I totally disagree on this one. Poker is all about probabilities, only afgter you know you have a good probability to win you start to read people to see if they seem to have the same feeling as well.

There is no point of trying to win with a bad hand in poker OR forex. (That's what most people mean when they say you should cut your losses fast and let your wins fly)

Even if you don't understand it, your brain is constantly doing the probability calculations in your head as it's the only way to really assess if some timing is correct or not to buy/hold or sell. You might not be noticing it but all the patterns, bars, lines and indicators are actually a visualization of (this is debatable because someone would argue that market is random) probabilities of possible market movements.

Without events that add to probabilities of certain movement the market would be totally random and therefore it would be impossible to make any money from it.

[quote=mikkom;187621]I totally disagree on this one. Poker is all about probabilities, only afgter you know you have a good probability to win you start to read people to see if they seem to have the same feeling as well.

There is no point of trying to win with a bad hand in poker OR forex. (That's what most people mean when they say you should cut your losses fast and let your wins fly)[/QUOTE
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OH MY !!

In my most humble and gentle manner, not wishing to get philt in any way, shape or form angry at me, MAY I ASK HOW YOU KNOW WHEN A CURRENCY TRADE HAS GONE AGAINST YOU ?

while it has to be applied with a bit of knowledge, the single most overpowering reason for newbs to lose money is because THEY WERE STOPPED OUT of a trade THAT LOOKED BAD, AND THEN REVERSED INTO PROFIT ! (ONLY they were long gone from the trade)

I and those I have taught, have a lot of experience and knowledge in this activity, and I'm afraid Im gonna pull rank here, BUT more often than you could possible think, a bad trade turns good (and usually just at the moment you decide to dump it as "bad !")

Sorry, but the two things (poker and forex) are different animals in the forest of "wagering" ---- forex can reverse a bad trade, but rarely can a losing hand, once dealt, become profitable !

IMO

mp

__________________
Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

just a last word as to not anger the mp fella...

Just like life itself, nothing is an absolute certainty in the world of trading, almost anything can happen. But what you are calculating from chart interpretation is what a stock or market will probably do.
Furthermore, you can increase your odds of success by waiting for a confirmation. (A confirmation is simply another movement in the direction that you already believe is probable). Notice in the trend reversal above that the new uptrend is confirmed, because it reaches a higher high, convincingly above its previous high point.


Essentially, your odds increase with each confirmation of a trend reversal.

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ANGER ???

ME !!!

acknowledged to be one of the sweetest and most kindly peoples left on this earth ?

but to be honest, we should open our own laurel and hardy thread, because this one really deals with poker vs forex, and while your information is correct and unasailable, it doesnt have much to do with poker !

Well, actually, I guess one should wait for a "confirming" card to show an uptrend in poker also, so perhaps the information stated IS germain to the situation after all !

lol

mp

__________________
Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

IMHO- Poker players make great forex traders due to quick and accurate decision making skills, dedication to discipline,focus on the long term.