gambling outside of the markets

Discussion in 'Professional Trading' started by SethArb, Nov 10, 2006.

  1. YES ... I know that if a person has "the edge" in any game of chance or bet ... in the long run ... they might come out ahead

    and in some cases waay .. ahead ... here is what I wish to bring up ..

    I used to go to the racetrack ... daily ( as a college age kid )

    and once in a while would go to the casino's

    but in the last few yrs ... esp. when I am making decent
    return and a living in the "markets"

    I have stopped going to those places ... except once in a blue moon for a lark ... and in doing so ... risking very little compared
    to what I might risk in a day "at the market"

    this might be contrary to some of you ... those that
    play poker or horses or casino's as a way to "get action
    or a "rush" ... but I find myself not caring about my former
    "gambling" stuff ... is this a good thing or am I missing
    some "good times" ?

  2. rzepe93


    Personally I don't think that there is anything wrong with gambling in your off time while trading but you have to be careful because both deal with psychology of what your expectations are. I find that if I don't gamble during the week I trade better because after I leave the markets I can clear my mind and start over, treating everyday like a brand new day and giving myself time to discard anything that might hurt my trading. I have a friend that only trades opens and then plays poker for the rest of the day. Does very well at both but he seems to replace his trading due to lack of edge after a certain time with poker because he's found a way for himself to play with an edge that allows him to make money. I guess you have to approach both as a business. If you want to do something for action play a sport at least there if you screw up it's not going to cost you money.
  3. It's a good thing. You've outgrown the misguided notion of seeking "excitement" within the gambling realm. At a deeper level, you realize the "market" is a better bet if you know what you're doing.
  4. You might as well be describing my journey.

    We are not gamblers...
    But rather calculated risk arbitrageurs.

    Gamblers always lose... no matter what game they play.
  5. notouch


    ...except maybe Russian roulette where there is always a winner. The one who goes second has the edge - does that make him a trader?
  6. the question to ask yourself is what's the feeling you're having right now...focus on just the feeling.

    Are you missing the gamble?

    If you're a making a living in the markets, then you're probably more of a risk manager than a gambler.

    Do you feel like you're missing "good times", because you don't gamble?

    For the most part, advice and recommendations won't matter and stick with you.

    If you feel whatever you're feeling completely and exclusively, you'll reach a conclusion on your own that makes sense. Just focus on the feeling and you have your answer.

    this response is inspired by Ed Seykota's concepts of psychology.

    Check out for more information.