My trip to Vegas

I've read this forum and books on trading psych but never thought it was that big of a deal (I don't daytrade but do invest in options).

But when I went to Vegas for a few days recently, I got a good taste of psych pressures.

I started with $400, got to $800, down to $300, up to $1100, down to $150, up to $2100, then up to $3000, then up to $3,300, then down to $1,800.

So I left with $1,800 off of $400 in the end but the psych rides were tough. When I went from $3,300 to $1,800 my seratonin must have dropped to negative.

My point is that you all have my empathy on what you must go through every day.

 

What game were you playing and did you follow a system?

 

Used a system but towards the end I started to bet 10x as much per bet as I was when I first started because I thought, "Hey, I'm playing with the caino's money now."

So, money management went out the window. Funny thing was I was reading about money management, stops, whatever, in the book High Probability Trading on my flight to Vegas

 

well, you're right in a way, though, better traders win (without the give-backs) more consistently.

had you had in the back of your mind that you're going to go from $3,300 to $5,500 or to $7,500, you may have stayed with your system.

as soon as you saw yourself as "playing with the house's money" you were dead in the water.

some people read about probability in trading and get more out of it than others.

you should try trading. seems you have a natural knack.

trade money (global currencies).

 

it doesn't matter anyway, no one can beat the casino consistently. (poker is not beating the casino, u win off other players )

 

Do you recommend High Probability Trading as a good read? I was thinking about buying the book.

 

thats nothing.

about 5 years ago, soon after leaving college i ended up in prague on new years day.

all i had on me was the equivalent of 50c.

i started playing penny poker with some ex us marines who were out there in a bar.

i started at 1pm.

by 1am i had over $1000.

hehehe. the marines were pissed i tell you. especially as i had never even played poker before and they had to tell me the rules when i started.


hahahahaha

beginners luck i tell you!!

it was cool though - i took them all to a club and got them pissed. left with only $300 (equivalent) at 6am.

 

Trading and gambling do have a lot in commen but there are a few very important differences:

Is trading just gambling?