Gambling and Trading - Aussie Stock Forums

Results 1 to 10 of 10
  1. #1

    Default Gambling and Trading

    Would like to know from fellow members if any are gamblers and thoughts on such.I like playing Blackjack and enjoy playing as long as I don't lose quickly.You could say that traders with a (hopefully)enhanced view on odds and percentages may avoid gambling i.e the house always wins or on the other hand its possible that a lot of traders also gamble and experience similar highs and lows to trading.I have gambled for 15 years mainly Blackjack and play $10 tables don't spend anymore than$250/night and go on average of once a month.Enjoy watching the other people at the table win or lose and enjoy the discipline of only spending a set amount.

  2. #2

    Default Re: Gambling and Trading

    One of the issues here is in the definitions of each word.

    Gambling is generally defined as taking a chance, in the aim of winning money etc.

    Trading is the buying and selling of a "thing" in order to make profit.

    As such, I personally feel there is a intrinsic difference among the two.

    Gambling pays odds, i.e. a potential level of return, these are never in your favour.

    If you are in a Casino, the best odds you have are probably on the black jack table, so long as you can count cards. But counting into 6 or 8 decks obviously is extremely difficult. Playing staight strategy, you can get your ods down to 0.61% against you.

    Pai Gow, is also very good odds, but again requires knowledge of strategy.

    There are no Casino games that are even, otherwise they wouldnt bother.

    Notice i havent mentioned Poker at all. Since this is not played against the casino, is a game of skill and your pay out is determined by play, not by chance, i think this would be ranked in a different category.

    There are a great many similarities between a professionaly poker player and an equity or FX etc trader.

    All professionals will have a system that they work to and live by religiously. They will all have excellent money management skills and risk management skills. (If they didnt they wouldnt last too long).

    So, I guess what i am trying to say, is that gambling is gambling. You are "punting" in hope that something will work out. i.e. you have a 3:1 chance of winning 3:1 of your money. etc,

    Trading on the other hand is totally different. You enter into a trade with prior knowledge of the market (hence the counting cards in BJ) and you anticipate a certain move in the market with a particular strategy. If this strategy at this time moves against you, you are able to minimise your loss. If it moves against you, there is a whole new plan that you move into.

    If you are wrong in Gambling, you are wrong and you lose. There is no Stop loss on the Roulette table.

    Sorry for the length


  3. #3

    Default Re: Gambling and Trading

    I think you can play $60 no limit texas holdem at crown but you have to give the house $5 every hour. Does anyone play casino wars? Its basicly high card wins, I was just wondering what the house advantage would be with that? In theory would be 50/50 unless the deck was rigged or not? But they got to pay the dealer somehow, anyone know what makes it profitable for them?

  4. #4

    Default Re: Gambling and Trading

    Holdem is in a different category, as you arent playing against the house, they merely do it as a service.

    Thus they take a bit of money every hour, supply you drinks and food, and hope that you wander over and play something else

    I havent played Casino Wars, so dont really know anything about it

  5. #5

    Default Re: Gambling and Trading

    Just spent 14 nights on a cruise ship and played blackjack for at least 2 hours most nights. Consider myself very fortunate to walk out ahead thanks to a great run last night which culminated with a blackjack with maximum bet ($300) at 4 am.

    Lucks a fortune sometimes. Havent played for several years prior to that due to an addictive personality.

  6. #6

    Default Re: Gambling and Trading

    lol - same reason I dont go to the casino - I have these theories which look great on paper but never / rarely seem to work ( eg 0.5% casino advantage for craps pass line with twice odds bet) - amazing how fast you can lose lol.

    But what I really wanted to say concerns ... e-trading and - speaking of corrupt croupiers - e.g.

    Yesterday I placed a sell order at lunch ( was busy all afternoon) - "At Limit, Good Until Sold" with directshares. This morning at 8.30am I cancelled it.

    Then I check tonight and find that about half of them were sold anyway ?? ( allegedly before they could cancel the order I guess )??

    And surprise surprise, that share went up 5% at opening lol. I probably lost about $100 (only) but it's the bludy principle. !

    I would love to open a thread called "Suspect E-Broker Tactics" or similar - for discussion if others are interested

    I'm told it's particularly blatant for CFD's for instance. - where you can't challenge the rates they allegedly sell or buy at on your behalf - no recourse. !!

    Sounds like a licence to print money to me.

  7. #7
    explod explod's Avatar
    Join Date
    Mar 2007
    The Bendigo gold fields, Victoria
    Blog Entries

    Default Re: Gambling and Trading

    I trade with a set of rules which involves both technical and fundamental criteria and which I suspect is the norm. However sometimes I find some of my best results have come from going with the momentum of the market and falling back on intuition. (Which I suppose is really no more than all of your experience equals instinct)

    My recreational outlet is roulette and after five years of working on the game find that similar strategies to that of trading brings success more often than not. After a lot of observation, charting, reading all the books etc I have found a physical aspect to the roulette wheel and to the individual styles of croupiers (or shooters as I think of them) have exploitable trends and biases........... The point,?????? effort, thought and persistance equals success in all fields bar none

  8. #8

    Default Re: Gambling and Trading

    Quote Originally Posted by explod View Post
    ..However sometimes I find some of my best results have come from going with the momentum

    My recreational outlet is roulette and after five years of working on the game find that similar strategies to that of trading brings success more often than not.
    Not sure I agree with ALL your comments explod , but I do agree with "when you're in luck you can't put a foot wrong",
    "when you're hot you're hot, and when you're not you're not" as they say.
    Jonathan Swift :- "I must admit the cards are ill-shuffled , until I get a good hand "
    Bat Masterson :- "There are many in this world who hold that things break about equal for all of us. I have observed for example that we all get the same amount of ice. The rich get it in summertime, and the poor get it in winter"
    I play backgammon a bit on the net, study the hell out of it - even read books lol - real books! with paper pages !! - and I find that the best moves? are when the mouse slips lol

  9. #9

    Default Re: Gambling and Trading

    good comments. I think there are some similarities with gambling and trading as far as pyschology and discipline relating to money and risk management. Also you can learn a lot about human nature re oneself and watching others

  10. #10

    Default Re: Gambling and Trading

    The house has the advantage in casino war if you draw the same card as the dealer. In this case you go head to head. You must double your initial bet, ie if you bet $50 you must put down another $50. The dealer then deals you a card and then a card for the house.

    If you win you only win your initial bet back ie $50, but if you lose you lose the full amount ie $100.

    You can however choose not to go head to head in which case the house keeps half of your initial bet ie $25.

    I am a roulette player though, prefer the longer odds for a higher return.

Similar Threads

  1. What's the difference between trading/investing and gambling?
    By prawn_86 in forum Stock Market Nuts and Bolts
    Replies: 90
    Last Post: 16th-September-2010, 09:13 PM
  2. My Trading System
    By kingie_d in forum Trading Strategies/Systems
    Replies: 51
    Last Post: 29th-March-2009, 11:44 PM
  3. Business or Gambling, that is the question
    By It's Snake Pliskin in forum Beginner's Lounge
    Replies: 45
    Last Post: 17th-March-2009, 09:39 PM
  4. Are you a loser?....Trading Psychology
    By money tree in forum Trading Strategies/Systems
    Replies: 56
    Last Post: 22nd-July-2008, 08:23 AM
  5. Are CFDs any different to gambling?
    By Flathead Flick in forum Derivatives
    Replies: 21
    Last Post: 14th-November-2006, 02:17 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Aussie Stock Forums