Originally posted by jules97
I'm new to poker but I've been trading financial markets for the last 15 years. I think (hope
) the risk management and psychology transfer.
You must come to the realization that an individual hand and even large series of hands have random results. The two ways to judge success are the monetary results of a very large series of hands and your adherence to your plan.
If you catch yourself emotionally unable to play well, you MUST stop. Go for a walk, do something else. But stop. For an hour, a day, a couple of weeks. However long it takes.
If you are not used to losing, then a stop playing at % lost in a certain amount of time could help. This is on new traders.
Jules:
Very well put.
I am willing to bet that the psychological skills that are essential to high-risk high-volume trading are very much the same as those required to grind poker.
You are spot-on when you say, "very large series of results" and when you say, "adherence to your plan".
I had something very similar to this posted on the wall above my monitor for months,
"Making the right decision and losing is better in the long run then making the wrong decision and winning."
It's great to have you on the forums, and look forward to more,
--VS