subject: Forex Trading Tip - Why Poker Players Often Make Millionaire FX Traders [print this page] Forex Trading Tip - Why Poker Players Often Make Millionaire FX Traders
It may surprise many people but one of the biggest groups of successful traders, are not nerds or computer geniuses but people who have come from playing professional poker. The reason this is so is simple - the skills needed to win at poker are the same skills you need to win at Forex. Let's take a look at why an understanding of poker can help you win at Forex.
There is a huge industry around selling junk Forex robots and other sure fire systems which claim, they can predict the market in advance and they all lose. You can't predict what will happen next in Forex markets, all you can do is trade the odds and its the same in poker.
Sure the poker player, doesn't know EXACTLY what card will come out the deck but he knows the probability and always trades with the odds and if you trade the odds in Forex, you may lose in the short term but you can win over long term. While the poker plays the odds, he knows he is going to have to pass by or lose a lot of hands but that doesn't bother him he just takes his losses and keeps them small.
Contrast this with the losing Forex trader, who runs his losses and hopes they turn around and cannot believe, he can't win the majority of his trades. It's a fact even the best Forex traders, rarely win more than 50% of their trades but they win overall, because they keep their losses small.
When the winning poker player hits a winning hand, he has the courage to milk the hand for all its worth and if he thinks he's right he has the courage to stay with it. In Forex trading, when most traders get a winning trade, they don't have the courage to hold it and bank it early!
The real difference between the poker player and the average trader is the ability to stand alone and rely on themselves. Most traders try and follow others, the news or robots and think that's the way to win and refuse to rely on their own judgement and skills. The Poker player knows, when he sits at the table he is on his own, it will be his skills and his disciplined mindset which will see him win and he has total confidence in his ability to come out ahead.
The best poker players win at Forex trading because - they already have the right mindset and all they need to do is to learn the basics of Forex and how to calculate the odds in a different game and this can easily be done by anyone.
Playing poker and playing the Forex market, have much in common - there both odds based markets and both, require a disciplined mindset to succeed and that's why, a huge group of the real super millionaire traders started out playing professional poker.
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