The making of a professional...poker player and trader

    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Hey guys,

      25 years old, have a full-time job, part-time poker player and part-time forex trading coach.

      I started trading forex when I was 19 or 20 but gave it up when i discovered "professional poker" in order to build my trading bankroll and then return to trading, as trading is my real passion.

      In the meantime I have developed a passion for poker (you have no idea how much these 2 are alike, basically the same - more in future posts), but also had the stupid ambition to move up too quickly, a.k.a get rich as soon as possible. So, not knowing all that much about poker theory i quickly jumped in the mass-multi-tabling bandwagon, and of course it didn't end good.

      Been a member here for some time, and played poker for some time now but am nowhere near where I thought I would be by now.

      I think the main problems I had in not advancing as i should have is that i kept switching games: from cash to sngs to mttsng to husngs to whatnot. Never been truly successful in neither of them, but that is about to change. Also, I did not do work away from the tables although I thought I was. I wasn't

      That is all going to change. right now.

      Starting playing cash again, 10NL, played a few k hands (will post graph later). Don't know where I want to go with my cash game now, don't know if I want to play high-stakes, but what I know is that I want to reach and beat NL200.

      In this blog I will post all sort of things, from personal thoughts, poker, trading, life etc and in 5 years when I will give up my day job for professional trading/poker.

      I am a very goal-oriented person, so here are my mid-term and short-term goals. All this is subject to change.

      Long Term Goals(2017 Vision)
      - professional poker player
      - professional trader
      - Pokerstrategy Black Member
      - trading coach

      Reach NL500 Zoom until February 2014
      - beat NL 5
      - beat NL10
      - beat NL20
      - beat NL25
      - beat NL50
      - beat NL100
      - beat NL200
      - beat NL500


      I will be using a 20-30-50 buy-in rule, depending on stakes.

      :club: Hands played so far (starting 14 February 2013) :club:
      10k

      Books
      I love reading books, books ranging from business to self-help to autobiographies. Don't like fiction all that much tbh, mainly because there are like hundreds of non-fiction books I want to read.
      My goal is to read 60 books this year :s_cool:

      :club:Books read so far: 4/60: :club:
      - Outliers, the story of success by Malcom Gladwell
      - Unlocked, a Journey from Prison to Proust by Louis Ferrante
      - Proof of Heaven: A Neurosurgeon's Journey into the Afterlife by Alexander Eben
      - The Bro Code by Barney Stinson :s_cool: :heart:
  • 42 replies
    • BObamaJr
      BObamaJr
      Bronze
      Joined: 29.01.2012 Posts: 232
      Forex-trading coach? From what I have heard Forex is like flipping at NL100.
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by BObamaJr
      Forex-trading coach? From what I have heard Forex is like flipping at NL100.
      far from it :P
      in future posts I will also talk about trading if people are interested.
    • Krishjanis
      Krishjanis
      Bronze
      Joined: 04.01.2010 Posts: 977
      I wanna hear more about trading, always was interested in it, but never really dug into it. You could explain about what types of trading are there, I don't even know what Forex is.
      Good luck with climbing limits, you seem determined so I think you will do great.
    • ragney
      ragney
      Bronze
      Joined: 02.08.2010 Posts: 2,417
      Gl, subscribed. Would also love to hear trading stuffs
    • MasochisticDesire
      MasochisticDesire
      Bronze
      Joined: 25.10.2010 Posts: 486
      Ha, brilll...
      Your in a very similar spot to me regarding future goals in and out of poker.

      Had a passing interest in trading and look forward to some forex chat.

      There are a few NL10 bloggers at the start of their hopefull uphill scramble,
      we should form a Skype group.
      PM me if you are interested.

      - Notecaddy
      ??? Whats this ???

      All the best mate,
      MD.
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by Krishjanis
      I wanna hear more about trading, always was interested in it, but never really dug into it. You could explain about what types of trading are there, I don't even know what Forex is.
      Good luck with climbing limits, you seem determined so I think you will do great.
      Thanks. Sure, will post some general stuff to get you started. I'm very interested in teaching/analysing markets/essays, so you will see a lot of trading stuff here as well :)
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by ragney
      Gl, subscribed. Would also love to hear trading stuffs
      thanks, will post :)
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by MasochisticDesire
      Ha, brilll...
      Your in a very similar spot to me regarding future goals in and out of poker.

      Had a passing interest in trading and look forward to some forex chat.

      There are a few NL10 bloggers at the start of their hopefull uphill scramble,
      we should form a Skype group.
      PM me if you are interested.

      - Notecaddy
      ??? Whats this ???

      All the best mate,
      MD.
      Thanks man

      Sure, would be nice to form a blogger future 6max crushers group.

      NoteCaddy is a HM2 application which basically takes notes for you on players. For example villain raises UTG QTo c/c Q78 flop, c/r T turn, shoves x river. You define note categories or something like that(don't know it yet that well, and Notecaddy "writes" in your notes that villain raises QTo UTG"


      PS: gotta learn how to multi-quote. Any idea how to do that ? lol
    • muumionu
      muumionu
      Bronze
      Joined: 25.07.2012 Posts: 816
      Looking forward for the trading stuff too : P
    • holmeboy
      holmeboy
      Bronze
      Joined: 29.01.2010 Posts: 1,336
      Knew this blog would get a lot of interest lol.

      Trade fulltime on betfair and have thought about forex quite a bit so looking forward to hearing about trading.

      GL!

      EDIT: Also I'm nearly sure the equilab here has a function similar to flopzilla. I'll try find it and let you know. Might save you some $$$ and be handier to have everything in the one program.
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by holmeboy
      Knew this blog would get a lot of interest lol.

      Trade fulltime on betfair and have thought about forex quite a bit so looking forward to hearing about trading.

      GL!

      EDIT: Also I'm nearly sure the equilab here has a function similar to flopzilla. I'll try find it and let you know. Might save you some $$$ and be handier to have everything in the one program.
      thanks holmeboy ! now that you mention it i will also try to find it once i get home (currently at work)
    • TiciBoy
      TiciBoy
      Bronze
      Joined: 13.01.2010 Posts: 1,235
      Originally posted by bmfbpi
      PS: gotta learn how to multi-quote. Any idea how to do that ? lol
      I use a little "cheat" for that. :D

      Right click on "quote" button and select open in new window (or tab). There you just copy the text in the textbox and paste it inside the first quote. ;) I find it faster than handwritting the forum code.
    • Krishjanis
      Krishjanis
      Bronze
      Joined: 04.01.2010 Posts: 977
      Originally posted by TiciBoy
      Originally posted by bmfbpi
      PS: gotta learn how to multi-quote. Any idea how to do that ? lol
      I use a little "cheat" for that. :D

      Right click on "quote" button and select open in new window (or tab). There you just copy the text in the textbox and paste it inside the first quote. ;) I find it faster than handwritting the forum code.
      You can also middle mouse button click on the quote button and it will open in a new tab, every link you click on with middle mouse button opens in a new tab, you can also get the same effect by holding CTRL and left clicking on a link.

      Oh and yeah, I also just open quotes in new tabs and then just copy paste them, pretty sure there is no other option possible.
    • Antonioull
      Antonioull
      Bronze
      Joined: 01.09.2010 Posts: 716
      Hey

      Ihave read 80% of the ... babypips stuff
      :D :D :D

      If u have cool sites where we can get info + knowledge let me know
      as im interested in this subject although (because i need knowledge_) never tiried trading

      ;)
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by Antonioull
      Hey

      Ihave read 80% of the ... babypips stuff
      :D :D :D

      If u have cool sites where we can get info + knowledge let me know
      as im interested in this subject although (because i need knowledge_) never tiried trading

      ;)
      start posting in their forum and discuss stuff.

      Also, http://www.forexfactory.com is another great forex discussion board, and while we're at it, also try trade2win.com

      have fun reading/studying :P
    • paaaaau
      paaaaau
      Bronze
      Joined: 03.10.2010 Posts: 69
      Hey man,

      Nice blog :) I was interested in forex too, but then I became aware of fact that forex world is really rigged, like really really rigged(google forex dealer desk and metatrader 4 virtual dealer plug-in), also average forex traders loses $25k. So have you ever made any real profits? And what trader are you? Position, swing, day trader, scalper?
    • martinemem
      martinemem
      Bronze
      Joined: 05.07.2011 Posts: 596
      Look im gold :D

      Well ofc i jump on the wagon of trading aswell, since i've been doing it for some few years, and i would love to hear about how many % capital u pull up in avg pr month.

      Also how u approach that there isnt only 10 forex's, but more like 50 :D . (im thinking here how u calculate the daily fees compared to your profit over time (daytrading/weekly/monthly) + how u stop the politician from eating all profits due to rigged markets based on untrue holdings that gets added public when its in their favor - how u decrease the amount of time ur stocks are open (due to daily fees that can eat u up, if u dont set the correct stoploss - OR add more % to the stock (since we cant expect to make a profit of a forex, if we look to far ahead, due to the daily fees (1-2month+)))

      I REALLY love how u approach gambling. Its like 99,95% like mine. I trade forex on the same time as i play poker, however trading is a little on hold for me now, because i make like 10x on poker right now :D

      When i started out (no xp AT ALL) i got 100% increase of capital in 3 month, then i deposited 10x capital, narrowed it down so i would expect to get 35% ~ pr 3. month, then i learned that it was still a little too agressive in my opinion, so again, now instead of raping 1 forex (add % every time it drops x%) i invest ALWAYS in 3 at the same time (much less varianse (AA 3 times instead of 1 :) )) and it gave me in the beginning pr. month +-5%, but now the % has dropped since my capital has increased so i know im not getting 5% anymore.
      SO my question to you - since i know that if u get a 100% increase on ur capital, u still cant increase monthly % by 100% because there just is more than 1 factor (ur profit isnt direct proportional with ur capital) - HOW do you calculate in % how much ur a willing to buy for?

      Lets take an example
      GPB/USD
      Price 10£
      Gearing 1:50
      Pieces/amount 1
      Approach Daytrade/sell as fast a possible (daily fee to a minimum)

      Lets say u are agressive and have 100£ and u buy 1 piece 10£. That works and u repeat maybe 200 times.
      Now u have 1000£ and u buy ? pieces (Just mentioned above why it isnt 10x (100£ u bought))

      So u still have the same % left in ur disposenal capital, BUT when GBP/USD drops lets say 150 points over 1 week, u wont have the same % left in ur capital with 1000£ as u would had with 100£

      So since u are a coach :D how do you determin what factor is appropiate to divide with ur % buy amount?
      It has something to do with the gearing right? So am i totally wrong to say, that u could do something like:
      Gearing: 50
      Ok, so divide our % buy amount by ex. 15% of the gearing so:
      (50/100)*15 = 7.5% (new factor in %)

      So old buy amount was 10% 10£
      So new buy amount is still 10% 100£ BUT now we remove 15% of the gearing (50)
      so NEW NEW amount is 92.5£ we buy for this time

      Also since when i thought this through we cant really make a exact plan, because the gearing differ.
      So lets take a stock of a gearing of 1:5. This is 10% of the above. So here should we add 90% to the 15% (28.5%)?
      (5/100)*28.5 = 1,425% Is this too low factor even though that the gearing is only 5?
      Or would it be more appropiate to take 180% of the opposite?
      Its still a 10% of the above, so 180% to the 15% (42%)?
      (5/100)*42 = 2.1% factor

      Here we should be able to buy a little more due to the lower gearing (Or am i actually totally wrong?)
      Above with 1:50 gearing we took 7.5% off our buy % amt. (92.5£)
      Here with a gearing of 1:5 we only take 1,425 % off our buy % amt. (98,575)
      Here with a gearing of 1:5 we only take 2.1% off our buy % amt. (97.9£) (double diff bw the comparison of gearing and factor)

      So we now get an example of another stock:

      martinememPoker A/S
      Price 48.95£
      Gearing 1:5
      Pieces 2
      Longterm trading (doesnt sell after a week)

      How does the last example change in your oppinion if we said the price instead was exactly what we can afford, and not 50%.
      So price instead is 97.9£ and we only buy 1 piece instead?

      Am i totally in the woods on this one? Any thoughts?
    • martinemem
      martinemem
      Bronze
      Joined: 05.07.2011 Posts: 596
      Also, http://www.forexfactory.com is another great forex discussion board, and while we're at it, also try trade2win.com have fun reading/studying tongue out


      God bless you!!
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by paaaaau
      Hey man,

      Nice blog :) I was interested in forex too, but then I became aware of fact that forex world is really rigged, like really really rigged(google forex dealer desk and metatrader 4 virtual dealer plug-in), also average forex traders loses $25k. So have you ever made any real profits? And what trader are you? Position, swing, day trader, scalper?
      yes i have made real profits, and yes, on a dealing desk. However, I did not trade for years, just months. After discovering forex for the first time, I started studying the subject like crazy, hundreds and hundreds of hours put into studying/analyzing etc. After that I put some money in and started to trade. However, what I discovered is the old axiom: if you want to make money, you need to have money. While I was deep into forex, got drunk one night with my room-mate and wanted to play some poker(was a complete fish), and afterwards I started reading a bit on online poker, discovered 2+2, pokerstrategy etc, saw how some people made a lot of money from it, and wanted to do the same. I figured if they can do it, so can I.

      In the coming weeks after that I started learning more and more about poker, and made the decision to pursue this to make a trading bankroll, and put trading on pause. I only had a couple of hundred $ in my account and closed it, and my interest shifted to poker to make 50k towards my trading bankroll.

      There are a lot of negative stories about dealing desks and etc, and while I was trading that was the norm. I did not experience the negative rumors regarding intervention, orders not being filled etc, however back then there were only dealing desks, and practically you traded with the market maker. Today however, I would not trade on a dealing desk again, but with an ECN broker, where you pay comission on number of contracts/lots.

      I do believe that all these negative stories about dealing desks and etc are also fuelled by the newbie traders who lose money. And yes, it is true that 90% of traders lose money, but I am a firm believer that they lose money because of a couple of things:
      - having expectations that are too high
      - not having a trading plan at all
      - not sticking to a trading plan (if they have it)
      - not testing the trading plan enough(backtesting and forward testing)
      - no proper risk management
      - no proper money/bankroll management

      I will write a detailed post in the future about this.

      I identify myself with all the trading types you posted, except for scalper. ( more detailed post will follow)