Chicago
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-FIre
Trading: GC, ES
Posts: 73 since Mar 2010
Thanks Given: 40
Thanks Received: 33
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Poker? Or Chess?
I've read several places where traders recommend Poker as a psychological (at least) training tool for trading. I never really understood this, and am hoping someone can enlighten me. If anything, I see Chess as a much-better suited tool. In chess, we need to plan, be patient, and execute an idea yet be nimble enough to deal with unexpected occurrences and change the plan. We also have to be extremely careful of our opponent (the market) and protective of our pieces (capital). Here is an excerpt from a site:
To be able to “recognize familiar configurations and associate them with appropriate moves…” is an important concept to remember. Proper analysis results in successful trading. First you must analyze, then you must trade. The results are dependent on how well your preparation is, and how well you carry out your trading.
I was just wondering this last night while playing chess and saw a few similarities, but then compared it to poker, which to me, seems like outright gambling against an unseen (no benefit of a 'poker-face') opponent. Any thoughts?
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