Woah guys look out we have a certified near-genius here. It only took him 28 consecutive years to learn how to trade. We are certifiably screwed! By the way, when did you take your IQ test? Have you ever heard of the Flynn Effect? How about the Dunning-Kruger Effect? If it took a near genius 28 years to learn how to trade, perhaps Dunning and Kruger would like a word with you!
A lot of people come here looking for good advice. If being "toxic" to these kinds of people who quite literally have no idea what they're doing saves someone from getting dragged under by their stupidity, my work is done here. If I saved one person from the guy who doesn't understand probability in gambling, or the guy who uses his IQ as leverage - I consider that a tremendous success. Call me toxic all you want, the SJWs have killed any meaning that word used to have anyway. Do you need a safe space? Can you show me where I'm wrong? I liked your post so hopefully that makes you feel better. LOL. I liked your post too. Exactly the response I expected from someone who's never had their "I'm so smart" cocktail lounge talk called out.
%% Well,OK; exactly.Not likely, if any @ all swing/position traders use 1%stop loss. Maybe 00.1%.Trading is not like gambling /Russian roulette@ all.Not saying most gamblers are stupid enough to do that; i never did when i gambled.LOL Another big difference ,casino whales may get a free limo ride + food/credit.A trader if he doesnt keep blowing up an account ;can get a profit + dividends, more than 1%.........
I made over 100k last year as retail trader, struggling this year but in the black atm, just. Holding/trading 20 odd stock positions.
"Getting in when the odds are in your favor with money you're not afraid to lose" has been a slogan of the most successful gamblers. PTJ is an incredibly successful gambler with a great ability to manage risk. Perhaps this will clear things up because apparently people are getting insulted at "gambling". Naivete is all this is. Don't look down your nose at your colleagues at the table - most of them have better risk management than anyone here. I can say for certain the winner of the WSOP has better risk management than 99% of all traders and would probably make an excellent trader themselves. Just because you're not a degenerate playing dice in an alley way doesn't mean you're not a gambler. Gambling on wikipedia states: This is trading. 1. Wagering of money: I hope this is obvious 2. On an event with an uncertain outcome (The stock moves, the stock doesn't move, etc) 3. With the primary intent of winning money (the profit of the trade) It doesn't matter if you risk 1 cent and make 200 dollars, you are gambling on an uncertain outcome (albeit with some incredible odds in your favor). Merriam-Webster is even less specific: I use the dictionary definition of the version of gamble. There is no different between any gamble (whether the odds are in your favor or the house's) or the markets. The colloquial definition of gamble is much the same. For example the sentence "his job is on the line with that gamble of a sales pitch" indicates someone risked something on an uncertain outcome. The odds are never part of it. If you have a 1% chance or a 99.9% chance - its a gamble (since of course a 100% chance is a certainty). It's all gambling the second you wager something of value on an uncertain outcome.
Good points right there, you have shared. If we would have , a begginer, who has no profits & record/track of success,more than that, his returs are diminishing, if any at all, and in the other side, a trader, who has 20 yrs record of sucess, making 7 figures etc, then the line ,,There is no difference'', wouldn't be truth / true as statment ( sorry, i hope you get it, english isn't my native language ), depending on which person are we talking about. The only {difference} there , would be dramatical, maybe even exponantial growth, in different sideways, of each accounts sizes. If, still, the word gambling applies to both of them, in someones perspective, then, everything in life , would be a gambling, because most of the things in life, do not have 100% sucess ratio to happen. By intense or not. Be it a birth of child, choke when eating, driving safe home, roof falling on our heads in supermarket etc.
Then by your definition. Everything in life is gambling. For example every time I go out and drive I risk getting into a car accident. So I am gambling with my life. Every time I have sex with a girl I risk getting an STD or getting her pregnant. For real, the more you talk the more dumb you sound. And the sad thing is you're trying to sound smart and being serious. The definition of gambling most people use here is a bet where the odds are 50/50.