Well there’s an old saying, the only thing you need to play this game is a chart and a mouse, but to sit down and win against the best, you need a lot more. Like Poker, Trading isn’t about winning or losing.
Trading is about making the right decision, when bet, fold or be more aggressive. Do not follow others, learn to make your own decisions. When luck shut the door, you got to come in through the window. And that’s where the skill comes in.
You got to have the courage to make decisions against your emotions. Courage doesn’t necessarily mean the absence of fear; but you got to swallow that pride. You got to close your trade when you know you’re beat. It doesn’t matter how good you are, everything can change when your money is in the market.
We don’t stop trading because we get old, we get old because we stop trading. That’s Trading, folks.
The poker and market comparison is inevitable. Even in a small group, the players reflect all segments of humanity, with strong parallels to market participants. Examples include the gamblers, the self-proclaimed know-it-alls, the bluffers, the sore losers, the sore winners ... you get the point. Just like the market.
Do not expect to win at poker [or the market] if you limit your time exposure, as probability requires time to play out in both cards and in the market. Bet strong and add to your position when you have a strong hand. This notion has had the greatest positive influence on trading. Size at the right time matters in both poker and trading, as one can make a month's worth of income on a single trade/hand.
Poker is more than just a card game, it can also help you become a winner away from the gaming tables. In The Tao of Poker, the poker player Larry Phillips offers some rules for success:
-Take the long view
-Once you commit to a hand, play it strong
-Don't throw in good money after bad
-If you think you're beat, get out
Try out these rules and watch your game, and your life, improve. Now you can be a winner at home, at work, and at the casino wherever the stakes for success are high!