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[guy]

Hi all,

First post here. This is a great board Ray. Really like the colors and a great idea to move it here from the Yahoo Group.

I've just written the following article called "Is day trading gambling?":

http://www.deltat1.com/Education/art...g/gambling.htm

Which has a picture of Ninja's SuperDOM window and clicking on it brings you back to this site.

Great job on the board and the product Ray!

Guy

[Aggie549]

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Gambling = Throwing money in a pit and hoping. Some examples; slot machines and any other form were you have no idea of the odd's and no work has been done in advance. This can be a newbie at the crap's table or a newbie in the market's.

Educated Gambling = This can be anything were an assesment has been done in advance and know's the odd's and all possible outcome's. This can be a farmer that spends $10,000.00 to plant a crop and expecting it to rain to grow, a blackjack player that know's the probabilities of each hand, or a trader that has done extensive homework and make's a very educated trade.

Both a gambler and an educated gambler can win or lose. The difference is whether or not you have done your homework in advance of placing your chips!

[guy]

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I agree - thanks for the comments.

[chipper338]

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Going to a casino is gambling because all of the odds are below 50%. Plus the casino gambler is really paying for the emotiional roller coaster ride of the dillusion of winning. The lure of winning big or winning anything is deluding the typical gambler. Add the atmosphere of lights, noise, drinks and waitress with buildup bras and the typical gambling male doesn't have a chance.

However, the casinos do have a good thing going for the gambler. The casinos payout 94-98% of all bets. Yes, that's right! The casinos do pay out that much. However, they make their money when the gambler continues to bet his 94% over and over again. Winning 2-4% off every bet is a nice way to make a living.

On the other hand, a disciplined trader is speculating. The disciplined trader can wait for a setup that offers odds above 50%. Disciplined traders have all sorts of tools and technicques to inprove the odds for himself. The disciplined trader also has the ability to trail stops, exit trades when the profit is satisfatory. The disciplined trader also uses risk management techniques to stay in the trading game.

But most of all, the disciplined trader has calm nerves. That's 90% of the trading game. Staying calm, waiting for your setup, entering the trade, hitting the profit target or trailing stop all while staying calm.

So the successful and disciplined day trader is far different from the typical gambler. Most notibly in the psychological skills.

Best wishes in trading,

chipper 338