From the Poker Table to the Trading Floor: Inside the Mind of Wall Street Traders | WSJ

[@wsj]

Why this Wall Street firm wants its traders to play poker: on.wsj.com/3ZhfncP

[@caojidan8913]

Stop insulting poker with trading. Poker need skills more than luck, where trading is just pure luck.

[@thebowlingchannelnetwork5182]

I get it poker is strategy and timing at the same time and trading in the same almost.

[@ACCORDIONTUCAN]

​@@caojidan8913LOL, I think you have it backwards. In poker you don't choose your cards. While In investing, you choose your stocks/bonds/etf's/options or whatever you decide to invest in. Hopefully your decision will be based on financial and historical data/news but the info is there. If you don't know how to invest then, yes it's like gambling but luck is certainly more at play in poker.

[@rishabrege3479]

@@caojidan8913How profitable are you at poker? Those guys are billionaires.

[@hector5749]

@@caojidan8913 You are obviously not a trader lol

[@intheshell35ify]

Whoever came up with this, whoever cast it, whoever produced it, and whoever edited it...all deserve a sticker for their fridge calender. Dude...even the dealer's body language was spot on.

[@gunjansbanerji]

thank you so much!

[@PapaGuap_]

Such an awesome concept for a video. Should be the start of a new series where you interview new traders every week while playing

[@gunjanbanerji4527]

Great idea!

[@HBill]

I need to learn poker now. Chess for physcology , poker for risk management. I love the idea

[@count9548]

“I don’t believe in psychology, I believe in good moves” Fischer

[@HBill]

Did Fischer really said that. LordHenrik my liches handle,if you mind for some games

[@Mitjitsu]

Chess is more a game of vision. The more you play, the more you start to see reoccurring patterns. Which will help you in knowing what moves you should be focusing on.

[@jesalp]

I'm realising chess, poker and trading are the holy trinity!

[@mattrushmere]

Simply brilliant. Highly recommend Annie Duke's book: Thinking in Bets for those with an interest in poker, probabilities and trading.

[@jesalp]

Thanks for the recommendation, I'm going to buy that right now, looks very interesting.

[@ratchanonsupakit4375]

Thanks, I have it unopened on my shelf for a while.

[@fabiankilimani]

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here on out of devastation maybe i should start gambling lol

[@PapilonKai]

yes indeed it is but gambling and investing in stocks are both different absolutely nothing enjoyable when you are losing your life savings money in real life that is why i play it safe by having a stock broker that has helped me made over 900k in stocks this year i will advise that than playing poker lol

[@AlonBayani]

@@PapilonKai true, initially i wasn’t nt quite impressed with my profits at all haha opposed to my previous performances over the years i was doing so badly and mind you i used to gamble years ago too so i figured i need to diversify my assets i touched base with a portfolio-advisor and that same year i pulled 550k on my own

[@Dasilver-h3t]

@@PapilonKai thank you thank you please whi is this person that guides you?/??

[@PapilonKai]

​@@Dasilver-h3t please search Selena-Nicole cefaloni for all the details you need you are welcome

[@Dasilver-h3t]

@@PapilonKai thank you so much i just researched and reached out to her and a call was scheduled, i am grateful man.

[@floydhead2669]

This is by far one of the best informative video i have ever seeen in a long time by WSJ. We need similar videos related to the concept

[@dubzb6609]

Would love to see Jamie Dimon in this.

[@mikedavis6266]

He's from the commercial credit world, not trading. I doubt he would do any better than the average person off the street.

[@MartinJacobsonPoker]

Great to see poker being recognized as a powerful tool for learning key investment principles at top trading firms like Susquehanna. On the strategy side, I do agree with most of the reasonings mentioned in this video, except for the call with pocket kings in the small blind. Maximising $EV with strong hands pre-flop is crucial, especially out of position. Deviating from an optimal strategy only makes sense if you’re playing with your entire bankroll at the table-which would be reckless from a bankroll management perspective.

[@MattOliva]

Her questions AND pokerskills/pokerface were extremely impressive!

[@gunjanbanerji4527]

thank you!

[@NoobieToob]

Meh! Could be scripted, shouldn't trust media people.

[@APJ4]

Make this a series with guests in the trading and investment world!

[@gunjanbanerji4527]

Great idea! Who would you want to see?

[@APJ4]

@@gunjanbanerji4527 I would love to see people I enjoy learning from in the trading community like Patrick Boyle, Trader Tom, Trades by Matt, Amish from APJ Capital, and Kyle Williams (all can be found on KZbin under eponymous channel names). Also big banking & investing names names like Jamie Dimon, Steve Cohen, Ken Griffin, Howard Marks, Bill Ackman etc But also traders like Ross Cameron from Warrior Trading and Mike Bellafiore from SMB Capital.

[@LloydMcKelvey]

In order to manage risk we must first understand risk. How do you spot risk? How do you avoid risk and what makes it so risky?

[@paulnyagini]

It becomes risky if you don't have an edge. And most people just know what an edge is but in reality only few understand what an edge is

[@ilaypeled]

Really cool video concept! Thanks WSJ 😊

[@endgamefond]

Please make it part 2. This is so fun. I learnt a lot. I like their analysis.

[@gunjanbanerji4527]

they were great to chat with.

[@otani928]

as a forex day trader …I started out playing no limit holdem poker in college …the patience & risk management involved in both are similar …however the variance in poker seems to swing deeper than trading

[@notyouagain40]

Great video. This needs to be watched many times to get all the valubale nuggets! Keep up the great work.

[@gunjanbanerji4527]

thanks!

[@iceecee9820]

As an investor, playing poker is the fastest way for you to reveal flaws in your character. In real investing world, there is no room for trail-and-error. So playing poker is the lessons to all investors with the lowest cost

[@moh6410]

plz elaborate more on the flaws

[@Chunkylover53ataoldotcom]

Application of knowledge has no boundaries.

[@Knoxsooner718]

please make this a recurring series with different people across finance and business

[@backpackly]

What a well produced video. Thank you WSJ! Educational and entertaining.

[@gunjansbanerji]

glad to hear it!

[@yozack2]

this is awesome. as a trader who plays texas weekly this resonates well

[@endgamefond]

I like the guy in the blue shirt's analysis on Taylor Swift game.

[@guoyandao]

Great video for anyone who does both 🎉

[@Sahebsaha]

Gunjan Banerji❤ good to see a Bengali woman in such a reputated role ❤

[@dkizxpt-su3ze]

The fact she couldn't do this is Bengal speaks poorly of you my friend

[@SnehaKallukaran]

so interesting - more of this!!!!

[@gunjansbanerji]

thank you!

[@Prathi-f7p]

So cool! Need to see more of these vids

[@CrushlivePoker]

I approve of this video

[@kilotrades803]

look at these very sophisticated gamblers

[@TilSchweiger-i3f]

Your videos were great!! I am one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.

[@Joegolberg1]

I usually go with registered representative; Zachery M Demers, He provides a more grounded approach, looking at factors like market demand, regulatory changes, and adoption trends. This approach enable to make informed decisions rather than solely relying on emotional market dynamics

[@Joegolberg1]

he often interacts on Telegrams

[@Joegolberg1]

@Zachfinance

[@PaulStephenRudd-u7b]

When I saw his testimonies all over the place I thought it was all made up of stories till I was convinced and gave it a try and honestly I don't regret the move I made because I invested in a big way.

[@Benjaminarmstrong684]

A CNBC news host spoke highly big about this woman and hIS loss preventing strategies. Been trying to reach hIM since. Thanks y'all for the info

[@riz4141]

this is really good video, thanks to all making this!

[@Quinnrichina]

this is what happens when traders talk to average thinking people. I love it

[@ColeITrain]

Bet they didn’t count on Oasis making a comeback when putting on that Taylor Swift bet

[@blind_spots-y5j]

must be a video with Richard Thaler! Father of behavioral economics

[@gunjanbanerji4527]

Should I have gone all in with kings? What do you think?

[@intheshell35ify]

Depends my friend..it always depends. I love the players that check call their kings all the way to the end then check raise on the river into a paired board or 3 to a flush.

[@jmatando5105]

Absolutely

[@paulm6081]

No. Earlier they were telling you about how each action provides you information. small bets preflop and all in on the flop tells you nothing and you only lose when you are beat (which you were)

[@intheshell35ify]

@@paulm6081 pre-flop betting is the best. So much hope..

[@johnbakker4828]

You weren`t even technically all in , because you had way more chips. So when you lost the hand, you didn`t lose the tournament, if it even was a tournament. I understand that for the video it would be too complicated for non poker players what was going on exactly, and I did really like it.

[@sophiaamaliatrupos]

Love this story! What a cool approach to gamify learning and skill development. I want to learn how to play!!!

[@digpot5422]

correct me if i am wrong. is this how mark Douglas explained 'thinking in probabilities'? not 100% what they discussed in this video, but he als o used gambling to explain principals of trading, i m reading him currently for the first time so i m curious.

[@nicolasgallegos-rz1ou]

So, why did you choose Pocket Option over other brokers? What’s the advantage?

[@blessedpapa]

Love your video. Great concept and the interview is really good too.

[@gunjanbanerji4527]

thank you!

[@mattgills1648]

She wasn't even listening most of the time, she took the game way to seriously. Probably a very competitive person

[@gunjanbanerji4527]

I tried my best! I am competitive.

[@mattgills1648]

@@gunjanbanerji4527 me too! :)

[@recursion.]

@@gunjanbanerji4527 You're there to interview people, not to play poker. Insecure competitive.

[@howeichin4103]

interesting he mentioned ppl generally take more risks to earn back their money

[@Atilla-m9i]

Jeremy Wein reminds me of Toby from The Office. Cool training technique.

[@AndreaDoesYoga]

Great insights on poker and investing strategies! 📈

[@Bobkanada]

Greetings from Canada! Great story.

[@rnklv8281]

Being just an occasional recreational "low risk" video poker player, much of the info may not apply to me, what I did find useful was perhaps how the game of poker parallel's life itself. Like we are all metaphorically dealt a random set of cards at birth, some being dealt a worse "hand" than others, yet having a chance to improve that "hand" (still nothing in life is guaranteed). Your stoic advice of "don't try and chase your losses" and "don't panic" seem useful in everyday life situations (financial or not).

[@gunjanbanerji4527]

I love this takeaway. Such a good point.

[@jmatando5105]

Very true

[@nicholasdelorey45]

Boy do I have a song recommendation for you

[@rnklv8281]

@@nicholasdelorey45 Let me guess, "The Gambler" by Kenny Rogers

[@MisterKrabs27]

Wow, this is fantastic content.

[@gunjanbanerji4527]

thank you!

[@robween780]

this was awesome to watch

[@kishoresewani7390]

So insightful

[@gunjanbanerji4527]

Thank you!

[@shankarbalakrishnan2360]

I always hated playing cards it repels me ❤❤🎉🎉 I tried a lot like bridges

[@titrecords2294]

I loved every second of it

[@jmcd2053]

Applys to card counting in blackjack too

[@QianaLobbins]

Not making up to a million before retirement is unfulfilled retirement.!! I’m 54 and my wife 50 we are both retired with over $7 million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock and forex market made it possible for us this early, even till now we earn weekly.

[@QianaLobbins]

Investment should on every wise individuals bucket list. You will be ecstatic of the decision you made today.

[@AlbertineRozmus]

I got my first house the year I started investing and today networth is over £3m

[@AlbertineRozmus]

so perfect

[@samuelpage1694]

I really need a nice investment to venture into I'm thinking of Crypto assets, stock or Real estate

[@QianaLobbins]

all you mention are all good but I’ll advise you venture into fx first because it will help you grow your portfolio very fast and it require not so much to start

[@pranavjags4065]

Oh how I wish Steven Cohen was also at this table!

[@MultiKingvegeta]

Man this was a great video

[@libiroli]

SIG makes most of its money from quants. I want to understand more about why poker (emotions) is a good framework for thinking about algos (no emotions).

[@Markdfadf]

Poker actually isn't about emotions really at all. Poker at high levels primarily game theory math. Bill Chen works at SIG and wrote Mathematics of Poker. Not a whole of talk of emotions in that book.

[@snay6869]

absolutely amazing!

[@gunjanbanerji4527]

thank you!

[@snay6869]

@@gunjanbanerji4527 yea you hosted really well and asked the right questions gunjan!

[@ToxicOverdos]

This is so good.

[@MandyChetram]

What’s your experience with Pocket Option’s demo account? Is it worth it?

[@BigTime42069]

best video on you tube

[@ArnyTrezzi]

Poker -> Trading Magic -> Investing

[@TheCANhunter]

Great content

[@rodgamwo]

I’ve been saying exactly this yet people think I’m crazy.

[@FiveBetFold]

Probably from people who are not poker players, so they’re not going to be able to comprehend. Yet they feel the need to put their opinion on something to make themselves feel better.

[@idrissyed]

It's a known thing in a trading world.

[@rodgamwo]

@@FiveBetFold it’s the whole thing where everyone shames gambling but loves stocks. Or they doesn’t realize all their rich idols took way bigger gambles than they could at any casino...

[@levirodriguez3119]

Can this be used on the free version of tradingview?

[@atfti]

Playing poker with SIG is actually so cracked

[@ghanshyamubrani2538]

Very useful information

[@bobbyf.4406]

I like craps. Hold'em is more about human psychology than risk management. All gambling games are about risk management.

[@pa1sa34]

It’s always funny to see these people talk about humility. They really have no idea what it means to be humble; admitting you’re wrong is not being humble people but appreciating what you have no matter how little that’s being humble.

[@khoakdoan]

Love this!

[@khoakdoan]

7:40

[@EduardoEspinosa-j7c]

Great stuff. Thx

[@ryibmu]

I loved this❤

[@sumitmandal3901]

"Combination of self serving bias and Dunning Kruger effect leads people to not doing good job of critically evaluating their skills." Take home for me today. Thanks

[@williemccray594]

This is a 💎!

[@sauceokay]

The dealer was silently begging for her to play her turn hahaha

[@jonr6680]

Will watch to the end, but the deranged background music at the start nearly made me bail early.

[@VincentGumina]

I think she is a lot better at poker than she let on.

[@xmatterdaily]

But when you know the other guy will take risk it's easy to call the bluff

[@nishmachhabra314]

Amazing video. I learned so much from this. Is this a series?

[@Timtimzi]

i need to know how to be a better trader :P . they can teach me a thing or two

[@GreenWave-du3up]

Why make the video so short :(

[@HaleluyaGetachew]

I told my friend who started trading that it seems same us poker I guess I was right

[@timandsuzidickey9358]

WOW. !!! was a broker & a "decently good Poker & card -counting Blackjack player". It's Absolutely amazing...(What u Don't/Didn't Know ). What a GREAT analogy.....WOW...... Amazing what you can learn....( I NEVER...put the two together) !!!.... think I wanna jump into the "way-back" time machine. REALLY Excellent. !! Thanks

[@rafaeitahir8821]

Love this so much. Investment skill can definitely be learned from the poker table.

[@gunjanbanerji4527]

I've learned so much.

[@gunjansbanerji]

agree!

[@kunalseth6437]

Good 👍

[@MenEnhanced]

👏👏👏

[@TTGTanner]

You can’t show your fold if it’s not the end of the hand.

[@alexzylka4867]

the only difference is if you're big enough you typically get bailed out..

[@XXJRAXX]

bad beat is only caused due to bad luck! Thats why there are jackpots provided to strong bad beats!

[@aaronz0rs]

They were going easy on her.

[@CrystalClear-h5w]

I thought she never played before. She was good and good video

[@steveng8727]

Gambling is a tough gig.

[@Saavys]

I respect it 🫡

[@priyankasewhani2378]

Interesting to see how poker and investing overlap!

[@RussellStonerComedy]

Nice sit-down.. I'm an expert stock trader and I never play poker. that's gambling. investing isn't. stay away folks, lol.

[@leelamanwani]

❤❤❤❤

[@FPOAK]

This is appropriate since the vast majority of financial activity today is just zero-sum speculative gambling against other gamblers. It's not "investing" any more than a poker game is; the only benefit to the House is the rake and right now both capitalist parties are united behind lowering capital gains taxes

[@piyushkushwaha1803]

Not a zero sum game it's a negative sum game with transaction costs

[@laggerlaggerson4375]

It may be 0 sum in the short term but its not necessarily 0 sum in medium to longer term. For market makers transaction costs are actually not that relevant because they get exchange rebates. SIG is a market maker. Most of their trades are direction agnostic, and a vast majority of their trades are +EV. The other guy here seems to be more on the speculative end. And the thing is, "Investing" is inherently speculative too. An asset should be priced not just on its current and past cashflows, but its future cashflows too. How do you propose we price the future cashflows? You can't really do it without a crystal ball, so market participants "speculate," with the goal that the asset is priced efficiently. Efficiently priced assets allows for the seamless financial transactions that keep most of the global financial system running today, and for participants that take a risk and buy/sell an asset to show their opinion about how the asset should be priced, they'll get a reward. The main difference between gambling and what SIG is doing is that gambling is strictly -EV. SIG will almost never take a -EV trade.

[@FPOAK]

​@@laggerlaggerson4375 The fact that there are +EV trades being made by any individual trader doesn't show that the transactions don't sum to zero. Do you agree that poker players can make +EV decisions? Does this mean that there are more poker chips on the table at the end of the game? I agree that efficient prices are good, and it's easy to paint a picture of how the financial activity you describe results in more productive investments in real thing being produced and jobs being created. But the textbook description is pretty far from what most financial activity actually looks like today. They're creating efficiently priced debt derivatives and crypto coins

[@untouchable360x]

It's easier risking other people's money.

[@Sknxa]

Truth

[@-Meric-]

SIG trades their own money. They're not a bank

[@raymondoo0209]

agree 100% good poker players can turn into good traders.

[@danh5637]

Traders aren’t really predominant anymore. It’s all done by quants and coders today. This is all just legacy bluster. 🤷‍♂️

[@Xyy2387]

Been saying this for years.

[@JeremAl]

Arbitrage = making money WITHOUT RISK

[@Seanpfree]

Gambling to them, our entire lives to us that bail them out

[@silaakkidumma]

Ohh Gunjan...she is pretty 😁