Going for the gold - Page 2

wickedgoodtrader · #11 02-19-2005, 04:46 PM

Yes you are right about how IPO's usually work, but it's not how they worked back in the IPO craze. The online trading companies were trying to get more of a customer base, so they were handing out shares on a first come first serve basis when they posted the IPO was available. This was like an incentive program to get customers. It didn't matter how much money you had.. just needed enough to buy 100 shares. Each account was restricted to 100 shares. So I signed up 2 accounts on Etrade and 2 accounts on Wit Capital. This way I could get up to 400 shares. Just used my Dads name on the 2nd account. They did say that if you flipped your shares you were less likely to get future shares but they didn't seem to apply it. I was young then, still in highschool so I didn't capitalize on it like I should have. I knew of guys that had 10+ accounts and were making BIG money gettin 1,000 shares of Ipo's. So the story is not BS I can assure you that.

wickedgoodtrader · #12 02-19-2005, 04:50 PM

Just a note on top of my previous message. The Ipo's would be posted sometime between 4 and 6pm.. if there was even one at all. You would literally have to sit on the ipo page and click refresh every 10 seconds to see if it was updated with the posting to assure you were one of the first ones in. There were so many people doing this there were a few times if you waited 20 seconds too long you wouldn't get any shares because they were already spoken for.

Paluka · #13 02-19-2005, 05:22 PM

[ QUOTE ]
I don't know of many people who make 100k a year playin cards, but those that do are probably puttin in a ton of hours. Poker becomes there life, and unless they win a big tourny, 100k will be the max they will average.

[/ QUOTE ]

Do you play online or live? Successful online poker players make $150+ an hour. They could make $100k a year playing less than 20 hours a week.

wickedgoodtrader · #14 02-19-2005, 08:00 PM

[ QUOTE ]

Do you play online or live? Successful online poker players make $150+ an hour. They could make $100k a year playing less than 20 hours a week.

[/ QUOTE ]

$150/hour eh? I play online and can't think of many games someone could average $150/hour at. There's some higher stakes holdem, 100-200 limit and some 10/20 nl 25/50nl.. but there seem to be very few players playin the higher games.. usually only 5 at the most which most of them are most likely pros so the make has to be figured less since there not playin fish. The majority of players seem to play 15/30 through 30/60 and I just don't find it possible to make 150/hour playing those games. So what games are the "successful" online players playin to make $150/hour?

Paluka · #15 02-19-2005, 10:44 PM

[ QUOTE ]
The majority of players seem to play 15/30 through 30/60 and I just don't find it possible to make 150/hour playing those games. So what games are the "successful" online players playin to make $150/hour?

[/ QUOTE ]

They play 15/30 and 30/60, but they play many tables at once.

wickedgoodtrader · #16 02-20-2005, 12:36 AM

I make my $2500 a month playin 3 tables of 15/30 at a time. There is still no way to average $150/hour. The books say you should make 1BB/hour playin casino poker. This is true. Now what most people do, is figure.. well, you only get 30 hands/hour in casino so I can multiply that by the 100 hands im getting online. You can't make as many BB's per/hand online because other players are doing the same thing, playin mutliple tables, and if there not, they are playing much tighter then they play at a casino because they get to see many more hands. Therefore your competetion is in general much better. Then when you add in your playing 3 tables, you have less reads on people then you would in a casino so you either going to pay off more losing bets and laydown more losing hands then you would in a casino. So your BB/hand goes down even farther. I think making $50/hour playing 3 tables 15/30 is about as high as anyone could average. The 30/60 games are much much tighter and anyone that plays those has a horrible game selection. Half the times, the good 15/30 games have higher avg. pots then the 30/60 games.

Paluka · #17 02-20-2005, 12:16 PM

[ QUOTE ]
I make my $2500 a month playin 3 tables of 15/30 at a time. There is still no way to average $150/hour. The books say you should make 1BB/hour playin casino poker. This is true. Now what most people do, is figure.. well, you only get 30 hands/hour in casino so I can multiply that by the 100 hands im getting online. You can't make as many BB's per/hand online because other players are doing the same thing, playin mutliple tables, and if there not, they are playing much tighter then they play at a casino because they get to see many more hands. Therefore your competetion is in general much better. Then when you add in your playing 3 tables, you have less reads on people then you would in a casino so you either going to pay off more losing bets and laydown more losing hands then you would in a casino. So your BB/hand goes down even farther. I think making $50/hour playing 3 tables 15/30 is about as high as anyone could average. The 30/60 games are much much tighter and anyone that plays those has a horrible game selection. Half the times, the good 15/30 games have higher avg. pots then the 30/60 games.

[/ QUOTE ]

I'm not going to waste any more time arguing this point with you. You make numerous bad assumptions. First of all, playing 3 tables online you should get closer to 200 hands an hour than 100. There are many 15/30 mulitablers who average 2bb/100 hands playing 4-6 tables. So at 4 tables that is about $150 an hour. You can search the other forums on here and find about 10000 posts which back up the points I'm making here.
I'm not saying that you shouldn't get involved in trading, but I definitely think you need a reality check. Your poker career has probably not been as successful as you think, and the fact that you know so little about the kind of results good poker players are getting makes me think you aren't the kind of person who really does their homework.

RunDownHouse · #18 02-20-2005, 02:43 PM

Why doesn't everybody just do this then?

You don't have an information edge on anybody, and I'd be willing to bet you aren't smarter than anyone else, either. Given that you're copmletely average in everything except your delusions, I don't see how you expect to do better than the average daytrader... which is broke.

wickedgoodtrader · #19 02-20-2005, 03:41 PM

Your completely wacked to think someone can make 2BB/100hands playin 4 to 6 tables!!! YOU ARE PLAYING MAINLY ONLY YOUR OWN CARDS AT THIS POINT! If this were true anybody with a solid limit holdem game would be making 500k+ a year because if you can make $150+/hour you don't play just 20 hours a week, you play 80+ hours a week. I like how all your responses reply.. I've seen tons of posts saying they can do it(people lie.. don't believe everything).. I'd like to see some hand histories over the course of 1 year and load them into poker tracker for some proof... GURANTEED NO ONE CAN SUPPLY THEM!!!!!!

wickedgoodtrader · #20 02-20-2005, 03:53 PM

I asked myself the same question about why I think I can daytrade better then the others. I really think my experience in poker is what sets me apart. I'm sure there are some day traders that are poker players. There hasn't been an explosion in daytrading like there has in poker. So I would assume most daytraders were trading before the poker explosion, therefore meaning they were trading before they ever played poker. Therefore meaning they had no poker skillz to apply to trading. Poker teaches disciplin and a tight aggressive style. I believe that is exactly what is needed to do well in trading. Psycology is also a big part, you need to figure how people will react to certain news releases, and decipher them. For example:

One release I read was on a penny stock where the ceo claimed he was going to purchase up to 4 million shares on the open market. He said he would do it under certain conditions such as price of the shares and market conditions. Well the stock rose sharply the day he announced this. I thought to myself.... the ceo is pulling the ole act strong when weak move. Obviously if a guy wanted to buy 4 million shares at the cheapest price possible, he wouldn't announce he was going to buy them, he would just do it! SO I knew the article was a bluff and didn't buy in and sure enough the stock has been on a consistent fall and not one purchase has been made by the ceo.

I have a ways to go on deciphering news releases becuase many are pretty much the same but with different companies, so once I've seen em all I'm sure there will be a pattern on hoiw the companies react to the news. But the bottom line is I think the tight aggressive/ no-tilt is what gives a successful poker player and edge over a daytrader without poker experienece.