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

In a Wall Street Journal Studio, a panel consisting of a Wall Street Journal reporter, Susquehanna executive Todd Simkin, and Moopoint Capital Management founder Jeremy Wien, play No Limit Texas Hold'em to explore the parallels between poker and trading. They discuss how poker trains traders, emphasizing risk management, patience, and decision-making with imperfect information. The conversation covers bet sizing, trade sizing, and avoiding common mistakes made by rookie investors, such as assuming the current state will persist. They also delve into the role of ego at the poker table and in trading, the importance of humility, and analyzing one's own decisions. Susquehanna's use of the poker framework in various markets, including event contracts like those on Kalshi, is also discussed, highlighting the balance between incomplete and common information.