I love poker almost as much as I love trading. The more I play, the more I see a strong correlation between the two. The psyche of a trader is very similar to a poker player and mastery of either requires similar things. Poker players and traders both play a game that involves chance. In both games, we can utilize methods to sway the odds in our favor. We play a game of leveraging risk based on the condition on the table or in the market. I put together a short list of the major things I believe are vital for the success for both poker players and traders. Of course there are many more things to add and I probably will compile a more comprehensive list as time goes by. Enjoy.
1. A poker player limits his risk. A poker player understands that the most important thing is to stay in the game and to do so, he must never lose all his chips.
2. A poker player does not try to win every hand. He understands that losing hands is part of the grand plan as long as he keeps his losses low.
3. A poker player waits for, and takes advantage of opportunities. He does not try to force a play but remains patient.
4. A poker player does not predict which cards he will be dealt but plays the cards that are dealt.
5. A poker player has balls of steel. He does not sweat when he is down and keeps a cool head when he is ahead.
- Still Broke
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