Two cards face down and a Queen sitting on the river in a dimly lit, smoky room. Two men face off even though neither of them looks the other in the eye. They are intently focused on the dealer as the last card is casually flipped out of his hand and dealt. Who will win? Who will earn the coveted pot? And more importantly, what has separated these two men from the rest of the people who were once seated at the same table?
Poker is arguably the most popular game of chance in modern gambling. Its popularity has seen unprecedented heights over the last decade with tournaments frequently broadcast on major cable channels such as ESPN. Many people have become familiar with the famous poker stars of today, who have become household names.
What makes these well known poker players great? Would these talents translate to other ventures? We think so. In fact we think that we’ve found the perfect alternative occupation for skilled poker players. The answer is Trading.
Poker players possess many of the same attributes of a good Trader. Don’t believe us? Well, we’ve created a list of the top 11 Reasons why poker players make great traders:
Quick and Accurate Decision Making Skills: A good poker player will be able to think quickly and apply the decisions made at the proper time. Forex traders also need to make quick decisions as bid/ask prices change quickly and the smallest hesitation can cause a loss of potential profit.
Dedication to Discipline: Poker is not a game often enjoyed by the impulsive or those with ADD. To succeed at poker, one must be methodical in their approach and grind out each hand while cultivating enough discipline to stick to good poker principles. They must not get caught up in hysteria or become bored with a long hand. Futures traders practice the same discipline and must adhere to their technical analysis strategies, while avoiding panic when a curveball is thrown at them in the market. They cannot lose interest when pouring through Fibonacci Retracement charts.
Embraces Change: Every card dealt in a poker game changes the circumstances and parameters instantaneously. Skilled poker players can adapt to these changes without breaking a sweat. Futures traders must possess this talent as well, since an adjustment in the interest rate by the Fed or new employment data can alter a currency’s exchange rate just as quickly as a one-eyed Jack.
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By Matt Dye
Matt Dye is an emini day trader and trading coach with a strong focus on high probability trading strategies and skill development. At A Business With Trading you can hear top level day trading training through the day trading course and the complimentary emini trading room.