Thread by @georgi_stanoev

I am walking around freezing NYC, thinking about my departure to Miami next week, and it suddenly hits me...the retail trading boom everyone is talking about is something i've seen before.

I was once the "teenage gambler" who "didn't have a clue".

A quick story...

1/n

Many might not be aware but 2004-2011 was the golden age of poker, driven by the boom of online platforms like SportingBet, PokerStars, Full Tilt Poker and others.

Similar to trading, the ease of these poker platforms democratised the game and spread it internationally...
2/n

The World Series (WSOP) transformed from a bunch of sweaty guys (yes, mostly guys) trapped in a window-less casino into Burning man - desired by many, but only a few got to experience it.
3/n

High Stakes Poker (tv show) launched in 2006 and and created the poker rock stars like @RealKidPoker @phil_hellmuth @philivey and others.

Casino Royale premiered in the fall of 2006 too.

At that time i was 14 and starting 9th grade in high school...(christ...)
4/n

In the first week of the new school year my mate (same age) said - "I found this thing No Limit Texas Hold'em #poker...we can play it online. Check it out."

No doubt this changed my life as I spent the next 5 years playing more than 200k hands online and in person...
5/n

To this day I don't know why my mother gave me her debit card to open a poker account at the age of 14. She had every right to tell me to get back to my homework.

I guess she was into Jordan Peterson more than a decade before he became famous with "12 Rules for Life".
6/n

In particular, Rule 11 applies here - "Do Not Bother Children when they are Skateboarding"...or in this case, gambling.

In any case, after some negotiations, i had a funded account and was ready. Now what...?!
7/n

I will never forget losing my first $10 shortly after starting. ($10 in 2006 Bulgaria were not an insignificant amount for a 14 year old from a middle-class family).

Face turned red, pulse exploded and I started breathing heavily. Had to run to the restroom to calm down.
8/n

In 2006 my mate and I were the first ones to start playing. The mania was real though and in the next 12 months everyone around us was hooked. We were playing at school (between classes, in classes, skipping classes); organising home games and joining games at other schools.
9/n

This is the first thing i was completely obsessed with...
I would come back from school, play 4-6 tables online for hours non stop, watch poker videos, chat on forums (reddit too!), then go to school, play more, talk about wins and bad beats, rinse repeat...
10/n

The money I was making was nothing outrageous, but it practically gave me independence as a teenager. I was financing my lifestyle from my own pocket. Money was no longer anything special - just life tokens you should respect but never fear. It gave me perspective.
11/n

Poker taught me more about life and markets than anything else...
*Managing my bankroll, playing only games I can afford. You only learn it by blowing up a few times.
*Playing the cards I have
*Thinking in bets and probabilities - life's essence
*Managing my emotions
12/n

@AnnieDuke captured all that beautifully in "Thinking in Bets" (quote below).

@mkonnikova's "The Biggest Bluff" is phenomenal on the topic too.
13/n

But poker only gives you what you are ready to take out of it. For most of my peers it was just entertainment. Something to give them an adrenaline rush NOW and kill the time. Immediate gratification trumps patience and discipline.

Guess what, markets are the same.
14/n

Whether you are a child looking at a marshmallow, or a teenager that wants to be cool and YOLO or an adults driven by FOMO...it's all the same. Humans unable to apply themselves and think about incrementally compounding over the long term.
15/n

So, i for one think it's alright for teenagers to be trading (with some restrictions). Let them figure it out. Most will lose some money. It's the job of their parents to restrict max losses.

Most adult traders lose money too. Those are the rules of the animal kingdom.
16/n

But, while the media focuses on TikTok traders, i promise you there are young boys and girls grinding it out and diligently studying while putting some skin in the game. These will be the next market wizards, or at worst, just better prepared for what comes next in life.
17/n

I bet there are teenagers now that know more about managing finances and market dynamics than "adults". It's not rocket science. It's just a game. I loved winning the stacks of "smart" adults...

"Do Not Bother Children when they are Betting Money".

Fin.
18/18