Success as a trader requires perseverance and the ability to adapt to changing market conditions.
Playing poker can enhance trading skills by teaching bankroll management, patience, and emotional control.
Deep dives
Early introduction to trading and interest in gambling
Michael, a trader with 16 years of experience, discusses how he got started in trading after a friend introduced him to it during a transition period in his life. Although he initially had no interest in a trading career, his background in gambling sparked his curiosity. He began trading in the early 2000s, a time when the market was vastly different, with tape reading as the primary method and no charts. Michael took a chance on trading, viewing it as an opportunity during a tough job market, and started learning the ropes.
Adapting to changing market conditions and the importance of perseverance
Michael shares how the market conditions drastically changed in 2007 due to new regulations, which made it much tougher to make money. He struggled for about six months, questioning his abilities and considering quitting. However, he didn't give up and attributed his resilience to his passion for trading and the desire for a career without a boss. He emphasizes that success as a trader is not linear but rather a constant battle that requires perseverance through both good and bad times. Michael believes that surviving and staying in the game are essential aspects of trading.
Lessons from poker and the overlap with trading
Apart from trading, Michael also developed an interest in playing poker, seeing parallels between the two realms. He highlights the importance of bankroll management, patience, and avoiding tilt in both trading and poker. He believes that playing poker helped enhance his trading skills and vice versa. Michael acknowledges that going on tilt can still happen, even with experience, but he has learned to manage it better over time. He shares how meditation has become an essential part of his routine, aiding in keeping his emotions in check and maintaining focus during trading and poker sessions.
Challenges and the need for adaptability in trading and poker
Michael reflects on the challenges he faced during his trading and poker journey. He discusses a trading event in 2012, where a glitch caused significant losses, and how it prompted him to temporarily shift his focus to poker. He embarked on a poker career, traveling the world, playing tournaments, and experiencing initial success. However, he later realized that the lifestyle was not sustainable, especially with family commitments. This led him to return to trading, incorporating the lessons learned from his poker experience. Michael emphasizes the importance of being adaptable in both trading and poker, as market conditions can change rapidly and unforeseen events can occur.
Michael has been trading for 16 years and is with Avatar Securities Prop Firm located in Austin. He discovered the market during his search for an advertising position. Michael decided to jump in on the opportunity to trade because he felt like there was nothing to lose. The market was in a different position compared to its current status. We talk about Michaels's experience learning about the market during this time. Michael also dives into trades through his firm and his experiences. There are losses that are out of your control, and a loss for Michael changed his career.
