Can successful poker players become great forex traders?
Newly launched forex education and training site Tradimo just published an interesting infograph named ‘Pips vs Chips‘ that tries to answer that question. Tradimo, was founded by Etruvian Tecnologies, whom would be expected to know a little bit about poker playing as they also operate the PokerStrategy.com site. The infograph lists several successful traders who also happen to have done well for themselves in their poker playing.
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As seen below, the graph compares traits needed to become a successful poker player or trader. They include mathematical mind, competitive character, rational thinker, and patient. The graph then lists skills such as money management, record keeping, and evaluating risk/reward and how important each one is to either poker or trading. It’s an interesting evaluation of the two pastimes and shows that traders may be well served to analyze whether their skill sets are a match before jumping in head first to trade. Also of note are their estimates that only 10-12% of poker players are profitable, versus 36% for forex traders. (infograph incidentally uses Forex Magnates Q4 US data)