1. Well prepared


Professional poker players will participate in as many tournaments as possible, as they understand that the more they play, the more they understand what will be right for them.

They see the game as a business and continue to improve their skills by studying different situations. This helps them have better performance in live games.

Meanwhile, pro traders will research and review the previous trading and always keep a close eye on the latest developments in financial markets. The time and effort spent in the preparation improves their trading capabilities and helps them gain a competitive edge in the market.

2. Risk management


Managing your chips in the casino is part of the strategy in the poker game.

A professional poker player knows that placing all-in chips on a weak hand won't do them any good. They are also not too light-hearted when they need to play hard. Knowing when to push the chip in to gain advantage and when to pull it out so as not to pause is a sign of a serious poker player.

Professional traders continue to execute trades when low-risk opportunities appear in the market and will exit orders to avoid account burnout due to unfavorable situations. The important thing is, not to lose too much money so that when the right opportunity comes, they have the money to fight the market.

3. Make quick decisions


A professional poker player with the ability to process information quickly and make instant decisions without any doubts.

There are also no doubts about their trading plans and decisions by professional traders. They know they need to act quickly, without hesitation, to get the most out of the volatility of the market.

4. Discipline


Impulsive decisions have no place in gambling or trading.

The disciplined, strategy-sticking approach that has been tried, despite the temptations, is what makes a poker player and trader successful.

Patience and discipline are especially important when things go wrong.

5. Emotional stability


Emotions also don't exist when you're a trader or a poker player.

In fact, the term "poker face" refers to the ability not to let your emotions come out.

Fear, greed, revenge and more, are emotions that can lead to rapid losses in both trading and poker. In addition, both stressful occupations and the ability to cope with stress can help you avoid undue risk or loss.

6. Very selective approach


Poker players will have to turn over each of the 5 cards on the table and these numbers decrease in major tournaments. They waited for the right combination to show up. They even looked at the opponent's movements and the cards that were flipped across the table.

Good traders also wait for the right opportunity to show off their skills and make wise trading decisions.

7. Capital management


Wise capital management is important in both poker and trading.

A professional trader is always aware of his capital and how much money he should put into a particular trade.

Both poker players and traders know that they can lose all their money in one hit if they don't play wisely.

Because of that, they will have to know how to make the best use of their available money.

8. Downstream


Poker and trading both have elements of chance, with many factors that influence market outcomes or movements. And, both poker players and traders are aware that they cannot control the situation, as it can become very unpredictable.

This is why they have their plans prepared before entering the (market) game and sticking to it. They accept and enjoy the randomness that both worlds bring.

9. Know the rules


Knowledge is the only way to be successful in any field.

Knowledge of the rules of the game, financial markets, or the variables that influence movement, all help them make informed decisions.

It is this knowledge and a constant desire to learn and hone the skills that will separate a good poker player or trader from an ordinary person.

10. The ability to handle losses


Losing losses are part of the game. Both poker players and traders need to accept it.

Professional poker players do not need to win every hand and can even survive for a few weeks or a few wins without winning a single game.

What sets successful players apart is their ability to learn from their losses and improve their game, not letting failure affect their confidence.

Good traders also suffer losses over time, due to mixed market movements or some unexpected events affecting prices. But they accept it, learn from it, and continue to trade in the belief that their strategy will pay off.

Epilogue

A lot of lessons can be learned from professional poker players.

Trading and poker share the same characteristics of probability, analysis, rapid decision-making, discipline, and reasonable risk-taking.

Some of the most successful traders have been poker players in the past. Brandon Adams, a lecturer in Behavioral Finance at Harvard University says that professional poker players have survived in a system where 95% of players lose money, so anyone is disciplined and smart enough. To survive in poker can do very well in trading!