Professional traders of stocks or commodities bear striking resemblances to poker players. Now I know that some of you are already getting angry with this comparison, but please hear me out. As many people today, I have recently found myself quite interested in the WPC (World Poker Championship). I hear people talking about it all the time it seems that we can’t get enough of it. This interest caused me to do some reading on poker strategies. I was struck by the similarities to the many books I have read about trading strategies. If you boil both games down to their essence, both rely on money management, and controlling emotion. After years of trading I can tell you that money management can be taught to anyone with simple mathematics. Controlling emotion on the other hand cannot. In trading as well as poker a person can calculate the odds of the next move to decide whether it makes sense. This is exactly what good players and traders do. Then you have to be able to control your emotions to follow through with your play. Ahh… this is where the good and the great players and traders part company.
In trading I hear the same excuse alot. If I had $100,000...
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