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If you don't gamble you are not taking a risk. Don't try to explain away
the risk by trying to redefine the word. Look at Webster's. If you want to
write your own dictionary, go ahead. But risk is risk. The only thing you
can do is try to put the odds in your favor. And if you think that taking a
taking a calculated risk is not gambling, then that's up to you.
Gamblers anonymous is full of people who take 'calculated risks'.
Regards,
Paul
-----Original Message-----
From: ist@xxxxxx [mailto:ist@xxxxxx]
Sent: Monday, February 07, 2000 12:24 PM
To: paulweston@xxxxxxxxxxxxxx; realtraders
Subject: Re: [RT] RE: Re: FUTR: Head games.
I never gamble, I always take a calculated risk. there is a difference.
If
you don't realize that, then you might have to redefine the word gambler.
Ira
Paul Weston wrote:
> Life is a gamble and if you don't believe so, you are in for a rude
> awakening.
>
> Every time you go to the store, you are gambling that you will make it
back
> alive.
>
> The only thing we can do in life is to try to stack the odds in our favor.
> That's what professional gamblers do. The more successful ones are better
> at it.
>
> Webster's defines gambling as "to take a risk in order to gain some
> advantange".
>
> If somehow you have managed to eliminate all risk in trading, that is
great.
> Otherwise, your are gambling.
>
> Let's have a poll. Who on this list is not a gambler (i.e. a risk taker)?
>
> Regards,
> Paul
>
> -----Original Message-----
> From: ist@xxxxxx [mailto:ist@xxxxxx]
> Sent: Monday, February 07, 2000 11:56 AM
> To: paulweston@xxxxxxxxxxxxxx
> Subject: Re: [RT] RE: Re: FUTR: Head games.
>
> I feel sorry for you if you are gambling. Trading is a business and if
> treated
> as such can be very profitable. If you are gambling or feel that you are,
> then
> like most gamblers, you will end up a loser. Being profitable in the
> interim,
> doesn't mean that the ultimate fate will not befall you. the professional
> "gambler" doesn't feel that he is gambling. It is his business and he
> treats
> it as such. He knows the odds, probabilities and the other facts of the
> game he
> is playing. The professional in any endeavor doesn't believe that he is
> gambling. From what I have heard the biggest gambles are the restaurant or
> contracting businesses. Good luck and put a buck on the beans for me.
Ira.
>
> Paul Weston wrote:
>
> > I went thru some of this myself and basically I focus on 2 things:
> >
> > 1) I perform a service. If it were not for speculators such as myself,
> the
> > markets would lose liquidity and would not work nearly as well.
> >
> > 2) Nobody comes into this game without the knowledge they are a gambler,
> and
> > part of gambling is to risk losing money. In fact, my job is to take
your
> > money. Plan and simple.
> >
> > If you don't feel good about the realities of trading, I would suggest
> > looking at another profession. There are plenty to choose from.
> >
> > Regards,
> > Paul
> >
> > -----Original Message-----
> > From: listmanager@xxxxxxxxxxxxxxx [mailto:listmanager@xxxxxxxxxxxxxxx]
> On
> > Behalf Of comdytrd
> > Sent: Sunday, February 06, 2000 6:55 PM
> > To: realtraders@xxxxxxxxxxxxxxx
> > Subject: [RT] Re: FUTR: Head games.
> >
> > Howdy,
> >
> > I've been working on my head lately... Trying to figure out why I even
> care
> > whose money I take on those successful occasions. (They never seem to
> feel
> > guilty when they take mine do they?) So why do I feel hesitance and
guilt
> > and how shall I overcome same? Keep it simple please.
> >
> > Also I seem to trade best after a loss that makes me mad. If not, I'm
> much
> > less focused and slower to act.. It's when I must recover a loss that
I'm
> > at my best...Is there a technique short of drugs to achieve the focus/
> > intensity that being mad seems to produce?
> >
> > I have begun to counter my perfectionism by remembering to "take the
meat
> > out" of a trade and leave the crumbs to others... this seems to prevent
> > those frequent gut wrenching/market reversal events.
> >
> > Much obliged for any input.
> >
> > Michael
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