Poker is an extremely high stakes game that requires a carefully cultivated strategy — kind of like trading. 

In today’s episode, co-hosts Stephen Johnson and Kim Ann Curtin talk with Ray D., a professional poker player who recently added trading to his repertoire. He’s also the co-host of the podcast Confessions of a Market Maker

Listen in to learn how playing poker was the ultimate training for Ray’s trading, what strategies he follows now, and the challenges he’s faced so far. 

About Ray D.

Turns out, Stephen’s not the only poker player who progressed to trading! Ray began playing poker at around 21 years old. 

At first, he played part-time while maintaining a sales job. As his earnings grew, he upgraded to playing poker professionally on a full-time basis, even taking part in the World Series. 

Trading is a relatively new development for Ray. He’s less than a year into his journey, and he’s already had plenty of twists and turns! 

Trading and Mental Demons

Ray identifies as a highly emotional person. So dealing with emotions as both a poker player and a trader has proven challenging.

Ray shares how trading has forced him to battle his own mental demons. 

The swings of winning and losing can be intense. Ray talks openly about how for him, hot streaks can lead to cockiness. This almost always leads to a big down streak and huge bouts of self-doubt.  

Stephen shares his own experiences, and both traders share the tricks they use to psych themselves out of this unhealthy cycle.

Intuition Follows Data

Trading can be very counterintuitive in a lot of ways. Often, what a trader feels is a powerful “gut instinct” is just plain wrong in retrospect.

But that doesn’t mean you should totally dismiss your inner compass. As you learned in Episode 151 with Jason Apollo Voss, intuition can be a huge asset to traders. 

So how can you keep it in balance? When should you trust your instincts, and when should you seek more information? 

Kim, Stephen, and Ray talk about this loaded topic from several angles … Whose opinion do you agree with?

Ray D.’s Trading Progression

Smart trading is all about finding and honing an edge. Ray talks about his pivot from poker to trading, and how his journey has unfolded. Like many traders, he tried a few things — futures, equities, and more — before settling on an approach that works for him.

He talks about how he started modeling his trading hand as he would a poker hand. Learn how he’s kept positions small and reports seeing profits. His approach involves short swings and occasional day trades, depending on how a given stock is performing. 

Maintaining Balance 

Listen up, traders: it’s not about working all the time. Or as Ray D. puts it, “more effort doesn’t always equal more money.” 

He talks about why it’s so important to avoid trader burnout. After all, if you show when you don’t feel like trading, it can reflect in your results.  

Ray D.: What Does it Take?

Traders of all levels will love hearing what Kim, Stephen, and Ray have to say about what it takes to find balance and consistency as a trader. 

Learn why humility is important, but confidence is important too — and why Stephen says “There’s no Plan B for me.”

Confessions of a Market Maker Podcast 

Ray is the co-host of the popular podcast Confessions of a Market Maker, which has featured guests including Dr. Brett Steenbarger (author of “The Daily Trading Coach,” a SteadyTrade Book Club pick) and Michael Nauss, to name a few. 

Learn how the experience of podcasting has proven instrumental in Ray’s trading journey! 

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Connect With Ray D.

Twitter: @AllxDayxRayx

Podcast Twitter: @MarketMakerSins

Podcast: Confessions of a Market Maker 

Got a Pressing Question? 

Curious about something in this episode … or about trading in general? Get in contact! 

Remember: if we choose your question as an on-air topic, you could win a SteadyTrade mystery gift box. Leave a comment below or on YouTube!

Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.

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