Successful species attract a lot of parasites, ocean dominating blue whales had to carries small fishes, shells on and around his body. Successful people attracts a lot of suck-up type. Livermore's tragedy is that his success is way above anyone can imagine, and everyone around him has sole purpose of monetary gains from him. He complained about people jeered at his failure and envy his successful. The reason for Lovermore suicide is he felt no support and friendship from the society. People in drastic success level can not be friend -- the underling will always try to get even with the "unfair" society and sabotage or usurp the successful counterpart. e.g. Michael Jackson vs his doctor. True friendship can only exist between two compatible people. e.g. Steve Jobs vs Larry Ellison or Bill Gates vs. Warren Buffet.
Not that hard finding a high limit table. If you want to play that much, and assuming you can prove you are legit and aren't counting cards, casinos in Vegas absolutely will accommodate you. Someone else made the comment that a casino would eject you. No casino on this planet will eject you for playing martingale. The odds are still in their favor. They *would* eject you for counting cards (ie, you tended to raise your bets at certain points in the current shuffle). By the way, when I said that these losing streaks are "rare"... I wasn't actually advocating the "strategy" for a typical investor. Anyone who's studied this knows that a martingale has infinite expected returns, but also infinite volatility... the Sharpe ratio isn't attractive. I was only responding to the original poster's interest in an averaging down strategy. The two have similar payouts, and if he's interested in trading this way... I think it'd be a lot more entertaining doing it in Vegas. (I'm really not a high roller; I limit myself to probably max loss of $2-3k a night at craps. The important is that I know the difference between when I'm investing for returns, and when I'm gambling for entertaining.)
The principle makes sense if you pick the right stocks to do it in, in the right zones, but based on the capital you said you have I think you're taking on way too much risk. Study the stocks that went bankrupt in the financial crisis; BSC, LEH, WM, IMB(IMDCQ), GM, etc. they all doubled at SOME point, even if it's the case of LEHMQ (lehman) going from .05 to .39. If your risk limit is so small that you would still be able to make money off of those bankrupt stocks doubling, then your strategy is sound. Greed will kill.
Another Cold, C-Kid, etc thread? Yep! But just in case it's not...Wow! What a great strategy! There is no way you will ever lose! You could even leverage it way out by buying calls and averaging down until you win! Lenny NEVER loses doing that!
exactly 8-9 straight times i've seen it over and over... the maximum i've seen to get either red or black was around the 20'ish straight times.... not even with 1 dollar bet
How come nobody realized the OP is not trading real money and the situation he/she is talking about is just paper-trading and hypothetical? Because: 1- If you are really making $250K a year working a day/night job, why do you still want to get rich, because you are already rich. And what kind of a moron pays a 26 year-old $250k USD a year? I have worked in the oil sands of Canada where big money is and they still make less than what you do with 20+ years of experience. ---> conclusion: you are lying. 2- The $500K, it's not US dollar, but Hong Kong dollar or some other big number currency, right?
I make lot of money too, around 400k a year.my strategy involves buying stocks when they are down, and selling them if they going lower. I've been loosing since I started trading,but who cares I make lot of money at work. L
So what is the difference between investing and gambling? Assuming proper money management skills is put in place for the both of them.