I probably should've looked at the news in a little more depth. Oh well, I've been in worse situations. I'm down quite a bit, although I didn't take my initial long position as stated below. I entered around 1.419 and then again around 1.41 (which would have been a good entry if I hadn't neglected entering a limit exit). I'm in again at currently breakeven. But I am still down quite a hefty amount, most of which could have been hedged or taken care of if I had given it all a bit more care.
So I am digging myself out of a hole.
Which is something you really do not want to have to do in any business where money is the foundation (maybe that implies all businesses? I don't know). But, in trading, in poker too, you will find building your account (i.e. your bankroll) is a lot harder than losing it. And if you lose it, you will have a much more difficult time earning it back. Small mistakes can make your job much more difficult. Might as well take a rest when you're tired so that you don't screw up and have to put in more time later.
You can check the current price on the EURUSD to see how much I am up or down =) Haha. I haven't closed the positions, yet, and am working on some damage control. I took out $25 from my poker account when I started to get frustrated and make stupid decisions. That left me with $1 or so. My brother owed me $10 in poker money (from a while back) which he sent me. From ~$11 I am up to $29. I stopped playing tourneys and lower limit/NL tables and moved on to the higher micro limits and lower low limits (.1/.2, .25/.50, and .50/1). Doing well playing nearly all solid pocket hands. It's not a straight ascent, as not only my luck fluctuates (e.g. I lost kings full of aces to aces full of kings on the river, BLAH!) my emotions also fluctuate. But not as much as at the .02/.04 because I am making more than I was at those tables, meaning less frustration.
That will lead into an article on expectations sometimes soon.
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TLP,
ReplyDeleteI've been very interested to read about your poker journey. I play all the time (fake money) and love it. It's taught me a ton about trading, primarily the importance of being conservative with my starting hands (entries), folding easily and without ego (reasonably tight stops) and garnering one or two asymmetric wins per session (letting winners run). Trading and poker are both that simple.
Any chance you're located in SoCal? We could go play the low limits at Commerce or somewhere equally low rent. :-)
Best,
JE
Thank you, JE.
ReplyDeleteI have to say that my trading (been doing it for a little more than a year) has been a boon to my poker playing, and vice versa.
I love the connections you made above between poker and trading, especially "letting winners run." I see so many players overbet a really good hand, when they could suck some more cash into the pot before destroyinig the competition. I guess they get a little excited to be on top.
As for SoCal, I am here right now =) I would love to play with you, but I am moving to the bay area to go to UC Berkeley =( Maybe when I come back on a break sometimes =D It would be awesome.
Wish you well (in trading, poker, and life),
TLP
Berkeley! That's awesome! Congratulations! You're going to love it up there. I'm a (old) Stanford guy myself. Go Cardinal!
ReplyDeleteWow, Stanford. =) One of my friends just graduated from there. He loved it.
ReplyDeleteTake care JE.