Poker Players Make Good City Traders

28th May, 2010

Careers in Wall Street are certainly one of the most lucrative on the glove however finding your way into a job like this has been notoriously difficult until now.

In the past, unless an applicant knew someone that’s high powered from the inside of the business, had vast business experience or a top degree there would be very little chance of breaking through.

However, Wall Street is changing and is looking to diversify their workforce and now poker players are at the top of the list for recruiting. If you’re successful at poker it shows that you possess the ability to think and act intellectually whilst under huge pressures which are the qualities needed for a person on the trading floor.

Danon Robinson who is a partner in Toro Trading has been quoted as saying that a potential employee who shows a complete lack of interest and understanding in poker get a ‘red flag’ raised against them, it’s "almost the equivalent of not reading the Wall Street Journal."

Some trading companies even use poker as a way to train their employees. For example, Susquehanna International Group used David Sklanksy’s ‘The theory of poker’ asking questins based on the book. The book is seen as a more intellectual guide on concepts like: pot odds, deception and risk.

The company even dedicates one day per week to playing poker so that employees can absorb concepts learnt from the book and subsequent training. The aim of this is to "teach people how to be good decision makers under uncertainty."

An article written by Richard Blake, said that poker players have a "penchant for risk-taking and a dispassionate regard for large sums of money."

One poker player who left the felt to take up a career in Wall Street is Jason "Strassa2" Strasser. He won millions of dollars playing online from a single $25 deposit, before quitting poker to become a Wall Street analyst about a year ago.

Who knows if the same thinking will be transferred to London.

By Faye

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