How about the need for an edge causes some folks to try to cheat? Horse doping or bribing jockeys, vs front running, pump & dump penny stocks, or insider trading, etc.
The difference is if you take it seriously and have some type of edge that provides a higher probability of success above blind luck. For example, if you go to a horse race and bet on a horse because you like how its name sounds, then it is more luck to you weather you win or lose. However, when I went to a horse race and saw the horses before the race and saw an owner with a group of investors around one horse and no others, and I bet on that horse to win, and I won that was more than luck. I used my intelligence to calculate the variable change http://www.physicsforums.com/showthread.php?t=250035. Now the same can be said for trading. One can trade based on nonsense like PD or what Cramer picks, or one can spend years and money looking for an edge that works reliably to give you a statistically higher win % over 50% and allow one to make profits over the time period that you chose to trade in. However, like betting, I do not have a 100% guarantee of a positive outcome. Therefore, I need to accept that sometimes the market is either random or I may make a stupid mistake, and not allow myself to be affected by the loss to start revenge trading. So then trading becomes the difference of a professional poker player who plays ever day since he or she has an edge compared to a tourist that goes to Las Vegas to have a good time.
probability is what one attribute they have in common. horse betting is gambling. gambling is an event that has a start and a finish where proceeds are only distributed at the end of the outcome.
Completely agree with you. I think I learned something. Back to my thread, I realise calling highs and lows is so meaningless. I have to admit I have been a fool.
now you are really pushing the outer most edges of assininity "horse betting is gambling" l bet you have never had one of those big old plastic gloves break on you, and stuck your bare arm up a mare to see how many fingers open she was
I edited the post, at least the part about having his head up his ass when he makes outlandish claims that "horse betting is just gambling."
Wow, pretend you are writing a paper for a stats class for the 13th grade. Let's see how you do on your own. Let us know when you are done.
As ignorant and ill informed as most are about the stock market (I include 99% of the posters here) multiply that by 1000 for horse racing. Even with an ENORMOUS takeout, there are the anointed few that make big money betting horses. It requires skill than few posses , but it can and has been done. Please, if you know nothing about the game, don't embarrass yourself by offering an opinion. We already had maverick do that with that idiocy about 'they bet to place and show'