If you think casino's gamble, then there really isn't much I, or anyone here on ET can say to change your mind. I would suggest you go pick yourself up a good book this subject (of which there are many), but based on your previous comments, it seems like you wouldn't believe anything you read that is contrary to what you already think you know. So I'm not really sure what to suggest, except to just concede that you personally have a different definition and/or connotation of what gambling means than what is used in almost any book or written publication on the subject. And the only way your dictionary.com definition supports your argument is by ignoring the first 2 or 3 definitions and immediately skipping to #5. Definitions 1 & 2 clearly state that the results have to be dictated by chance. And its common knowledge that the market is governed by the laws of supply and demand, not chance.
I don't need to read a book to understand that when I take a trade, it is a gamble. That is, I might win, or I might lose. I do understand, very well what gambling is. I believe in all those definitions. Which ones do you choose to believe in? When you enter your trades Monday, there's very definitely a "chance" that you could win....or lose.
I choose to believe definitions #1 and #2, because they are most consistent with both my personal belief and the two other dictionaries I double checked it against here at home. They clearly state that the results need to be dictated by chance -- and markets are governed by supply and demand, not chance. I already have previous posts explaining my thoughts on the definition of chance so I won't bother repeating it here. Your connotation of gambling is inconsistent with almost any book or publication ever written on the subject. Personally, it seems to me that you're using the word "gambling" synonymously with the word "uncertain." If I walked into any Vegas casino and grabbed any pit boss, dealer, or casino regular, or any person who has ever either written a book on this subject or taught it at a University, and told them that we're going to play a game of dice.... That I was going to roll a single die over and over again and that everytime I rolled a 1, they were going to pay me $1, and everytime I rolled any number other than 1, I was going to pay them $1.... you'd be hard pressed to find ANYONE who would consider that gambling, since on each roll they would have 5 ways to win and only 1 way to lose. Its a mathematical FACT, that if we played long enough, that they would make money -- lots of money -- GUARANTEED. The only way they wouldn't be GUARANTEED to make money would be if we didn't play the game long enough for the laws of averages to be accurately represented (meaning our sample size was too small) -- and even then there is an entire school of thought on this subject that would still not consider that gambling since on any single roll, whether you won or not, you would have had 5 times as many ways to win as you would have had to lose. But, its a free country, and you're more than welcome to allow the word "gambling" to mean anything you want... for all I care you could use it to describe a car, a unicorn, or exercise -- or just about anything. But as far as this thread goes, you should understand that it means something completely different to anybody who has ever read or studied statistics, odds, and probabilities. Bottom line... if you read that dice scenario that I just described, and think that its gambling to get paid even money on any number that comes up that isn't a 1... even though a 1 could be rolled 1, 5, or 20 times in a row, then you have a definition of gambling that's different than what most experts think of as gambling... and there isn't any point in trying to change your mind.
+1. That is exactly what his problem is Well that and he thinks that casinos make hundreds of millions of dollars each and every year gambling. Gaming revenues account for a significant portion of casino profits. And since many casinos are publicly traded companies, call me crazy, but I dont think it would fly too well with wall street if it was left up to pure dumb luck whether or not they hit their earnings every quarter. And remember that a casino doesn't have the option of utilizing any money management strategies or have the option of varying their bet sizes. They have to cover every bet that is placed by their customers, who are the gamblers, and still they are able to make money consistently. So obviously, they are not gambling.
Very good post. I believe this discussion has now reached its apex, because BSAM has said that he considers all business activities, because they carry uncertain outcomes, a gamble. You say tomato, I say tomA'to, know what I mean? To me gambling is gambling & trading is trading. Yes there are similarities & trading can become gambling, yet, I don't consider trading, if talking about a consistently profitable trader, gambling
Very good post. I believe this discussion has now reached its apex, because BSAM has said that he considers all business activities, because they carry uncertain outcomes, a gamble +++++++++++++++++++++++++++++++++++ If any person have task to walk 300 foots on Fifth Avenue in 180 seconds . How great is chance ,that this person would perform this simple task ? Very high , near 1 ,but not 1 ####################### Drunked driver can be present . Science ,which related to all possible activities not only on Earth ,but in Universe have name - Game theory ########## Read Antic philosophy and Poincare ,Morgenstern, Shannon
That's actually a very good point... cars and motorcycles have a lot of similarities in the sense that they both have wheels and can get you from place to place... but most people wouldn't say a car is a motorcycle... airplanes and helicopters have a lot of similarities in the sense that they both can fly... but most people wouldn't say that an airplane is a helicopter. Trading and gambling do have a lot of similarities and share a lot in common... but at the end of the day, they're two completely different exercises in odds and probabilities. Not to mention that one actually serves a valid, legitimate purpose and function. That being said there most certainly are lot of traders out there who *think* that they're grinding out an edge in the market who actually are gambling... and doing it all in the name of not gambling.