Discussion in 'New York' started by paladin, Nov 1, 2001.
It's been a few pages, someone remind me what the good purpose of this thread once was.
Oh, this is futile.
Please CLOSE this thread
It no longer serves any good purpose
It's the difference between a zero sum game and a non-zero sum game. There are several other major differences.
the difference between pro's and non pro's
professional gamblers only gamble on things that they have some control over....ie... blackjack, poker, most casino games ect....
your typical loser type (non pro) gambler will play the horses or bet on sports.
and of course neither is very good at it.
another big difference between bookies vs stockbrokers.......
there's never a down market for bookies.
There are some interesting and very conservative ways to benefit in the stock market that are not widely understood.
One is buying the stock and sellilng a call option against it. This is called a "covered call" which results in aan average return of 3-6% per month, or can reduce your losses the same percentage in a downswing. A stop loss underneath further reduces the risk to the odd gap down.
Hey look - I need one hobby to pay for another!
"Agree. Of course, most gamblers aren't very good at it."
A lot of professional gamblers are good at it. It's just that very few gamblers are professionals. It's also why professional gambling ( especially at blackjack, which is really the game for a professional to play ) can be so boring. There really aren't many "choices" or "skills". just a lot of memory devices fo both the count of what's been played and the odds as a result. Very hard work, and absolutely no fun, so very few bother to do it. On top of that, the only "proof" that's really required to throw you out of a casino for "cheating" ( and I think it's a total joke that counting cards can be considered cheating ) is that you win.
Hey, most people who buy and sell stock aren't very good at that, either, it's just that historically it's been the opposite of a paramutual situation ( sort of ). What I mean by that is that in a paramutual situation, a certain amount of money is taken out of the pool in each "round", so that even if you are slightly better than the average at guessing the outcome, in the long run ( unless you are considebly better than average - i.e. by an amount greater than that removed from each pool ), you end up a "loser". With the stockmaret, money ( give me some leeway here ), gets added to the pool, so that even if you are less than average in picking winners, you can still come out ahead ( unless the amount "below average" you are is greater than the "whole market" is rising ). The real trick is to make money in a "down maket", and very few can do that. It's just that for most "gambling", it's always a "down market".
[Edited by slinkybender on 11-05-2001 at 07:59 PM]
Oh me, OH my...
And I thought eating brownies was a merit badge...
(No one expects a Spanish Inquisition!)
Agree. Of course, most gamblers aren't very good at it.
Thanks for the memories JC: I used to love Hi C orange and popcorn while watching "The Man From U.N.C.L.E."
[Edited by Hotpuppy on 11-05-2001 at 07:07 PM]
I hate myself for posting this but...
if brokers are analogous to bookies then traders must be analogous to ?
I think the difference lies outside of risk mitigation. Any good gambler mitigates risk.
Colorful imprecations. Been hanging down by the London docks lately?
And now for something completly wholesome ----The correct answer to the Brownie initiation ceremony question is the word "Me." This is what little girls say upon ooking into the strategically placed tub of water and being asked what they see. HI C and girl scout cookies afterwards.
I actually agree with his statement regarding stockbrokers, though, like any other business, there are good ones and bad ones. My occupation has nothing to do with the brokerage of securities.
I seem to recall that my disagreement with Ozzy largely centered around risk mitigation and the differences between gambling and trading securities.
Don't give me that you snotty faced heap of parrot droppings.
Shut your festering gob you tit.
Your type really makes me puke, you vacuous, toffee nosed, malodorous pervert(s).
You think I don't remember that conversation? Why do you think I called it bait?
And, by the way, I can't think of a single line of business that does not involve risk mitigation.
i've told him that before.
you call both when you want to gamble....
the fact that one is legal and one is not doesn't change things.
whats the difference between a girl who works in a brothel in Nevada or a girl who works in julies.......
the one in nevada pays taxes.
That was never five minutes, just now..Oh come on.
I'm sorry, I'm not allowed to argue until I've been paid.
If you;re arguing, I must have paid, I've got you.
No, you havent, I could be arguing in my spare time.
Oh this is futile
No it isnt
JC - You have to know that I wasn't serious
Oz - WSB bait so soon?
Separate names with a comma.