Can you use your skills in Poker to help you through markets like what we are seeing now? My thoughts

If you are a trader and you have no position sizing or discipline you have most likely given up trading by now. Not only that, you have sworn it off for the rest of your life:)
 
It was easy when the market was going straight up. Everyone was a genius. Easy money.
 
But its times like this that separate the real traders from the bunch.
 
Gambling is the same no matter what type of gambling you are doing. Sports betting, one of my favorites, requires the same discipline as swing trading the markets.
 
So it is easy for me to carry it over and apply it.
 
Poker, similar but requires other skills in addition. Plus the knowledge that unless you are playing at high limits, the house is going to get most of the money available at the poker table. The rest is cut up among the sharks. And at 20-40 and below there is not a lot to be cut up.
 
Even so, money management and discipline are essential. Forget about all the -EV forms of gambling. They are for the chumps. You wager on those consistently there is something the matter with your thought process!
 
Now back to the stock market. If you have had discipline and sized your trades correctly you most likely have a loss the last month. With swing you are seeing now there are not many swing trader that are going to show a profit during this period.
 
Accept it, because these times come around often enough that you need to weather through them.
 
I made two-day trades yesterday for a quick 1,000 profit on a low price stock. In addition, I still have my mean reversion trade in SPY via SSO which this morning is sitting at 105.64 right about where I entered a few days ago.
 
The stock market is set to gap up this morning almost 3/4% with TLT off 1/2%. The dollar is strong as are financials. Oil is unchanged.
 
This is a positive pre-market bias.
 
But remember, the stock market gapped higher than this yesterday and close strongly down. We need to see some sort of bottoming pattern before this is over.
 
Unless the FED changes course or we get a China Trade deal. Then that could trigger a V shape bottom. Both seem remote in the near future, however.
 
I am going to spare everyone a discussion of politics both, U.S. and Geopolitical this morning. If things get significant I will mention it, but things are so insane now it’s not even worth commenting in detail on. Many in the public have lost their minds, and some are not going to get them back. The media and our politicians have really done the public a great disservice with their political blood fights.
 
But it is what it is. The U.S. has it too good for many many years. Now we get a taste of what other countries experience for years on end. As Dylon put it “the times they are a changing” Hopefully it will pass. We will see.
 
The big event is midterms. A week away. I will have an update today or tomorrow on my betting odds page for political events. Seems like a good time to make a post:)
 
I will be looking for a day trade today similar to yesterday. Also, I have a stock on my radar for a mean reversion trade. So it could be an active morning.

If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.

It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)

Good Luck Today

RickJ

RickJ’s Handicapping Picks

https://rickjshandicappingpicks.com/investing

Skype: Ricca

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt
Rickj's Handicapping Picks
Sign up now for our  newsletter. Includes handicapping tips

NFL Plays Last season was the best in 20 Years!!! MLB we are on track for back to back 17 unit seasons.

RickJ's Handicapping Picks  The latest in positive EV handicapping Techniques Overnight Plays in MLB are sent out around 3 to 4 PM PST the day before Come join us for a fun and profitable Pro Sports season!!!  
Sign up now  for a fun and exciting football season
Close

Positive EV Handicapping


Do you know the important clues that help determine which side has +EV?
 
  • Learn about Reverse Line Moves and how they apply to each sport
  • Learn about being a contrarian and using public % numbers to get an edge
  • Learn about the seasons within a season that all sports have
  • Learn key numbers in all sports

Sign up to get updates that will help you with your sports handicapping!
 
SUBSCRIBE
close-link