Just wondering when does a trader become a gambler?

murray t turtle said:
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Some people do OK robbing banks briefly; and in the tallest tree in a hailsTorm/ lightening storm, but that does not mean i want to .:cool::cool: A so called lotto winner did win ,if we believe the news story ,but then got run over with a truck. TRanks
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The people who won consistently in those lottos did so legally. They were smart enough to do the math and calculate the statistics, were able to exploit and took advantage of some of the features/characteristics of those particular lotteries and found a way to win consistently.

This is similar to us traders trying to figure out how to win consistently in trading, especially in options, which is probability based. IBD and you, Mr turtle, are winning consistently in the lottery system called stock market. :D:cool::thumbsup::strong:

Best wishes.
 
ironchef said:
The people who won consistently in those lottos did so legally. They were smart enough to do the math and calculate the statistics, were able to exploit and took advantage of some of the features/characteristics of those particular lotteries and found a way to win consistently.

This is similar to us traders trying to figure out how to win consistently in trading, especially in options, which is probability based. IBD and you, Mr turtle, are winning consistently in the lottery system called stock market. :D:cool::thumbsup::strong:

Best wishes.
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%% Thanks ironchef; but i disagree. A lottery is a stupid tax on people that cant do math.Plenty of good reasons why over 50% of USa, pensions are invested/win in stock market, NOT lottery.:D:cool::thumbsup::strong:
 
Cabin111 said:
Just talking out loud. We know many people at casinos (and sports books) have a gambling problem. Just wondering what % of active traders have a gambling problem, but won't admit it? Those who work the sports book would say they know their games...And may make a profit. But besides the house taking their percent, there must be many who lose on the other end. It isn't like no money down...Flipping houses.

So what percent have a problem and how can you tell if you are one of them??
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When you have no clue on what you are doing in the stockmarket yet, still plunking in lots of monies in the hopes of hitting a homerun trade or investment in on whole swoop, you are gambling! Too many people think the stockmarket is an easy place to make monies. Well, it is not so easy but, atleast, you have a real chance to make monies if you took the time to educate yourself instead, of just going full bore and threw monies at it, hoping to make a score. More likely, you are better off in Las Vegas because then, you might get lucky! If you are losing lots and lots of monies trading and not being able to turn a profit, you are gambling! That is why risk management is paramount in the stockmarket. Without it, you are merely, gambling!
 
murray t turtle said:
%% Thanks ironchef; but i disagree. A lottery is a stupid tax on people that cant do math.Plenty of good reasons why over 50% of USa, pensions are invested/win in stock market, NOT lottery.:D:cool::thumbsup::strong:
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A powerball ticket costs $2, mega millions $2. I buy both and only 1 ticket each, not every draw but, only when the jackpot is $100 million or more. Risking a few bucks will not break you. Some people probably, spend more on a Starbucks latte. Since, I buy only 1 ticket, it is a very cheap diversion. Most people lose thousands in Las Vegas gambling, not even counting the cost of the hotel rooms, parking, tips to hotel staff, food, taxis, etc. Are the odds astronomical? Sure it is but, someone is going to win it! If you do not have atleast, 1 ticket, you do not have a chance to win it! I have hit the mega millions for minor prizes, one time where I got 3 numbers and narrowly missed the other 2 numbers by 1 and even the mega number by 2 numbers. Now, spending hundreds of dollars on lottery tickets, as I see some people do, that is just dumb! Playing a few bucks on it, once in a while, is no big shakes. Just my 2 cents.
 
smallfil said:
A powerball ticket costs $2, mega millions $2. I buy both and only 1 ticket each, not every draw but, only when the jackpot is $100 million or more. Risking a few bucks will not break you. Some people probably, spend more on a Starbucks latte. Since, I buy only 1 ticket, it is a very cheap diversion. Most people lose thousands in Las Vegas gambling, not even counting the cost of the hotel rooms, parking, tips to hotel staff, food, taxis, etc. Are the odds astronomical? Sure it is but, someone is going to win it! If you do not have atleast, 1 ticket, you do not have a chance to win it! I have hit the mega millions for minor prizes, one time where I got 3 numbers and narrowly missed the other 2 numbers by 1 and even the mega number by 2 numbers. Now, spending hundreds of dollars on lottery tickets, as I see some people do, that is just dumb! Playing a few bucks on it, once in a while, is no big shakes. Just my 2 cents.
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And did you count your time/wait in line soemtimes;
over a period of time?????:cool::cool: Speaking of odds most millionaires dont play the lotto[Source=Millionaire Mind-Dr Stanley] Thanks SF, most gambler are not honest also. NOT a prediction...........................................................................................................
 
murray t turtle said:
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And did you count your time/wait in line soemtimes;
over a period of time?????:cool::cool: Speaking of odds most millionaires dont play the lotto[Source=Millionaire Mind-Dr Stanley] Thanks SF, most gambler are not honest also. NOT a prediction...........................................................................................................
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And how much time do people waste on their cell phones on idle chat? For the miniscule amounts to play the lottery, I would say it is a very cheap form of entertainment. If I win anything, it is a bonus! Rich people too buy lottery tickets. A woman who has won the lottery more than once, has played multiple times. They do not announce it to the world that they buy lottery tickets. Do not tell me when the jackpot is $200 million, $300 million or even $400 million that some rich people will not take a stab at it? They just do not tell people about it! Why should they? I will admit it too that I have been to Las Vegas multiple times but, nobody twisted my arms and force me to! I knew the odds coming in and did not expect miracles. Not blaming anyone from my losses. Inspite of that, I have lost more in the stockmarket learning how to trade. That said, I am making monies now here and there so, not complaining.
 
murray t turtle said:
%% Thanks ironchef; but i disagree. A lottery is a stupid tax on people that cant do math.Plenty of good reasons why over 50% of USa, pensions are invested/win in stock market, NOT lottery.:D:cool::thumbsup::strong:
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Not disagreeing with you sir. But many traders, especially those of us who trades a lot are often time gamblers, like playing lottery. Brokers are the Government, who took a cut.

But, your coaching is noted.

Regards,
 
smallfil said:
And how much time do people waste on their cell phones on idle chat? For the miniscule amounts to play the lottery, I would say it is a very cheap form of entertainment. If I win anything, it is a bonus! Rich people too buy lottery tickets. A woman who has won the lottery more than once, has played multiple times. They do not announce it to the world that they buy lottery tickets. Do not tell me when the jackpot is $200 million, $300 million or even $400 million that some rich people will not take a stab at it? They just do not tell people about it! Why should they? I will admit it too that I have been to Las Vegas multiple times but, nobody twisted my arms and force me to! I knew the odds coming in and did not expect miracles. Not blaming anyone from my losses. Inspite of that, I have lost more in the stockmarket learning how to trade. That said, I am making monies now here and there so, not complaining.
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Losses in the stock market are part of it[ business expences]:cool::cool: I dont talk on the phone much, overall.LOL
 
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