Poker Players & Cryptocurrency Traders Share Some Common Traits
If you are a poker enthusiast, you might as well want to explore the world of cryptocurrencies.
Why? Because poker and crypto share a number of striking similarities.
For one, both industries are mainly based on skill, though there is also an element of luck involved.
Let’s take a further look at how poker players and cryptocurrency investors are similar to each other.
# Reading Opponents
Knowing how to read your opponents initially seems like a skill more associated with poker, but it also applies in cryptocurrency. In poker, you have an idea who you’re up against. You can analyze their game style and study their background, or you can simply observe their strategy during the actual session.
In the crypto world, you may not know exactly who you’re dealing with, but you can consider the market in general or your crypto asset as your opponent. You will achieve better results if you know how to “read” the market. You need to study market movements and volatility, and should stay updated for any significant changes.
# Managing Risks
Risks are part of every business, career, and even life in general. While some would choose to stay away from risks, both crypto traders and poker players like to take risks, but the successful ones know how to manage them. Poker players fold when they need to, especially if things are not going very well for them; similarly, those in the crypto world also know when to stop.
# Dealing With Pressure
Both poker and cryptocurrency involve money. As we all know, money matters involve a lot of pressure, and if you’re the type who easily cracks in the middle of an intense battle, you will most likely fail.
Poker pros know they must remain level-headed, especially during difficult scenarios. It allows them to make the right decision and turn things to their advantage. Experienced crypto traders also share the same quality. They maintain discipline and never allow their emotions to get in the way.
# Accepting Defeat
In poker, bad beats are inevitable – you can lose even if you have strong cards. Likewise, in cryptocurrency, you can’t always predict the value of your own asset as they’re highly volatile. They go up and then suddenly crash.
Under these circumstances, both poker players and crypto traders know what to do – they accept things as they are, learn from them, and move on. There are things we cannot change. Losing is always part of the game.