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View Poll Results: Is Trading Gambling or not
Gambling 438 34.87%
Not Gambling 818 65.13%
Voters: 1256. You may not vote on this poll

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Old Apr 10th, 2005, 12:41 PM   #7
illiquid
 
 
Join Date: May 2002
Location: NYC
Posts: 3,617
I'd say any trader who readily accepts unknown outcomes, whether he calls it gambling or not, is far better off than the trader who is so stubbornly sure of his views or methods that he feels insulted by being called a "gambler". Beyond that, it's a matter of semantics.
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Old Apr 10th, 2005, 12:44 PM   #8
Samson77
 
 
Join Date: Dec 2003
Location: Toronto/Las Vegas
Posts: 2,709
LOL- I wish trading was as easy as gambling somtimes.

I made $5500 last week in a poker tournement with a $10 buy in!

You do the math on that return in 4 hrs.

In all honesty trading is much better then gambling because unlike being a skilled poker player who relies on luck a lot of the time, trading is hard work, knowledge and disipline.

Trust me I have done a lot of both and trading and gambling are VERY different.

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Old Apr 10th, 2005, 12:47 PM   #9
FuturesTrader71
 
 
Join Date: Jul 2004
Location: Chicago, IL
Posts: 2,500
I know this has been posted before, but the word gambling is a bit of a general term:

Quote:
gam·ble Audio pronunciation of "gambling" ( P ) Pronunciation Key (gmbl)
v. gam·bled, gam·bling, gam·bles
v. intr.

1.
1. To bet on an uncertain outcome, as of a contest.
2. To play a game of chance for stakes.
2. To take a risk in the hope of gaining an advantage or a benefit.
3. To engage in reckless or hazardous behavior: You are gambling with your health by continuing to smoke.

It all depends on your definition and perception of gambling. Based on this definition, can you think of anyone who has made money without taking some sort of a gamble?

Will buying an investment property to flip it and sell it for a profit a gamble? Aren't there adverse possibilities in the odds for or against that profit?

How about driving a truck for a living? Is that a gamble? You can quantify the probability of an accident and mortality rates? Is that a gamble?

How about starting a business? If you are not 100% guaranteed success and a positive outcome, then you must be gambling. Right?

The word gambling has the same taste in people's mouths as the word greed. They are both facts of life except when pursued recklessly and an in excess.

Just a few thoughts....

PS: Quah... I seem to be following you around today.
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Old Apr 10th, 2005, 12:50 PM   #10
FuturesTrader71
 
 
Join Date: Jul 2004
Location: Chicago, IL
Posts: 2,500
Quote:
Quote from Samson77:

LOL- I wish trading was as easy as gambling somtimes.

I made $5500 last week in a poker tournement with a $10 buy in!

You do the math on that return in 4 hrs.

In all honesty trading is much better then gambling because unlike being a skilled poker player who relies on luck a lot of the time, trading is hard work, knowledge and disipline.

Trust me I have done a lot of both and trading and gambling are VERY different.

I see more similarities between poker and trading. They both require the same hard work, knowledge and discipline. How much hard work? Well.... that depends on how much you love it.
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Old Apr 10th, 2005, 12:55 PM   #11
illiquid
 
 
Join Date: May 2002
Location: NYC
Posts: 3,617
Quote:
Quote from ElectricSavant:


When it reverses . . .
!?!?

You been drinking from the same bowl as Coinz? j/k
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Old Apr 10th, 2005, 12:57 PM   #12
Samson77
 
 
Join Date: Dec 2003
Location: Toronto/Las Vegas
Posts: 2,709
Quote:
Quote from FuturesTrader71:

I see more similarities between poker and trading. They both require the same hard work, knowledge and discipline. How much hard work? Well.... that depends on how much you love it.

If you know anything about poker or if you have ever played in the final tables of a large tournament you will know that in order to get your paycheck LUCK is the number one factor (especially at this level).

Sure you can beat up the tourists and the newbies some of the time but even then, they don't know enough to be scared and will call you all the way down to the river and catch a straight (once again) luck.

At the higher level games where you have skilled player versus skilled player you may have a shot because now it's just a matter of skill levels but still luck plays a factor 50% of the time.

I have made a living from both trading and poker and I personally prefer trading hands down and I still say they are worlds apart in comparison mostly because of the LUCK factor.
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