And you’d better make sure you know where the closest exit is before you ask a good poker player the same question.
Both regard themselves as highly-skilled professionals, dedicated to their craft and the elimination of risk.
In their eyes, what they do is just about as far removed as it could be from the roll and hope mindset of the Las Vegas weekender.
Both professional traders and gamblers, see what they do as a serious business with the potential to generate a full or part-time income, and even significant long-term wealth.
To be successful at what they do, both need to develop key skills such as pattern recognition and risk management.
But in reality, there aren’t lots of professional gamblers who make more than a handsome living at the card tables.
This is because, beyond a certain level, it gets difficult to find opponents of suitable caliber and financial standing.
Furthermore, not everyone can travel the world to play the big tournaments, and online gaming comes with a new set of risks all its own.
24-year-old poker player and data scientist, Jonathan So, of Silver Spring Maryland, took to trading because of the profit potential he saw in options. He was immediately impressed by the quality of the instruction and tools offered by Kyle Dennis and Dollar Ace. Jonathan’s background has made him keenly aware that risk management and emotional self-discipline are at least as important to profitability as technical skills. Just a few months in, he has already scored some impressive wins and is now convinced that trading can offer anyone a route to financial freedom, no matter what their current situation may be.
Silver Spring, Maryland
Data Scientist & Poker Player
As a trader, by contrast, you get to play the biggest game in the world, every day, with the prospect of almost unlimited financial rewards, without ever leaving the comfort and safety of your own home.
So, with a background as both a data scientist and poker player, it’s not surprising that 24-year-old Jonathan So should have found his way to trading.
Jonathan views trading not just as a way to make a good living, but as a path to the financial independence he craves.
“I became very interested in trading options because of their higher potential to deliver greater returns (than stocks),” he explains, “I wanted to find something that would give me financial freedom, and I found out this was it.”
Options indeed offer many advantages for traders, notably the lower cost of getting into the market and inherent volatility that allows for rapid and considerable profits.
On the other hand, it’s also true that options are more complex and risky to trade than stocks. That’s why beginners are often warned to avoid them for these reasons.
With the right training and guidance, however, there’s no reason why new traders can’t succeed with options, as many of Kyle Dennis’ students at Dollar Ace can attest.
Jonathan has found particular value in the reasoned analysis Kyle provides in advance of each of his suggested trades.
“I became very interested in trading options because of their higher potential to deliver greater returns (than stocks). I wanted to find something to give me financial freedom, and I found out this was it.”
As much as Jonathan appreciates the excellent technical instruction he’s getting from Kyle; his background has made him keenly aware of the importance of risk management and the psychology of trading success.
Poker players, after all, can no more control the hand they’re dealt than the trader can control the movements of the market.
Success in poker depends almost entirely on the shrewd calculation of odds, on never risking more than you can afford to lose, and on having the self-discipline not to place extravagant stakes in an attempt to recoup previous losses.
By focusing on the development of these skills, and yes, self-control is a skill you can develop, Jonathan believes that anyone can achieve financial success through trading. No matter what their current situation may be.
“Trading is not a rich man’s game at all,” he says, “you can start from anywhere.”
“More than the technical analysis, trading psychology and money management is far more important,” explains Jonathan, “I believe trading can give anyone the financial freedom they desire as long as the effort is there.”
“The scanner really caught my attention. I thought I could simply join this program and try to catch unusual activity, simply to join in on the profits. What I did find out is that the service is much more valuable because Kyle Dennis provides great analysis and effort in helping traders in the program.”
With the confidence he’s gaining by working with Kyle, and perhaps because of his poker player’s detached attitude towards risk, Jonathan doesn’t hesitate to seize lucrative opportunities when they present themselves – something many new traders struggle with.
“I saw unusual calls on HPQ [HP Inc.],” he recalls, “I decided to hop on, and bought 500 contracts for $17 calls.”
Soon after, Jonathan sold half these contracts for an immediate 104% profit and later sold his remaining options for an even better 218% return — banking a total win of US$40,250.
With an early success like this under his belt, it’s not surprising that Jonathan is excited about his future as a trader. However, in the process, he also grasped one of the fundamental principles of building wealth through trading or investing.
“I saw unusual calls on HPQ, and there were huge purchases in succession. I decided to hop on, and I bought 500 contracts for $17, calls for $.50. Sold half of them for $1.02, and the other half for $1.59. Profits of $13,000 and $27,250, respectively. About a $40k win!”
Far more important than the occasional spectacular home run are the regular small wins, which through the power of compounding, can grow a trader’s account dramatically over time.
Once you understand the principle of compounding, there’ll be less need to continually learn new strategies or take on additional risk in search of profits.
Getting comfortable with your trading style and gradually increasing position sizes as your account grows is all that’s required for a long and successful career in the markets.
“I simply try to have a 20% growth every month (roughly doubling my money every 4 months),” says Jonathan, “and the Dollar Ace program has helped me achieve far greater returns.”
As he puts it, “I think this growth will allow me to have a future in trading full-time, so I can achieve financial freedom and do something I really enjoy.”
Admittedly, monthly growth of 20% is an ambitious goal, but whether Jonathan can double his money every four months, or has to wait six, eight or twelve months will matter far less in the long-run than consistently applying the principle of compounding.
The power of compounding has made many traders and investors wealthy over the years, and Jonathan is now well placed to join their ranks.
Raging Bull does NOT track or verify subscribers’ individual trading results and these individual experiences should NOT be understood as typical as or representative. Please see our Testimonials Disclaimer here: https://ragingbull.com/disclaimer.