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Today, I lost my savings and my career
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Today, I lost my savings and my career

  #21 (permalink)
Elite Member
Boise, Idaho/United Sates
 
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MiniP View Post
its all gambling to an extent, the whole point of an edge is to put things in your favor slightly but there is still a probability that you are wrong.. probabilities = gambling.

-P

By that definition, every business venture that has some level of uncertainty of outcome would be gambling. To me, gambling is the absence of an edge.

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  #22 (permalink)
Professional Guesser
Reading UK
 
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jbenton View Post
By that definition, every business venture that has some level of uncertainty of outcome would be gambling. To me, gambling is the absence of an edge.

You can put lipstick on a pig. Its still a pig.

Trading. Gambling. Speculation. Betting. All the same thing just different words used to disguise the fact that you are wagering money on an uncertain outcome. Doesnt matter how good your 'edge' is you still dont know what is going to happen next.

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  #23 (permalink)
Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
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jbenton View Post
By that definition, every business venture that has some level of uncertainty of outcome would be gambling. To me, gambling is the absence of an edge.

a business is a gamble, some one is taking a gamble/risk etc to see if they can win. You are sacrificing one thing in hopes of getting more of something else, usually money. Its all a gamble, i'm not saying gambling is bad but at the end of the day its all similar.

what is it like 9 out of 10 new business don 't last the first year.. sounds like a gamble to me. You can have an edge one day and it not work the next.

I think people are to dedicated to there edge, that's why we see people who kill it in trending markets then go broke when we range. Same goes with business if apple kept selling the first iphone they would have gone out of business but they keep changing and developing new products and taking a risk to see if the public will continue to consume them.

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #24 (permalink)
Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
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Grantx View Post
You can put lipstick on a pig. Its still a pig.

Trading. Gambling. Speculation. Betting. All the same thing just different words used to disguise the fact that you are wagering money on an uncertain outcome. Doesnt matter how good your 'edge' is you still dont know what is going to happen next.

BINGO


-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #25 (permalink)
Elite Member
Boise, Idaho/United Sates
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: Kinetick
Favorite Futures: CL, 6E, 6J, GC
 
Posts: 11 since Jun 2014
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MiniP View Post
a business is a gamble, some one is taking a gamble/risk etc to see if they can win. You are sacrificing one thing in hopes of getting more of something else, usually money. Its all a gamble, i'm not saying gambling is bad but at the end of the day its all similar.

what is it like 9 out of 10 new business don 't last the first year.. sounds like a gamble to me. You can have an edge one day and it not work the next.

I think people are to dedicated to there edge, that's why we see people who kill it in trending markets then go broke when we range. Same goes with business if apple kept selling the first iphone they would have gone out of business but they keep changing and developing new products and taking a risk to see if the public will continue to consume them.

-P

Deciding to get out of bed this morning was a "gamble".
I'd say most people associate the act of "gambling" with high risk / guessing. By definition though, I hear what you're saying.

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  #26 (permalink)
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Thailand
 
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MiniP View Post
a business is a gamble, some one is taking a gamble/risk etc to see if they can win. You are sacrificing one thing in hopes of getting more of something else, usually money. Its all a gamble, i'm not saying gambling is bad but at the end of the day its all similar.

what is it like 9 out of 10 new business don 't last the first year.. sounds like a gamble to me. You can have an edge one day and it not work the next.

I think people are to dedicated to there edge, that's why we see people who kill it in trending markets then go broke when we range. Same goes with business if apple kept selling the first iphone they would have gone out of business but they keep changing and developing new products and taking a risk to see if the public will continue to consume them.

-P

Indeed, isn't everything a gamble (i.e. doesn't everything have an uncertain outcome)?

You get married, you gamble. (Not unlike a trade, with a 50/50 % chance.)
You choose a career, you gamble.
You have kids, you gamble.
You cross a busy street, you gamble.

Precisely what life outcomes have absolute certain outcomes?
I can't think of many.

Oh wait. Death and taxes.
Well, some DO avoid taxes.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #27 (permalink)
Market Wizard
Columbus OHIO
 
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jbenton View Post
Deciding to get out of bed this morning was a "gamble".
I'd say most people associate the act of "gambling" with high risk / guessing. By definition though, I hear what you're saying.

penny slots are low risk and still considered a gamble, most people consider high risks as a gamble because most likely they aren't financially educated. Same reason why people think there house is the best gamble/risk/investment they will make. Most will make a few grand and have thousands tied up for years and years that they could have easily made double if they put there money in some index fund.

Everything is a gamble in life, edges are just supposed to help us know when the gamble "might" be in our favor

FYI the educated comment wasn't a dig at you.

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #28 (permalink)
Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
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Anagami View Post
Indeed, isn't everything a gamble (i.e. doesn't everything have an uncertain outcome)?

You get married, you gamble. (Not unlike a trade, with a 50/50 % chance.)
You choose a career, you gamble.
You have kids, you gamble.
You cross a busy street, you gamble.

Precisely what life outcomes have absolute certain outcomes?
I can't think of many.

Oh wait. Death and taxes.
Well, some DO avoid taxes.

lets see absolute outcomes..
people getting offended by other opinions lol

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #29 (permalink)
Elite Member
Thailand
 
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MiniP View Post
lets see absolute outcomes..
people getting offended by other opinions lol

-P

Human stupidity also likewise takes on an absolute appearance at times.
(And no, I would not exclude myself from that.)

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #30 (permalink)
Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: NInjaTrader Brokerage
Favorite Futures: ES, 6E, 6J,
 
MiniP's Avatar
 
Posts: 691 since May 2017
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Anagami View Post
Human stupidity also likewise takes on an absolute appearance at times.
(And no, I would not exclude myself from that.)

some weeks its a daily occurrence for me ha

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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