i dont fucking gamble
(Chimp, -75
Points)
on 10/19/11 at 4:32am
http://www.xtranormal.com/watch/7107529/local-trader
I didn't really realize how little people understand markets until I tried to explain what I'm going to be doing next year to my friends and family..





Haha, good video. You got to
Haha, good video.
You got to understand that the majority in society lack a proper interpretation/understanding of what finance is all about. To the average Joe, they think that markets = stock market, which is understandable since the bond market is mainly for institutional investors. Unless you're into high finance (i.e. S&T, IBD, HF etc.), chances are you wouldn't know/care anything about German Bunds, French OATS, or Italian BTPs. Take it easy, pal, it doesn't matter as long as you're rolling in the bucks (though it's much harder in today's economic climate, especially with the upcoming regulations on trading practices). In 10 years' time, you'll be driving your Mercedes-Benz S500 around, and I'm sure your friends and family will KNOW how much you make at that point in time :)
You're a fucking gambler
You're a fucking gambler through and through.
Incredible.
"I'm short your house"
Seriously, if you dont think
Seriously, if you dont think trading in and out of positions within seconds, minutes, hours, etc. is gambling you are retarded. Gekko sounds even stupider/more obnoxious than you. Try looking up the definition of gambling and spend a few months on a prop desk before being so quick to disassociate the two.
Nothing wrong with gambling but stop taking yourself so seriously
mass_marines
http://www.xtranormal.com/watch/7107529/local-trader
I didn't really realize how little people understand markets until I tried to explain what I'm going to be doing next year to my friends and family..
Next year? So your not even a trader...
Try being a professional online pker player then you can talk about not having understanding from friends, family, media, government, & the world at large as to what you do... Very few people are able to understand that while it is gambling (as is trading), it is not casino-game gambling (ie. roulette, craps; play vs house). Nor can they grasp how most winning players (who are generally young kids in their early 20s) can have an hourly win/earn-rate of $100-1000+.
There's a thread (can't link here for some reason) on twoplustwo called "Why I don't tell people I play pker" and is all about the absurd and ignorant things people (even close friends and family) will say about something they cannot understand. I think most on WSO can understand the generalities of being a professional online player, just as most from a site like 2p2 can understand the generalities of being a trader.
That said, trading is gambling and you have little to complain about. You don't file as a "Professional Gambler", you aren't regarded as a degenerate, and the media/Gov't hasn't destroyed your industry over the past 5 years.
Trading isn't gambling if one
Trading isn't gambling if one has an edge coupled with strict risk-management/drawdown limits.
"I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."
Macro Arbitrage
Trading isn't gambling if one has an edge coupled with strict risk-management/drawdown limits.
Sounds like poker to me. I guess it really comes down to "define gambling".
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
duffmt6 wrote: Macro
Trading isn't gambling if one has an edge coupled with strict risk-management/drawdown limits.
Sounds like poker to me. I guess it really comes down to "define gambling".
If your strategy has a positive expectancy over the long run it shouldn't be deemed as gambling.
"I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."
duffmt6 wrote: Macro
Trading isn't gambling if one has an edge coupled with strict risk-management/drawdown limits.
Sounds like poker to me. I guess it really comes down to "define gambling".
If your strategy has a positive expectancy over the long run it shouldn't be deemed as gambling.
"I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."
Honestly, you guys probably
Honestly, you guys probably know shit about what other people do, so why do you expect the same from them.
looking for that pick-me-up to power through an all-nighter?
Macro Arbitrage
Trading isn't gambling if one has an edge coupled with strict risk-management/drawdown limits.
Sounds like poker to me. I guess it really comes down to "define gambling".
If your strategy has a positive expectancy over the long run it shouldn't be deemed as gambling.
Are we talking positive expected returns or statistically significant alpha? I fail to see a difference with poker to be honest...
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
duffmt6 wrote: Are we talking
Are we talking positive expected returns or statistically significant alpha? I fail to see a difference with poker to be honest...
Would you define gambling as some game that is solely dependent on chance to whether you make money or lose money?
If so do you consider poker to be one of those games, where there is no way to make optimal decisions to ensure that over a large sample size you come out profitable?
To be honest I don't really
To be honest I don't really consider poker gambling- it is too dependent on skill. Say you have a basketball team where every team pays $10,000 to enter. There are 10 teams and a $100,000 prize for the winner. I see this as no different than sitting down at a table and playing poker. I don't think this is necessarily how society views it though.
As for your second question, I believe there is an optimal way to make decisions that will be profitable as long as you can find opponents (counterparties) willing and able to cooperate. Ultimately there is a loser on the other end of a profitable trade and I think this is why people can argue it is simply gambling.
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
haha... junkbondswap is
haha... junkbondswap is totally right. You guys need to stop taking yourself so seriously.
To Macro Arbitrage
So you think, as long as you have a positive expectancy, you are not gambling? Let me give you an example.
Consider the game where on the nth trial, you win with probability 1/2^n. On each trial you lose $1 if you lose. If you win, you win (2^n)+1 dollars. This has positive Expected Value(EV) for all n. By Borel-Cantelli, with probability 1 you only win some money for a finite number of games (in particular you always go bust).
Namely, you always go broke playing this game, even though every time you have a positive EV.
Borel-Cantelli Lemma: http://en.wikipedia.org/wiki/Borel%E2%80%93Cantell...
Gambler Daily