odds of long-term success in your favor even more if you limit yourself to setting up or taking trades that have an attractive risk -management ratio ie. The better the reward-to-risk ratio , the less often you need to win a trade.
And lastly, you can look to other traders in addition to your own analysis. The web is loaded with free economic and technical analysis content. Partner Center Find a Broker. If you are a trader who has never handled poker chips, real ones or virtual, and you wonder whether you'll be successful at this game, here's a short list of reasons why we have complete confidence that you will be — unless, of course, you are a really bad trader too in that case poker may not be your thing either.
The rules of poker are so simple that even a fifth-grader should have no troubles grasping them. The rules of forex are simple too — it takes about an hour of reading to get acquainted with the basics and open your first position.
Then comes the hard part: You know what they say — practice makes perfect — and you need to be prepared to practice a lot. Speaking of practice, both forex and poker give you a neat opportunity to try them out and practice for free, without risking any money.
You can sign up for a play-money poker account, or a demo forex one, and get a real-time simulation of the game. Now that I have mentioned rookies, we should talk about skill level. Because people there play against each other, and sharks this is what advanced and professional players are called make money of fish beginners. In forex, everyone plays against the same opponent — the market — so skills only matter on an individual level. This has its advantage for the currency exchange market: Unfortunately, this is not the case with poker.
We got the skill level question straight, but what about the actual skills one needs to be a forex or a poker pro? Essentially, these are the same; see for yourself: Obviously, the mathematical mind can be used for calculating odds, margin, etc. Either way, the passion for winning can do no harm. I don't really have to explain these, do I?