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Forex Trading - Why Good Poker Players Often Become Millionaire Forex Traders
It's a fact that many of the worlds top traders are either good poker players or came from playing poker to Forex and the reason they are so good at Forex trading is the skills of poker are very applicable to trading and there is much you can learn...
It's a fact that poker players tend to make far better traders than geeks or nerds and that's because, they see Forex for what it really is - a high stakes game where simple systems applied with discipline, are more robust than complicated ones.
Lets look at the key areas you can apply poker skills to trading.
1. Forex and Poker are Games of Odds NOT Certainties
Many look for some hidden order to price movement and create complex theories they think will work but they break in the brutal world of trading, as prices only move to the odds and not to certainties and this means waiting for high odds set ups and taking losses and keeping them small, until high odds trades emerge.
2. Responsibility for Action and Confidence
Most traders try and follow others or buy a robot and think they will make money easily. The good poker player though knows when he sits at the table he is on his own and responsible for his results and no one can help him. He has confidence in what he is doing, because he has learned all the skills needed and doesn't rely on anyone but himself.
3. Discipline and Money Management
Most traders can't take losses and keep them small and can't trade with discipline but you have to manage losses with discipline, to win long term in both Forex and poker.
The good poker player will pass hands by and fold and cheerfully lose, as he knows he must keep his losses small and wait for the right opportunity. He has confidence a high odds hand will come, he just needs to preserve his chips until the time is right.
4. Courage and Conviction and Bet Size
Most traders even when they get a big trend can't make the most of it. They bet too little and take profits to soon as they lack confidence in what there doing and courage to bet big. The poker player on the other hand, will bet big and have the courage, to see the hand through to the end and make as much as possible from it.
5. Focus on Making Money not being Clever
In Forex trading you are not judged on how clever you are and how hard you work you are judged on the profits you make and thats all. If you want to be clever do something else. Forex trading is a combination of a simple method applied with confidence and discipline with one aim making money.
Confidence, Courage and Discipline = Success
When a poker player sits down he is out to win, he has no ego and takes his losses and knows they must be kept small - he has to lose to win and knows that he then, has the courage to hit high odds hands and maximize his gains. All these traits come together, to see a huge number of poker players emerge as super traders.
About the Author
FREE ESSENTIAL FOREX TRADING PDF's! + SUCCESSFUL FREE TRADING SYSTEM
For a complete resource on how to win and Essential trader Pdf's and more FREE Forex Education and an exclusive RISK FREE Forex Trend Following Course visit our website.
Ferr daa teens:dis or dat survey yoo!?
Chicken or Turkey
BBQ or Ketchup
Baked chips or Regular
Hi-C or Capri-Sun
Packing or Buying
Internet or Cable
Myspace or Facebook
like saying Teens or Adolescents
Target or Wal-mart
Burger king or McDonald's
Subway or Quiznos
CVS or Wal-greens
California or Florida
Public schools or Private Schools
Apartments or Condos
Writer or News Anchor
CNN or FOX
Anderson Cooper or Brian Williams
Jackie Chan or Chuck Norris
ABC or CBS
The secret life or Make it or break it
Indoor pool or outdoor pool
Regular straws or Bendy straws
Beaches or Oceans
Swimming or Surfing
Cute guys or Hot guys
Birth or Death
Regular cable or Cable box
X-box or WII
Lip Gloss or Chapstick
Barack Obama or John McCain
Jeopardy or Millionaire
USA or UK
Somalia or Ethiopia
BQ: Have you ever had a stardoll?
Thanks!
:]
Chicken or Turkey : Chicken
BBQ or Ketchup : BBQ
Baked chips or Regular : Regular
Hi-C or Capri-Sun : Capri-Sun
Packing or Buying : Buying
Internet or Cable : Internet
Myspace or Facebook : Facebook
like saying Teens or Adolescents :Teens
Target or Wal-mart : Wal-Mart
Burger king or McDonald's : Burger King
Subway or Quiznos : Subway
CVS or Wal-greens : Wal-greens
California or Florida : Florida
Public schools or Private Schools : Public
Apartments or Condos : Condo
Writer or News Anchor News Anchor
CNN or FOX : CNN
Anderson Cooper or Brian Williams : Idk
Jackie Chan or Chuck Norris : Jackie Chan
ABC or CBS : ABC
The secret life or Make it or break it : Secret Life
Indoor pool or outdoor pool : Outdoor
Regular straws or Bendy straws : Bendy.
Beaches or Oceans : Oceans
Swimming or Surfing : Swimming
Cute guys or Hot guys : Cute
Birth or Death : Birth
Regular cable or Cable box : Cable Box
X-box or WII
Lip Gloss or Chapstick : Chapstick
Barack Obama or John McCain : Idk
Jeopardy or Millionaire : Millionaire
USA or UK: Usa?
Somalia or Ethiopia : Idk
BQ: Have you ever had a stardoll? Nu.
Man Drives Car Into Ohio River
Authorities in Henderson say an Evansville, Ind., man has died after driving his car into the Ohio River.
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