City Traders - similarities to poker?

Sky_Poker

There was an interesting documentary on TV last night about financial traders in the City of London and Wall Street in New York. Some of the people we're being trained up on similations before being 'released' to trade with real money.

It was interesting because some people, despite being very bright people, were really averse to taking calculated risks and didn't become traders. Also, later in the documentary they showed a Michael J Fox charity poker event in New York. The pepole said that traders often liked poker because of the similarities to trading, with a balance of skill, luck, agression, tactics etc.

Do you see the similarities? Are there other jobs where poker skills are similar?

Sky_Poker

Interesting footnote...

That Michael J Fox charity has raised $450m for parkinsons research since it launced in 2000. Some figure that!

Tikay10

In Response to City Traders - similarities to poker?:

There was an interesting documentary on TV last night about financial traders in the City of London and Wall Street in New York. Some of the people we're being trained up on similations before being 'released' to trade with real money. It was interesting because some people, despite being very bright people, were really averse to taking calculated risks and didn't become traders. Also, later in the documentary they showed a Michael J Fox charity poker event in New York. The pepole said that traders often liked poker because of the similarities to trading, with a balance of skill, luck, agression, tactics etc. Do you see the similarities? Are there other jobs where poker skills are similar?
Posted by Sky_Poker

Thought that was a great piece of TV, & it was fascinating to see how different people coped with volatility, which is the Trading equivelant of variance in poker, I suppose.
 
Really interesting how oir minds cope in different ways with adversity.

HITMAN_RV

Bear with me, there is a Point Here!!

Never Saw program, but have Socialised, Toured, with Many Traders over Years, Mad Crazy Sick puppies some of them!!

A Very, Very Good Friend of Mine, No Names, Local Lad, Great Footballer, got a Job thru another Mate as a Runner in City! .......He NEVER plays Poker, [Once Only] He aint on HERE ,dont worry!!

.....Anyway being quite a Character, he quickly went up Ladder, was a bit of a Gambler, had sharp mind & Wit, started his Own Business in City, Trading, to cut it short he Boomed Massively, soon making Massive Bucks!!

Big House here, Big place in France with 9-Hole Golf Course, Beautiful French Wife, 3 kids.....etc etc..

Anyway we played Football together,  then Vets Football, shared rooms touring, he led Fast, FAST life stlye, not many People Out-FAST me in past, I tell You!!

I could see this was a release for Him, Massive Stress & Pressure in Job,  which takes its Toll, and is Diffficult to turn Off from...

Hence the Sports Gambling, particulary on Spreads, that these Lads seemes to get involved in!!


Anyway he retired at 42...YES 42 FFS!!!!!!!!!!!!
Few Years later Messy Divorce, Cost him Fortune, Cue Heavy drinking, Heart attack FFS!!!!, all going wrong!!

But recovered, Kept his mind sharp, got a job in Gibraltor handling Top Betting Clients,[Footballers, met couple], For Big Gambling Site, Went from Strenth to Strength again, very resilient!!
He Now Settled In France, Flies back to london for part-time Gambling Account Work, Trading for Big Site!

Always Was Lovlely fella too, No Pretentions, Real Diamond!

Few Years ago we set up FootGolf London together, he Now runs, as I am too busy in others areas!
He travels World with this Now, Great life...



The POINT!!!


He Played Poker just ONCE, in a Charity Tournie we got Invited too, about 2 years ago...
I made FT with him..... He Smashed IT!!

His Risk Assesment, Aggression, Thought processes, at Times were amazing... him having NO POKER EXPERIANCE or Training, just a Full Knowledge of Odds, Equity, & Character Reading Skillz etc!!

IT IS IN YOU OR IT IS'NT!!

[lol, wish i had it!!]

ACEGOONER

In Response to Re: City Traders - similarities to poker?:

In Response to City Traders - similarities to poker? : Thought that was a great piece of TV, & it was fascinating to see how different people coped with volatility, which is the Trading equivelant of variance in poker, I suppose.   Really interesting how oir minds cope in different ways with adversity.
Posted by Tikay10

Ive been saying this for years Tikay. The term risk vs reward has been around for decades, certainly long before it was applied to poker. It's relevant to many aspects of financial planning, not just trading. 

A trader has to make a similar decisions to poker players, these are based on past experience, knowledge of the market (in poker its your opponents) and fundamentals/volatility (how loose or tight the table is). Traders can make money in a falling market, with poker I guess thats the equivalent of making good laydowns that save money in the long run. 

As Hitman has said, traders have all the right credentials to crush poker.