a few years back a guy was playing next to me had the same problem. he had a big hand, i think something like 300-500$ hand and couldnt split. i arranged for him to split the aces, but dealer called pit boss and that sob said no. must be a house call? played so many hands during the years i forgot if he won or not
No, just an EV call. Had it been some drunk wanting to split 5's against an ace, they would've allowed you to lend him the money. On the other hand, I don't think you would have been party to that. But I'm sure they would've held up the game to let him stumble across to the ATM. Bastards.
Jack, If you could post a series of stock picks that net 10% in 8 days average each, I would be very impressed, and I'm sure many others would be as well. Go for it!
I don't use 10% as a target. Targets are a beginner of intermediate strategy for people who have not developed exit strategies for making money. I have a universe of stocks (add deleteweekly) The potential buys that come up on a sort (using the scoring) are assessed using the assessment sheet. This gives me five 20% or better prior moves (5 in six months). In the same vein, to address your specific Q, I determine by the character of the moves how to set stops. I use a stop log (See stochastic thread for stop log technique.) which takes into account the market pace and the price formation setting. Since I am trading trends in channels, the stop log gives me values that ride the channel right line. The vertical offset on the line can vary a small medium or larger amount determined by the pace of the trend. I generally use a 30 min chart. I do not exit on stops ever. My exit strategy is to take as large aprofit as possible. This market is particularly fruitful. Presently the universes and the trading cycles are excellent. The betas in the universe are running 3x and the time compression per cycle is 2 days av and usually better for the short list potential buys. I am not getting 10% per cycle either. It is now not uncommon to get 20 or 30%
I make short lists in the evening. To get a net of 10%, I usually find that the lists contain stocks that move over 20% at least five times,in the last 6 months. I assess them using the assessment sheet I posted in the journal. To get the universe from which I make the short list of stocks that are going to break out (BO) the next day or so, I use stockstables.com. I do a weekly sort to get a list about 100 long (you adjust it's quality according to the times to get the length). I eliminate low prices since my capital is of a size that would cause me to hold too many different stocks and thus divide my attention (I am 70 and not as swift as I used to be). The scoring I use allows me to classify the portions of the 100 stocks into three parts: 7's, 0's, and 1's. Look at the scoring and the place where the scores fit on the 8 parts of the cycle in my journal. Because the P, V relation (See my journal for explanations of this in three ways, one of them will fit your personality) is the basis of the investment cycle and because I came up with a scoring technique using the three most important market variables. I sort 16,000 stocks in a way that gives me an order on the list that puts the three consecutive scores in their order on the list. I determined how to order the list by using the leading indicator of price. (sort by increasing volume) This puts 7's at the top 1's in the middle and 0's at the bottom. I have 7 Boolean equations that do the same thing in TC2000 version 3. Either process takes about 1 minute. My short list starts with the 0's and maybe a couple 1's. I have tenured stocks (those I trade repeatedly over the years.) and if they show up they go to the top of the post (post means afterwards) assessment list. I pull their past assessments out of my three ring binder and put them in the current short list folder. I assess the candidates on the short list. The Rank value they come up with puts them in the order of potential buy. It is my custom to xover trade. Any stock I hold has a money velocity. When it begins to flag in it's trend, it is elligible to be sold. Stocks on my potential buy list are going to BO, when they do and it is not a failure, their money velocity goes up. As it increases it comes into range (focus) for me. I compare the money velocities of the holds and the potential buys. They cross over each other and that is the timing of my entries and exits. Some people have R/R's. Some have money management to cover the risks their methods cannot handle, some have targets and trailing stops for exits. None of these beginner strategies apply to any approach that has answers for the risks that are real for such people and all others who actually deal with the risks in their strategies. The questions are: Do I iteratively refine my approach to eliminate risk? Or, do I just not deal with it and just put a corrollary band aid in like R/R, Targets and emergency stops to avoid fixing my approach? These people also contend or deal with a thing called drawdown I believe. The question during their drawdown is: Why can I afford to loose time? This may confuse you. In investing time cannot be recovered; money can. The basis of any approach is to optimize the compound intrest formula. All approach deal with one thing: making money. You asked for some fish. Above is a fishing outfit. Please post daily your results of trying it for the next two weeks. Show others you are able to do stuff that is new to you. The person you will impress is yourself. You make a request for me to impress you. You want me to impress others who you have determined are impressionable. You are missing the target somehow. If I wanted to impress you, I would do it in a variety of ways on my turf. I'm a sportsman it turns out. In one of the sports I participate in, it is a tradition to take guys who are edgy for a ride I always ask them to bring an extra pair of pants and underwear.
These two stocks are LU and POSO. I will post charts starting with LU. I did LU chart yesterday and didn't post it. Poso is up a little today.....about 21% so far. I'll post that chart neext
Jack your posts are always lots of fun! I would love to give your strategy a try on stocks but as I am currently one of the poor 2k-ish people I can't really do that. I don't even have a stock trading acct right now, just futures. I wasn't aware you had a journal. What is its title?