Everything is gambling...
- Thread starter MasterGambler
- Start date
Quote from vinc:
by stating the obvious MG thinks he is exceptional
hey, MG , tell us sth we don't know..
how about oxygen?? tell us how important it is for keeping us alive
I'm just trying to get you idiots to realize the truth. Trading is gambling. It's a statistical odds casino game.
There are card counters who use to beat the old casino's... If people can beat the casino games with statistical odd tricks then doing it in the stock market is 10x easier. Look at market wizards. Lots of old fund managers who got started making 40% a year just by using statistical odds tricks like buying into the close on an up day and selling a couple days later.
Study up.
i dont understand how you can compare "taking risk" with "gambling". Sure most things in life is like taking risk but it's still not gambling. IN gambling you are almost destined to lose. that's how the gambing houses make money. Business always has risks but it's still not gambling. Trading is also different. yes we lose sometimes but with proper money management we can always make money in long term. how many people do you know make a living by gambling?
well, yeah i have heard of professional poker players and even those people dont make money from just playing poker if you know what i mean.
well, yeah i have heard of professional poker players and even those people dont make money from just playing poker if you know what i mean.
http://online.wsj.com/article/AP42d7448fce5444dca56b0a9f038dcf5b.html
I agree with the judge, however that can be a game of semantics I don't care to get into to. I may take a few punts I know are just a gamble... but my worked out trades I don't count as "gambling". Neither did good old Livermore.
I don't count gambling as "taking risk".... like walking across the street, that's a little weird to think of in that way for me as I am not a "gambler". Maybe a hardcore gambler can twist it that way though if they please and that's alright too.
I agree with the judge, however that can be a game of semantics I don't care to get into to. I may take a few punts I know are just a gamble... but my worked out trades I don't count as "gambling". Neither did good old Livermore.
I don't count gambling as "taking risk".... like walking across the street, that's a little weird to think of in that way for me as I am not a "gambler". Maybe a hardcore gambler can twist it that way though if they please and that's alright too.
An automotive enthusiast
Some people limit their gambling to the extreme. These people are really strange...
You see that at restaurants bringing their own silverware trying to bring down the risk of contaminated dishware. They don't go out at night. They don't go to the park. They hide in their houses 99% of the time and use so much soap and cleaning chemicals it's ridiculous.
I know of this one guy that brings a disinfectant kit and vacuum cleaner to hotel rooms.
Some people are just truly unwilling to gamble on things... All risk taking is gambling, because all risks have rewards. The risk/reward for the vacuuming and disinfecting your hotel room vs not goes like this...
Risk: Catching some strange disease or infection... Odds... Less than 0.00001%.
Reward for the Gamble: Getting to sit down and relax and watch some TV instead of cleaning for an hour.
I think some people have risk/reward ratios for gambles skewed in their head...
There is really no difference between small gambles and big gambles except the ratio's.
People who use cell phones without headsets are taking on the gamble that they will not be one of the unlucky ones to get brain cancer. The reward for taking the gamble is higher efficiency and productivity... Less hassle.
People are more concerned with the big economic gambles than the ones that are more important in their lives... Like the Bernanke gamble. Can have save the economy or will he blow up the currency? It's a big gamble and so far it's paying off, but how long will this gamble keep paying out?
Big gambles like Ben Bernanke's determine the odds of others placing bets in starting businesses, taking on a mortgage, paying up for an education, and many other things. It's a system of cascading intercorrelated gambles with semi-calculable statistical odds.
You see that at restaurants bringing their own silverware trying to bring down the risk of contaminated dishware. They don't go out at night. They don't go to the park. They hide in their houses 99% of the time and use so much soap and cleaning chemicals it's ridiculous.
I know of this one guy that brings a disinfectant kit and vacuum cleaner to hotel rooms.
Some people are just truly unwilling to gamble on things... All risk taking is gambling, because all risks have rewards. The risk/reward for the vacuuming and disinfecting your hotel room vs not goes like this...
Risk: Catching some strange disease or infection... Odds... Less than 0.00001%.
Reward for the Gamble: Getting to sit down and relax and watch some TV instead of cleaning for an hour.
I think some people have risk/reward ratios for gambles skewed in their head...
There is really no difference between small gambles and big gambles except the ratio's.
People who use cell phones without headsets are taking on the gamble that they will not be one of the unlucky ones to get brain cancer. The reward for taking the gamble is higher efficiency and productivity... Less hassle.
People are more concerned with the big economic gambles than the ones that are more important in their lives... Like the Bernanke gamble. Can have save the economy or will he blow up the currency? It's a big gamble and so far it's paying off, but how long will this gamble keep paying out?
Big gambles like Ben Bernanke's determine the odds of others placing bets in starting businesses, taking on a mortgage, paying up for an education, and many other things. It's a system of cascading intercorrelated gambles with semi-calculable statistical odds.
That's all good I guess, yet on the flipside you can argue that gamblers have this in their heads to the extreme as well, two sides to the spectrum, such as the way you're describing it here, and in your first post.
I would argue that risk/reward != gambling, or else we would call it gambling ratios and not risk/reward ratios perhaps.
I think if there is skill involved, and odds are better then chance, it's not gambling, therefor you can't actually be a "Master Gambler". lol
Maybe a "Lucky Gambler"
Your argument can be summarized in one sentence...
"If the statistical odds of a favorable outcome is greater than 50.01% then it's not gambling."
LoL... That is absolutely idiotic logic.
"If the statistical odds of a favorable outcome is greater than 50.01% then it's not gambling."
LoL... That is absolutely idiotic logic.
lol is 50.01% better then chance, covering expenses plus room for a gain over the long haul statistically?
My real argument is that your extreme view is also just as crazy as the guy with the cleaning products.
If you're capitalizing on inefficiencies, it's not gambling, clearly. Rolling the dice or playing roulette and "betting on chance for gain" which is in ALL definitions of the term "gambling", is gambling. There is no skill there.
I don't see risk/reward in any definitions.
Well whatever makes you happy and sleep at night.
I'm going to go gamble on some 60-90% odds trade setups on the EUR/USD tonight if they show up. Trading is just statistical odds gambling. If you can get over 50% odds + additional percentage to exceed drawdown handicap + percentage odds to overcome commissions you are a master gambler!!!
Latez!!!
Btw, warren buffet is the greatest Margintale gambler ever... However, for him to actually lose the market would have to not recover from a crash and go downward forever. Basically the system would have to end.
That is the only way Warren Buffet could ever lose!
I'm going to go gamble on some 60-90% odds trade setups on the EUR/USD tonight if they show up. Trading is just statistical odds gambling. If you can get over 50% odds + additional percentage to exceed drawdown handicap + percentage odds to overcome commissions you are a master gambler!!!
Latez!!!
Btw, warren buffet is the greatest Margintale gambler ever... However, for him to actually lose the market would have to not recover from a crash and go downward forever. Basically the system would have to end.
That is the only way Warren Buffet could ever lose!