Poker Player to Day Trader?

I currently play online poker to support myself financially. While I do very well here I am looking to explore other options. I got in a conversation with a gentleman and he sparked the idea of day trading. It seems like everything I have learned playing poker will translate over to day trading. Things like statistics, bankroll management, and sitting in front of a computer analyzing interacting variables seem to be common to both professions. I would like to start learning/developing a profitable trading strategy before I actually start throwing some of my money into this. The problem is, I have never bought a stock and know nothing about trading stocks, let alone day trading stocks. Can someone guide me to how to get started, what sort of software I might need, what sort of capital I might need to start, etc. Thanks in advance.

Start off by reading some books on trading to see what type of future, option, stock you think that you'd be best at trading. The 2 Market Wizard books are probably a good starting point because they cover interviews with traders who trade very different styles and cover all the major markets and gives you a good insight into the game: Market Wizards and The New Market Wizards

In my opinion, the closest that you're going to get to trading compared to poker is day trading the E-mini S&P500, ticker symbol: ES

I funded a trade account for someone who plays poker. He lost all of it in two weeks. The best I can figure is he called the markets bluff. Some of what he said was "If I had $20,000 more I could ride it out"...Hope you do better

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Originally posted by redsixspeed

I funded a trade account for someone who plays poker. He lost all of it in two weeks. The best I can figure is he called the markets bluff. Some of what he said was "If I had $20,000 more I could ride it out"...Hope you do better

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I plan on developing a profitable trading strategy before I start. I'm not assuming that I can just jump into it and be profitable.

Thanks for the tips on the books. Are there any online publications I could look into? I'm currently traveling through Europe for a few months so I don't have an address I could have a book sent to. I would like to start learning asap.

Johan: There are 3 here: Online Books.

What traits make you a winner at poker?

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Originally posted by day trading

Johan: There are 3 here: Online Books.

What traits make you a winner at poker?

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Ability to take in and analyze a number of variables very quickly, risk vs. return understanding, concept of bankroll management, recognition of trends and patterns, calculating rough odds quickly.

could you suggest a good order to read those 3 online books in? thanks.

I would read them in this order:

1. Reminiscences of a Stock Operator


2. Phantom of the Pits


3. The Art of War

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Ability to take in and analyze a number of variables very quickly, risk vs. return understanding, concept of bankroll management, recognition of trends and patterns, calculating rough odds quickly.

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Those are the winning traits you need for day trading as well.

Rule #1: Trading profitably is harder than it looks.

Rule #2: Finding a truly profitable edge is harder than it looks.

Rule #3: Start slow (small), and never assume your going to win.

Rule #4: The market is always right. Saying this another way, controlling your ego will be your greatest challenge.

You might consider using a good trading simulator to test out your trading method before risking real money in live trading.

I agree 100% with DT's book list, and would humbly add "Trading in the Zone" by Douglas.

Trading in the Zone is very good. It's currently number 4 in my top ranked list. Also, have you read Zen and the Art of Poker? Although about poker, one trader said "I find it ironic but strangely fitting that one of the best books on trading psychology I have ever come across turns out to be a flimsy little throwaway paperback that was not written about trading at all".