Recently, I read an AWESOME Interview by Business Insider….
They were profiling a Professional Poker Player….named Andrew Seidman….
Some of of the things he said in the Interview really seemed to FIT PERFECTLY with ideas that I have held myself regarding Forex Trading…
I took snippets of quotes from the interview that I thought was most relevant to YOU and I as traders…..
They are SIMPLE yet POWERFUL concepts….
So let's tap into the MIND of this Professional Poker Player…Shall we?
Here's what he said regarding Capital and Risk
"Usually people play with 20-40 times the buyin, well within a risk-of-ruin scenario in which a person could just get crushed by luck and bust out."
His ideas on the Law of Large numbers:
"Also, sample size matters. Can I go to Vegas and be assured of a winning weekend? No. Can I move to Vegas and be assured of a winning year? Probably."
His thoughts on Playing the Probabilities
"You have to understand basic probabilities (e.g. if I have two pair and my opponent has a flush draw, I win 65% vs his 35% and these are relatively easy to memorize); you have to predict your opponents likely holdings."
His views on Decision Making
"Once you know roughly who somebody is, what they're likely to be holding, how often your hand wins against what they're likely to be holding, and what they're likely to do with what they're holding, you can start to make predictions and exploit your opponents' likely behaviors
"Good poker players go through all of that process and are really mentally engaged trying to determine those things. Weaker players really don't do any of that and make purely emotional decisions (conservative players never really bluff, crazy gamblers basically always bluff, etc.)".
What I took away from this was…..
Only risk a small percentage of capital on any one trade.
Your EDGE, assuming it has a Positive Expectancy... is likely to play out over a long series of trades...and not necessarily over a very short run.
You have to Know what your Highest Probability Trade setups are, and how to apply them effectively….
Let me know what your thoughts are…..
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