I buy into a blackjack game with $100, make $250 in one hour. My hourly rate of return is what? Annualized to what? I prefer to think that I am getting "paid" for my years of blackjack experience and expertise, rather than making money on the money. Money is just a tool. FWIW, Don (still bored, obviously)
Ah, now I start to understand. Deep pockets make the difference So, besides consistency, what else do you consider important? I mean, supposing that two traders have the same consistency, what would you look at? How they handle risk? How often they lose?
Good question, and that is where the "art" of trading comes into play. 2 could have the same number of winners and losers, but make differeing amounts of money. Based on risk tolerance, discipline, and overall (what I call) "comfort level" with their skill at understanding the markets. Moving up from $5.00 chips, to $25 chips, and then $100 chips without chaning the way you play the game (so many change the way the play/trade when the stakes get higher, usually with adverse consequences...that is one reason to get people to a "minimal" volume, share size, etc. early on). Hard to get a 2 year traders to move from 100 shares to 500 shares....but if they get that "comfort level" early on, they have no problem dialing up a bit when the time comes. Don
I thought you were 86'd out of the casino's. What counting system do you use for blackjack? I was using the expert count, but it doesn't work very well. I'm thinking of learning a new one. Maybe the "red seven count" or "hi-low" . Not sure. Hi-low would have to calculate the true count. More brain work. Not enough toes on my feet. lol.
Hi Dieselman, What are you trading? 80 K trades seems like too much for futures. Is this FOrex? Rgds,
YTD Return - 78.90% Trading YM, ES, and NQ. 1 contract every 5,000 us$ Details at http://www.elitetrader.com/vb/showthread.php?s=&threadid=70418&perpage=6&pagenumber=1
I use a basic plus/minus count (keeping track of aces with my feet). Trick is to be able to use a large enough bet ratio to make any real money. I start with 1hand of of 50 up to 2 hands of 250, for 10 to 1...if that works, I then go to 2 hands of 500 which usually brings a lot of attention. Cruise ships seem to be a bit nicer to us...let us play...usually pays for the trip plus a bit. True count can be done with accurate estimate of "penetration" with a shoe/double deck. Don