OK MMD, lets see what we can make of this, and this event has just transpired a few hours ago. A mate and I went to a casino today - btw, the buffet lunch was exceptionally good, and it was only $20 Canadian for all you could eat My mate won some money a few weeks ago, and said lets go back to the same lucky table that he sat at:eek: I said to him, I bet you I will make some money today, and you will more than likely lose - he smiled at me as he got some chips from the roulette table op. He took the first available seat, as he was eager to get going. After the first 3 spins he was up, but he was putting the chips all over the table - "Hey" I said, if you keep doing that you won't last long - and of course, he smiled again He continued for about another 4-6 spins, and held his own. A seat became available and I sat in. I got 1/3 of the chips that he got to start. He kept throwing chips all over the table, and he was still holding his own. The opp asked me, inside or outside, or both? I said "inside" please! Minimum bet was $15, so you had to use 3x$5 chips for min bet, so my friend looked at me funny when I took just 3 chips from my pile and placed them on the diagonals of 3 sets of 4 numbers - 1st set at the top, 2nd set and the middle, and 3rd set at the bottom. First spin I won - he lost. Next spin he threw out chips all over the place again, I took my reduced odds bet winnings, stacked them up, and put 2 aside to use for the bet with my chip that was already left on the table. I moved them a few 4 x squares, as it really did not matter, as I had the plan worked out before I started! To cut a long story short, and after about 2 hrs of playing, he lost his initial money, plus the same again as he had to go for more, and guess what, I doubled my money "You were lucky with those numbers coming up" he said! "Na" I said, luck has nothing to do with it, "I just decided to play the odds a bit better, not go for big winnings, take the reduced odds that, over time, will give you better odds at winning. This is how gambling should be done - nice and easy, take it real slow and don't look to get the full odds with a heap of chips o n a few numbers, for, it should be "obvious" that if you go diagonal, you have 4 numbers per $5 bet, and multiply that by 3, gives you 12 numbers for a $15 bet!! Let the op spin away - and at one stage I had 6 losers in a row, but I just kept on doing the same thing, over and over, and after about 2 hrs, my money was doubled - I then said, bye bye Mr big fat casino man, and thanks for a nice enjoyable day This is a true story, you can believe it or not, the choice is yours to make! Actually, I picked up a leaflet at the casino, called âResponsible Gaming. Think about itâ¦â How apt, I will post a section of it for all to read and enjoy!
What is Problem Gambling? Gambling behavior that compromises, disrupts, or damages personal, family, or vocational pursuits or otherwise creates significant adverse consequences in important areas of a person's life. BTW, if you saw the money that some people were throwing to the big fat casino owner, it was ridiculous, and they were running from one table to the next, like a bunch of kids in a holiday resort, they just couldn't wait to get on the next ride!
Like my playing the roulette table, I had a fair idea that if I was in C.O.N.T.R.O.L, ignored the idiots who were jumping up and down like monkeys - and kept the same thing going, that my chances of winning would be much better - btw, the supervisor looked at me funny a few times when he saw my chips starting to pile up, but I just smiled back at him, and said, "How's it going" The amount I won is of no significance, it is the re-enforcement of the FACT that if you are not in C.O.N.T.R.O.L, then you might as well become an alcoholic and piss your money up against the wall, at least you will get some enjoyment out of it If you take breakout trades the majority of the time, then like the roulette table, the odds will not be in your favor - why, because they fade a lot of the time, run stops, and also just do it because they can! The other way is much more reliable, but you must trade smaller. Think of it this way - one way is your income generator, the other is your chance to make some big money with some realized profits - but if you are not there, and in control when this happens, then you will probably not make big money, but so what, the market is going no-where, and there will be days when you will be there, and then you can load up and really hit the big fat casino owner where it hurts most
Someone has actually got the "N" I will however, not say which one yet, as it should now be "obvious" after my gambling posts! As mentioned, think of it as a process - it should then be as clear as day! I am off to the bar now, to buy my mate a few beers, and rub it in about our little day out
Hello NY, I noticed on the RIG thread that on 3/5/09 you said: "What if someone told you it might go to 67 shortly!" http://www.elitetrader.com/vb/showthread.php?s=&threadid=156162 On 3/5/09 it closed at 51.89 and on 3/26/09 it had a high of 67.17! That is one hell of a call sir! Bob
Hi Bob, Thx for the kind words, but it is really funny that you should bring this matter up at this point in time. I am intrigued at how Gann Traders take all the time to draw square boxes on a chart to "determine" what the S&R lines will be - is it not just amazing how the price touches these lines so many times! After all, lets us look at some of the past "heroes" of trading, and what they have accomplished. Livermore - a genius, and I think he ended his own life at 63:eek: W.D.Gann - W.D.Gann studied astrology, etc, because it was his passion:eek: Benjamin Graham - "[To] have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience". If you want to look for value - then more power to you, but make sure you don't get led up the wrong path by the value "experts". Buffet is no doubt an enigma, but so was Jesus Christ:eek: Prince Alwaleed Bin Talal Alsaud - "We're getting hurt, but I'm a long-term investor." imagine what this chap could do with all his Oil money if he had half a brain People will always see what they want to see. Now, I am no Warren Buffet, and to be honest I would not like to be, but Warren Buffet is just an ordinary man like everyone else. What he has done with his life, well, is what he has done! What you do with your life, is, well, what you will do! There is a big difference between the reality of what one can achieve with their life, and what they are led to believe they can achieve! Knowing what you can achieve, well, is a very good place to start, and tends to get you focused on what you need to do, instead of entering into the world of our dear old friend, Mr Walter Mitty