The entertainment gambler plays the roulette table for entertainment's sake and should know that in the long run they will never win. The professional gambler reverses the odds of success and sticks to a tight set of rules. The odds of the outcome are fixed for roulette and the random method of day trading. The odds of a win or loss with the other two are variable. The seasoned trader is the casino and not the player. He only plays the high odd hands and over time will come out ahead. The inexperienced trader often thinks that he always need to be in the market and will trade for the sake of it. We have all been guilty of placing boredom trades. If you find that you can watch the screen all day and not make a trade because you have not seen a valid setup then you know that you're starting to master yourself. Don't confuse not making a trade with being gun shy and not being able to pull the trigger though. The professional day trader and the professional gambler are doing the same thing. They wait for the odds to turn to their favor and then execute their trades and bets. They allocate more money to higher probability outcomes and less or no money to the lower probability ones. I mention the martingale system here and site this theoretical example to highlight the importance of money management in games of chance or rather in games where the odds of success vary. On the other hand casino download 0xc0000022, our stop is executed when 10421 is touched and this will happen when the bid/ask pair moves down to 10421/10422. Once 10421 is touched we execute a sell and close the trade for a 20 point loss. This means that the bid/ask pair needs to move 19 points down in order for us to close the trade at a loss. I would like to take this opportunity here to point out that in theory you can still win at this game by using the martingale system of money management. Each time you lose, you double the bet on the next spin until you win. This system can be modified by doubling the bet of the last loss and adding one base unit. This means that you will make one unit ($1 if that's your base) for each spin of the wheel. This is only possible in theory because of two limiting factors: 1. You need unlimited capital to carry your through your draw downs and 2. The casino has a limit on how much you can bet on any one spin. If you define gambling as taking disproportionately more risk than expected reward then you will probably agree that you can gamble in both the casino and the markets. What I hope you take away from this article is that you're only chance for survival and profit in a game with an uncertain outcome is to only play the game when the odds are in your favor. The more the odds are in your favor the higher the percentage of your capital that you can bet on the uncertain outcome. Remember that even a strategy that's right 90% of the time will show you a losing trade every 10 times. I'd like to focus on two words that came under the definition of gambling at the beginning of this article. They are "uncertain outcome." I don't think that anyone reading this article will deny that there is an uncertain outcome in both a play at a table in the casino and any one trade. Even if red came up 20 times in a row on the roulette wheel we know that the chance for red to come up on the next spin is 47.4%. The roulette wheel has no memory. For roulette we will only be looking at the payout on the colors which is 1 for 1. For blackjack we will ignore the bonus payouts for blackjack itself and so also assume a 1 for 1 payout.
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