Forex Traders Play Brilliant Poker
January 10, 2012 About Poker Poker Facts
It may surprise a lot of folks, but it is true. Many successful Forex traders happen to be very good poker players. Many of these super traders do not have any special degrees that were awarded to them or studied beyond high school. However, when it comes playing poker, they know how to work the odds.
Most traders make this major mistake of thinking that there is some concealed arithmetic order to trade. Forex markets have no hidden order; you need to simply trade the odds in order to win.
All the good poker players are aware of the fact that there are no certainties in the poker game and are unaware of the kind of cards that will come out of the deck. Nonetheless the good poker players can calculate the odds of success; furthermore they play the hands when the odds are in their favour. The same thing applies in Forex; odds are being traded here and not certainties. There is no prediction needed to win; the odds will inform you when to trade.
Patience is a virtue that good poker players are endowed with. They trade only when the set up is precise and Forex also requires the same thing. A lot of trading is carried out by novice traders however if your focus is just to win you trade only when the odds are in your favour. This is the real success in both poker and Forex.
The Forex traders mostly refuse to accept losses, even if it is a small one. They keep their hopes pined on and are hopeful on the trade turning around. Discipline is completely out for them. In contrasting to this, the professional poker players have no issues with folding and accepting losses. Moreover there are no ego issues with them and they keep their emotions under control. Discipline is the key thing with professional poker players and I have seen these traits typical of all the great traders.
So in the sense of trading the odds, both Forex trading and poker are similar. More importantly strategy execution with discipline and emotions under control is a main secret to success. Trade the odds at all times if you want to win at Forex. Moreover inculcate the discipline to take your losses, the way the good poker players demonstrate the discipline and incur losses if at all. Remember if you are unable to demonstrate this, you will be unable to go further in the game of poker or Forex trade.
It is simple to do Forex trading especially if you think you possess the above good qualities. Having said this it goes to imply that if you have the mindset of a good poker player, success in Forex trading is not far from you.
