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Tuesday, April 13, 2010

Forex Trading Tip - Why Good Poker Players Often Become Millionaire Traders

If you are thinking that the best traders are all nerds and scientists think again, because one of the most successful groups of traders are ex professional poker players. So why does this group make such great traders. The answer is the same skills you need to win at poker are needed to win at Forex trading.
When trading Forex, there are no certainties only probabilities and to win, you need to trade with the odds on your side. Many traders come into Forex trading, under the illusion that prices move to some higher force or science and they believe the vendors of cheap Forex robots who claim 95% accuracy and say they can trade with little or no draw down but all these systems lose money.
When trading an odds market, you will have lots of losses but that doesn't matter, if you keep your losses small and hit and hold the big trends which can cover your losses and give you an overall profit on your account. Most traders hate taking losses and run them but the good poker player, doesn't - Why try and hold a trade when the odds are against you? Better to save your money and hit the high odds hands and run them for big gains, the poker player does this when he trades FX, covers his losses and makes great gains.
The best poker players, have confidence in what their doing, the patience to take losses and wait for the big profits and then they have the discipline, to follow their strategy as it should be followed.
Many people over complicate currency trading and think they can beat it and when they lose, they can't take it. The losing trader runs losses, trades to much or changes systems continually, in search of the perfect one. This trader lacks discipline and he losses, the good poker player, may not have gone to college or be clever but he knows the way to win is to keep his trading simple and trade the odds.
If you trade the odds, keep losses small, run profits and have confidence in what your doing, you can make a lot of money. The aim of currency trading is not to be right all the time but to make money and if you understand the correlation between poker and Forex, you can see how easy it is to make profits.
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