I'm not sure if this has been covered or if I am posting in the right thread, but I am kinda curious on how much gambling the readers of ET do. After reading the thread below and gambling was addressed numberous times, it really makes me wonder. http://www.elitetrader.com/vb/showthread.php?threadid=71919 I consider myself a gambling addict with control. I have spent a lot of nights after work and upon hours on the computer playing party poker. I mean its pretty easy to get addicted, it takes pretty much three clicks and money is in your party poker account. To even add to my gambling addiction I take the Atlantic City bus sometimes to gamble 10-20 hours straight. What makes the Atlantic City trips disturbing I guess is that if I can't get friends to come long, I'll go by myself. I usually play craps or poker when I go, not really into boring slot machines and I am not a high roller to get into playing blackjack. Now what I mean by I have control over my addiction is, I usually deposit between 50-100 bucks in party poker and right when I am up a comfortable amount I cash out my deposit immediately. Of course there have been cases where I lose my deposit and over weeks and months those losses build up. When going to Atlantic city I usually only go on a long weekend, because the over night gambling sessions screw up my sleep schedule. The three day weekends are long enough to correct the problem for work the next week. I usually bring around 200-250 on these getaways. If I had to accurately estimate adding the party poker losses and Atlantic City losses over the 2+ yrs I am living in NYC, I'd say my overall gambling losses are between 2k-3k (Probably 2,500 to be honest). I am curious if the readers/traders on ET have this same gambling habit? and if so how long have you been gambling and how much loss would you estimate you have built up? If you want to add your gambling choices as well.... party poker, AC, home games, whatever.
>>>>>I consider myself a gambling addict with control<<<< Sorry bub but there is no such thing as a gambling addict with CONTROL! You're either an addictive gambler or your not.
First of poker if played properly is not gambling compared to day trading. If you play poker properly (using probabilities and applying them over and over again no matter what) you are guaranteed to win over a very long period of time using a large bankroll. This is a fact that can be statistically proven using computers. Day trading on the other hand arguably has no guarantee of winning and no common set of probabilities that you can apply to become a winner. In fact there is a large body of evidence that suggests that the market is completely random. I personally like to play 5 dollar craps when I go on vaction to Lake Tahoe or Vegas. I dont consider myself a gambling addict because I don't feel the need to compulsively do it and I haven't lost a significant sum of money doing it. I do it because I like the free booze, hanging at with my friends, and trying to beat a game that I am suppose to lose at.
What I ment by I have control over it is I know when I have lost enough. I don't empty my bank account to try to regain losses or go for a big score by putting 10k on the passline. If you have seen articles out there. Charles Barkley and some golfer (Something Daily) have lost millions gambling. That in my opinion is no control. Barkley has lost 20 million apparently and the golfer has lost 65 million plus. The article even says he goes out and plays golf to pay off gambling debt. Apparently he use to be a big drinker and gambling kept him off the booze. These guys play the 10k and 100k slots.
- Atlantic City casinos ordered to close - I saw this headline on the wires of possible closure this week of AC casinos if NJ budget is not approved ... maybe this will mean more people playing poker online or daytrading ?
With due respect, it sounds to me like you would be in trouble as a trader. Trading in my opinion has to be viewed as a business. Gambing is for fun. To enjoy long term success as a trader, you have to have a plan (business and trading) and follow it. It is not a game and it is vitally important to remember that some of the sharpest minds in the world are out there taking the other side of your trades. Losses have to be viewed as a cost of doing business and you have to learn to 'like' them. I have worked on that one for years. Traders who are compulsives, (I have seen a few of them) usually don't last too long because they cannot control the need for action. Sometimes the best market position is out of the market. Regards.
According to the 2006 Profile of the American Gambler, Harrah's annual survey of gamblers' habits that's out today, gamblers as a group are financially responsible, save more than non-gamblers, and are trendsetters who take the lead when it comes to owning new technology. They're also style-conscious, keen on home improvements, more likely to take longer vacations than non-gamblers, more optimistic, and less influenced by religion.
I used to gamble some when I went to Vegas for business meetings. I'd take 1-2k and play blackjack split into 2-3 sessions. For me, it was fun and exciting because it was so different from my regular job (marketing). I've been trading now for about 3 1/2 years and I recently took my family to Vegas. Stayed at Mandalay Bay...saw some shows, the tiger exhibit at Mirage, went through the aquarium at Mandalay, walked the strip and had great food. After my wife and kids went to the room I planned on playing blackjack for a few hours. I sat down and played for about 20 min. I lost about $400 and realized that I no longer got any excitment from the game. So I got up and went up to the room, had some room service, and enjoyed the rest of my trip. I have to believe once you've had a few days where you've made or lost 10k a pop in trading...gambling no longer has much of a excitement factor in your life.