Zen and The Art of Trading

Years ago, I was playing blackjack at a Louisiana Casino. I asked to be hit, and immediately, the player to my left started complaining (loudly).

Apparantly, I drew a card that he needed for 21, and according to him, I hit (asked for a card) where some blackjack book said that I should not have hit. What is really neat is that I won the round, and he did not. He cashed in his chips and left in an angry huff, stating that he would not continue playing with amateurs. I ended the day doubling my money, and the angry professional left the table with a loss.

Charles
 
Quote from CharlesTrader:

Years ago, I was playing blackjack at a Louisiana Casino. I asked to be hit, and immediately, the player to my left started complaining (loudly).

Apparantly, I drew a card that he needed for 21, and according to him, I hit (asked for a card) where some blackjack book said that I should not have hit. What is really neat is that I won the round, and he did not. He cashed in his chips and left in an angry huff, stating that he would not continue playing with amateurs. I ended the day doubling my money, and the angry professional left the table with a loss.

Charles
More...

You might have pointed out that (A) you were just as likely to have taken a card off that he DIDN'T want to come up-- a situation, in fact, that had probably already happened in an earlier hand. (I.E., "I didn't hear you complaining a minute ago, when you needed a small card to come up to keep from busting, and I took a big card off ahead of you."). (B) Anyone who has ever walked through a casino has seen empty blackjack tables with dealers standing behind them. There are plenty of times and opportunities in any casino when anyone can play one on one against the dealer without interference from other players. He might be happier choosing this option. (C) If this guy is such a "pro", what is he doing in your (presumbably) smaller stakes game? Why isn't he over at the $100 table or the $200 table? And finally, (D) It's your money, and you'll play it any way you want. When you start getting your money from him, then you'll play your hand however he wants you to to.

--Larry Phillips
 
I believe that the situation was similar to what many traders experience.

This guy was experiencing a losing streak, even though he was following rules that were suppose to make him a winner. He felt that he had to blame someone for his misfortune, and I was conveniently available.

Blackjack and trading have a similarity in that both involve probabilities, but the probable outcome of any decision is never 100%.

Charles
 
Quote from CharlesTrader:

I believe that the situation was similar to what many traders experience.

This guy was experiencing a losing streak, even though he was following rules that were suppose to make him a winner. He felt that he had to blame someone for his misfortune, and I was conveniently available.

Blackjack and trading have a similarity in that both involve probabilities, but the probable outcome of any decision is never 100%.

Charles
More...

Yup, poker is the same. You position yourself as a favorite to win, do all the things that over the long run will win, but there is no guarantee (in the particular short-run instance) that you will win.

Larry P.
 
Say, I've got a question for you traders, if anybody would like to answer. The question is this: Is there a lot of stress (n trading)-- and in what specific ways does it manifest itself (on a personal level)?

Thanks in advance,
Larry Phillips
 
Larry,

One more Poker question if you don't mind..

Like I said in an earlier post.. I love to play and I do so on the internet at times..

I play a 5 man max table with $10/$20 limits.. playing small handed I find is a bit more streaky.. and 80% of the times I lose I will start off ahead.. usually get ahead about $200 or so.. which is a good day for me.. I could make $200 3 times a week and be very happy with that..

And I tell myself when I go back to play each time.. okay.. cash in $200 and get out of there.. come back another day.. don't try to break the bank..

But of course I stay and give it back.. because I love to play..

Do you have any ways to help overcome this?? Its basically a discipline problem I feel..
 
Quote from Larry Phillips:

Say, I've got a question for you traders, if anybody would like to answer. The question is this: Is there a lot of stress (n trading)-- and in what specific ways does it manifest itself (on a personal level)?

Thanks in advance,
Larry Phillips
More...

Personally, I wouldn't say "alot", but for me, when I feel stressful, it is usually when I'm attempting to take in too much information at the same time.
In other words, letting "simple" turn into complicated.

The result is inaction
 
Quote from Larry Phillips:

Say, I've got a question for you traders, if anybody would like to answer. The question is this: Is there a lot of stress (n trading)-- and in what specific ways does it manifest itself (on a personal level)?

Thanks in advance,
Larry Phillips
More...
Sulong is pretty much right on..

When I feel stressful is when I take a trade I'm not very confident in.. or try to trade too many contracts...

Its amazing the calmness I feel even when in a position that is going against me as long as I am very confident in the setup and am not trading too many contracts
 
Quote from Larry Phillips:

Say, I've got a question for you traders, if anybody would like to answer. The question is this: Is there a lot of stress (n trading)-- and in what specific ways does it manifest itself (on a personal level)?

Thanks in advance,
Larry Phillips
More...

It is stressful for me but the tolerance gets better overtime with some confidence. This stress (both losing and winning but more when losing) eats up energy and affects performance. That is why I take breaks even though it means missing opportunities. But then again if I lost my focus, even a good winning opportunity can turn into a loss.
I personally monitor how good I feel and how's my luck (any setback?) and stop to take breaks.
 
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