Trading, Poker... What else is there?

Quote from Rearden Metal:

...The thing is, acting on those calls isn't anywhere close to a full-time job. Money isn't the problem- I just need something interesting to do with all my spare time.
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Then consider yourself among the fortunate to be able to live your life rather than just make a living. If you haven't already done so, find a good woman who makes you happy. (And if you have, then make her happy.) Read some good books. Hit the gym regularly. Travel. Reunite with friends from your past and catch up. As I'm sure you well know, life can be as full or as empty as you make it.

EDIT: NoDoji makes a good point. If you have ample free time and are not only looking at ways to make more money with it, then consider volunteering. (I admit I have not yet done so, but then I don't nearly have the kind of money you do.) Surely there is a cause you are passionate about and to which you can contribute with your time.
 
Quote from Rearden Metal:



Trading- I was trained by a living legend in 1996, handed a kickass working system, and just branched out from there.
.
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I remember some of your posts a while ago, you being up or down hundreds of thousands in a day. Nuts.

You mostly trade spy right?
 
I used to trade with Tradesports.com, but that no longer exists... is there an exchange where one can bet on sporting events remotely from the US with reasonable commissions?

Quote from traderNik:

Don't know if it's for you, Hank, but sports betting is very lucrative for the tiny minority with the analytical skill for it. It does require a lot of hours of analysis. Other problem is that it's summer and the leagues are quieter now, except for baseball.
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Quote from ARealGannTrader:



Just like Jack, I am
I-G-N-O-R-E-N-T
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Yep.. and when challenged you run and hide too

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Quote from garapaka:

Yep.. and when challenged you run and hide too

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Ha ha.. ARealGutless trader is just another wannabe newb on the net that paper trades and makes bad calls :p
 
Quote from thehammer:

Ha ha.. ARealGutless trader is just another wannabe newb on the net that paper trades and makes bad calls :p
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Not gonna embarrass u three weekends in a row, Sybil.

Goodbye
:D
 
Quote from Rearden Metal:

Thanks for the replies... many of you are thinking in the right direction.

Online poker was only truly juicy during its early years (2003-2004). You had a unique (but temporary) situation back then where pretty much <b>everyone</b> was inexperienced at the game, with more and more newbies flowing in every day. The shark/fish ratio was optimal for the early birds who could figure out the game before the masses caught on. BTW, I quit bothering with online poker before Full-Tilt joined the scene- The 'Rearden Metal' who played (plays?) there isn't me.

Sports betting- That's definitely thinking in the right direction. I've tried it in the past, and wasn't able to attain consistent profitability. The 5% to 10% vig is really tough to overcome.

I guess part of the problem is that I don't have the ability to figure out how to beat the odds 'from scratch'. Trading- I was trained by a living legend in 1996, handed a kickass working system, and just branched out from there.
Poker- Nobody really 'trained' me to play, but Sklansky's books provided a solid foundation. From there all I had to do to find my niche was develop a (variation on Sklansky) system for single table (sit 'n go) tournaments (for which no books existed at the time) to exploit for the brief window of time before the masses figured out the same stuff I did.

Without some kind of 'dwarf on the back of giants' foundation, it's tough for me to get profitable at these types of games. I've picked up chess recently (out of boredom- not for $$$ at all), and not having read any chess books to pick up some kind of basic foundation, I can't seem to rise above mediocrity.
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Get a Phd (if you don't have one already)
Join a PE group or become a mostly passive investor in a business (maybe one that gives you an edge in commodities, I know a trader who is setting up a Palm oil refinery for just that reason).
Bridge/Backgammon/Mah Jong.
 
Quote from ARealGannTrader:

Not gonna embarrass u three weekends in a row
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Actually everyone saw you turn tail when challenged and hide behind your mothers skirt :p
 
Quote from Rearden Metal:

Sports betting- That's definitely thinking in the right direction. I've tried it in the past, and wasn't able to attain consistent profitability. The 5% to 10% vig is really tough to overcome.
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I think edges in sports betting are easier to come by. One of my relatives makes consistent money betting on horses. You're not playing in the same arena as hedge funds, PhD quants, et al. The real problem is that the data needed to discover and exploit these edges, and the software infrastructure to process it, isn't readily available in a turn-key format.
 
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