i would assume they meant anyone who buys through retail (not institutional) brokerage account. this isn't necessarily the "floor's" or the "industries" consensus, this was a few guys hang'in out and knock'em back. later, jj p.s. but i've been around the block enough times so that i didn't doubt'em for one minute!
so what these posts tell us is that there is a lot more similarity between card counting and trading/scalping than we would have thought with just a cursory glance, and that whatever edge you have must factor in the more "unquantifiable" aspects of the industry than you had previously thought. (unless you "get lucky" like electric and find a broker who's decent) JJ
right , the "consensus" should include opinions of option's brokers that already LOST their jobs , lol Give my regards to those punks next time you see them , will you ?
What card counting system did you use if you added an additional system to your hi-low card counting? Is basic hi-low BJ card counting sufficient enough to beat the dealer in blackjack? Or should an additional system be added? (besides basic strategy, naturally).
There are several counting schemes you can use - they differ in the value assigned to various cards. In addition, you have to normalize the count for the number of decks in the shoe. So, if you're playing, say, a six deck shoe, and 30 cards are out, your count will be multiplied by some fraction of one (depending on which normalizing scheme you are using), whereas if you are down to one deck, the count is usually mulitplied by one. The casinos know that low numbers of decks and going deep into the last deck can be an advantage for the player, so their tatics vary greatly.
A straight hi-lo system (2-6 = +1, T = -1) is sufficient to beat the dealer in BJ, but it is also extremely easy to detect by casino surveillance. If I remember correctly, a hi-lo system will give the player a slim edge (roughly 1%) over the house in a 6-8 shoe (standard Atlantic or Vegas) game. When I was counting, I generally pick 2 systems (usually hi-lo plus one diff system), count both (it is not that bad since the other system is just a delta from standard hi-lo, so it is tracking the hi-lo current count, and then a delta value only), and then switch after 10-20 hands. This tends to confuse the spotter at least for a little while, long enough to walk away (by switching, the player do give a little bit of the edge back, but not enough for the house to have an advantage again). See some comparison between the systems here: http://www.qfit.com/card-counting.htm Wow, this is taking me back. I haven't seriously counted in years upon years. As it turned out, the infamous MIT Counting team was operating around the same time, obviously with a higher level of focus and bigger bankrolls. But what is surprising is that for all the amount of media attention they received, they *only* made about $1.8-2M (especially considering the size of the team and the risks) or so (yes, I know some members of the team circa '94). Which, compared to trading, is a tiny amount. Thorpe, Hull, etc, made much more money in trading than they ever did couting.
Although there are many systems for counting cards in Blackjack, such as assigning different values to each card and counting aces separately, an important consideration when choosing a system, is that whichever system you use, you must play it perfectly. The edge derived from card counting is small (if I recall correctly, it's between 1% to 2% over the casino) and making several mistakes eliminates that edge.
How do you get around the casino cashing out of more then 10K regulation? If you win more than 10K, they ask you for your ID.
a little off topic ... but have any of you guys read "gorrilla gambling " ? and is any of the advice they give worth paying attention to for some sort of edge at a casino funny ... I spec. round the clock for a living but have not been to the ponies or casino in yrs I do admit having lost $100 in the last few yrs on lotto type games