You're watching...
Ex-Wall Street trader and professional poker player Andrew Frankenberger discusses his transition from trading to gambling, and the similarities betwe...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
From -- to professional poker player in three years and her Franken burger has raked in two and a half million in that time.
So while in the Bulls and Bears a Wall Street's take on the card sharks a big as well let's ask and he joins me.
Right out -- and you're gonna story you said you're sat -- of trading derivatives took a break -- year and you end up in Vegas.
Yes the funny thing is when I left Wall Street I had no idea that I was gonna become a professional poker player wasn't even on my horizon.
Actually loved residue on Wall Street but I wanted to change and that's -- a difficult decision to leave at some point even if you're doing something you love.
He's watching this case and poker are just sort of stumbled into it and I was very fortunate that when I went pro I started winning right away which gave me the confidence to keep doing.
It's ironic that you're -- are -- day gonna come talking about the London well situation because that's in the news event today which JPMorgan and you traded derivatives JPMorgan had -- headlines whenever JPMorgan made headlines -- -- -- the cover the Wall Street Journal right there next name is Jamie -- Now is I was joked that if -- told me I'd be on the cover next to Jamie -- where it says.
Diamond default risk management next a picture of me out and I really scared that that's allows on the.
-- -- all sorts of the -- they've been well some might look at.
-- -- about not I'm curious what -- skills you take from being -- derivatives trader how do you translate that to making money and poker playing professional partner.
Well the most important skill as a poker players and -- and really the same type of skills that make a good drew industry to make a good poker player it's all about risk management.
You're never smarter than the market and traders who think they're smarter than the market get into trouble -- of losing money.
The market goes against them and they stop out or sometimes market goes against them and they just put armed forces -- position even though they don't.
Maintain their views so there.
As a derivatives trader I became very you know trained to not let my -- get the best -- -- to always analyze the situation as it's happening.
And really make decisions you know live in -- and all the current commission happen that's you have to do with the poker table you can think you have the best hand.
But as a hand plays out and your opponents not folding and -- showing more strength than you anticipated you have to be willing to adjust your views and so it's really about analytics first and foremost of course mathematics come into play in probability and statistics but first and foremost its analytical -- -- church champion legends of poker tournament winner and I -- I was reading that you were wearing like -- picture Monday.
-- and then you turn on you one now the threat and the other on the other guys like oh my gosh has has run a picture you think you all actually do think you can pets which is -- -- -- something.
-- -- I think -- likely -- greatest poker player in the world with content so that was.
That was the highlight of my poker career do you think that that this kind of like gambling sector -- obviously -- and it now -- professionally do you think the gambling sector as kind of a good investment for all of us I mean who need.
Yeah are all I meanwhile -- casino.
I'll tell you this -- -- stocks and I think it's have a opinion I I do and my point is that a lot of people see the kind of money that I've made in this hand going into poker.
And you know how to do this in my point is.
I'm very different than your typical poker player I actually made my money on Wall Street and I didn't need to rely on my poker wins to pay rent and put food on the table.
And people coming out of college you go right into into poker playing I -- have a -- Respect slash admiration.
But I could do it when I don't have that much get a lot of these kids go to go strip ecology go to the trading floor that the junior traders that Barkley is ready and here they've got the same.
And had a gambling mentality but if you lose money in a trading desk your floored you still get a base salary.
And maybe even a bonus if you're lucky.
And poker if you lose money.
You lose money and you're not getting that regular income so.
My recommendation Mason -- captioning going to pull double header Franken hurt thank you very much we'll take it -- appreciate it alright --
