the house's edge

C

chasinfla

they want to keep <b>you</b> at the table.

losers are forced out of this game. winners are not forced out -- they can stay in the game. unless, by staying too long in a situation where they have no edge, they become losers, and are forced to walk away.

it's better to walk away a winner, to recognize when you're entering a situation where you have no edge, and just leave.

i notice prop firms are always on their traders to 'be at the desk all day and trade like a <b>professional</b> should.'

i think this is foolish, for the trader. but it's just what you'd expect from the house. a trader needs to walk away when he has no advantage.

the house wants him there all the time because that plays to their advantage.

if you can walk away with a profit, you can stay a winner.

if you couple the house's tax (commissions) with the tricks that are played on the floor with your order, you see that the odds are very much against you most of the time, so it's all the more important to sharpen up your focus and pick your spots.
 
lets put it this way.. all they care about is the tickets. So if you can break even, you are making money for them. They want profitable traders cause they will be there forever for them and a cash cow. Not only in the money they bring in.. but b/c newbies will follow these successful traders for more revs. Cha-ching!
 
Quote from hardrock375:

That, and reference tradeoes' comments in the most recent "specialist" thread about "trading like a man".
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could you link to this or quote it? thanks.
 
trade like a man. it's all about self control, imho.

*****

one more thing (the obvious): if you continue to play where you have no edge, you <i>must</i> lose.
 
Quote from daniel_m:

ooh yeah... trade like a man baby... 3 million shares... you're a superstar...
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Tradescape used to bring someone in to give backrubs ONLY if you traded over a mil shares for the month. They used to actually post it on a list in the office. I wonder if Etrade has the same casino policy.
 
trading is not gambling... if you want to gamble stay in the bellagio not your office, atleast youll get free drinks and laid... do you think ace greenberg used to sit at the terminal and think its a craps shoot? when playing games using cards youre forced to play with what you have, noone here forces you to trade certain stocks or options or what have you, you dont like whats dealt (ie chart) you change your the ticker, you cant change hands if you dont like what your dealt.. eh screw this i cant believe i am even responding to this crap... i do agree that when youre up you walk away.. set goals limits and etc. hypothetically speaking youre up a $1000 and you go down to 800 gracefully bow out... and come back to trade another day... no need to trade the deadzone and give back all your profits and generate commissions...
 
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