poker pro to trading

[johnfromvirginia]

LOL. I have definitely found this to be true.

[midas]

John:

The kid just got out of college - he's got time to get experience!!! If he wants to be successful he'll have to work hard, pay his dues and work his way up. Life isn't poker where you can play a $40 satellite and win your way into the final table of the big game!!! BTW, 2 out of 15 of your buddies(13+% odds) hit this "dream" job and I bet hard work not luck improved their odds.

Poker players (and most gamblers) are always looking for the quick and easy score. Very few have what it takes to be successful in the real world.

[quadzilla]

I am a headhunter and placed energy traders before the Enron fiasco. Don't mention poker on your resume. Many traders are gamblers, boozers, etc. Employers still see gambling as a bad habit. See how things go at the interview and it may be worth mentioning at that point.

As far as a pay cut goes don't worry you'll be better off trading if you see any success at all. Before Enron energy companies would hire almost anyone as a scheduler. It will give you a good chance to get your foot in the door. If you are sharp they will probably move you up to monthly trader, then weekly, then daily, then hourly. Monthly, weekly, and daily traders do well but, it wasn't uncommon for a good weekly trader to make $1,000,000 + per year.

I haven't dealt with in it in a few years but, I'm sure it is still good. Be aggressive, find out who the managers are, and get in front of them. Then do what you have to do to progress to the job you want.

[lehighguy]

I work in trading for a Wall Street firm in NYC. It really depends alot of the firm/manager. General tip:

Traders and people that worked thier way up from the bottom will be more appreciative of poker. The "born rich" and Ivy League legacies will look down on it.

You could further classify it in terms of two kinds of poeple in the trading world:
1) The people that think there is a right kind of banker.
2) The people that care about profit.

You will need to gauge the mood of your interviewer before deciding what to say. However, keep in mind you have a gap on your resume. They WILL ask what you were doing, and you'll have to answer.

I suggest tying poker to some other hobby. I was a competitive chess player, and I tie poker skills to chess skills when I explain things because they are both strategy games. That will make it easier for people to understand.

[Dan Mezick]

As noted, markets that are not trending are typically not good for spawning alot of new traders. It appears that the metals, commodity and energy markets (in general) might be in the early stages of significant (and perhaps long-term) trending.

As for in-house traders that go solo: part of the potential pitfalls they face have to do with a complete lack of accountability, when solo.

In-house, traders have many externally enforced rules, various ratios, specific measures, and someone they must answer to. Structure is imposed.

Solo, one must forge specific rules (beliefs) and stick to them, and do so without any external authority to guide.

There is no structure per se that is not 100% self-imposed.

The familiar lament of the successful in-house trader that fails miserably only after going solo is a very common story in trading circles. Why?

Perhaps the most successful people in all walks of life are highly accountable to themselves at all times, and in all situations.

Poker included.

[djack]

[ QUOTE ]

If you're serious about being a trader - get your butt to New York City and get any job that will expose you to the action and work your way up. The only thing Houston has going is energy trading and that severely limits your available options.

[/ QUOTE ]

Money isn't that important to me. I'm pretty sure I'm going to do well in whatever I do. There's always law school for those who want to make alot of money with zero risk.

I'm not leaving Houston. I love Houston, and if I ever leave again, it'll be too soon.

Also, there's alot more energies to be traded than just oil. My hope is to get into natural gas.

[Paluka]

[ QUOTE ]
There's always law school for those who want to make alot of money with zero risk.



[/ QUOTE ]

I make more money than all my lawyer friends and they work at least 40% more hours than I do.

[djack]

True, but there's pretty much zero risk to law school. If I go to law school, I am nearly guaranteed to be making a million dollars a year 10 years from now, assuming that I work my butt off.

It's not quite as guaranteed in trading.

Also, you live in NYC or Philly (I remember you mentioning the name of the fund you work for), and I've spent too many hours in the Philly suburbs to risk that. [img]/images/graemlins/wink.gif[/img]

[ QUOTE ]
[ QUOTE ]
There's always law school for those who want to make alot of money with zero risk.



[/ QUOTE ]

I make more money than all my lawyer friends and they work at least 40% more hours than I do.

[/ QUOTE ]

[Joe826]

This is undoubtably an idiotic question, but why would anyone prefer trading for a firm to trading just for themselves? I guess I could see how capital issues could become a problem for the individual trader, but barring that, why give up the extra money if you already have capital to work with?

Also, can anyone recommend some good books on futures? Just this month i've gained an interest in trading as something I might like to do down the road. I picked up Alexander Elder's "Come Into My Trading Room" which has been a really good book. Atleast, I think it's really good--I have no standard to judge it by.

[Paluka]

[ QUOTE ]
This is undoubtably an idiotic question, but why would anyone prefer trading for a firm to trading just for themselves? I guess I could see how capital issues could become a problem for the individual trader, but barring that, why give up the extra money if you already have capital to work with?

[/ QUOTE ]

If I said "some people don't have as much capital as they need", it might be one of the biggest understatements of all-time.