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Ira,
An interesting note is that the Las Vegas casinos don't consider what they
are doing gambling. They call it "gaming". That is because gambling implies
that you have roughly an even chance of winning, such as flipping a coin.
The casinos argue that the customers should pay to play. The casinos get
mad if anyone starts winning on a consistant basis. These people are quickly
photo I.D.'d and escorted out of the door. There is a network between the
casinos to exchange information about those who win "too much" money.
Ira, do you know Blair Hull? He was a pioneer of card counting and made
his first fortune in the casinos in the early 70s. He took this money to the
CBOE and became a trader. Not long ago, he sold his trading firm for about
$535 million, so he could have more personal time. I think he had about a
50% equity in the firm, so he won't be going hungry soon.
Cheers,
Norman
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, March 12, 2002 5:17 PM
Subject: Re: [RT] System? What System?
> I have never heard anything that is more incorrect then this statement.
There
> are blackjack players that were banned from casinos because they had a
system
> that changed the probabilities and consistantly beat the house. They even
> beat the multiple deck games that the casinos were forced to use. If
there is
> no system then how do the casinos consistently make money? They make
money
> from those gamblers that have no system. The only players that the
casinos
> hate to see are the professionals. They are the only ones that can beat
the
> casinos. Just like the markets. The only ones that can consistantly beat
the
> markets are the professionals. Everyone else is searching for the Holy
> Grail. They are grabbing at penny stocks and buying lottery tickets
looking
> for that one big hit. The professional just operates a system that works
for
> him. Makes a little all the time and accepts the loses as part of the
> system. Nothing is perfect, but there are some systems that are better
then
> others. Just like there are some traders that are better then others.
There
> is a system for everything. Because you don't have it doesn't mean that
it
> doesn't exist. For how many years was the earth flat, did bleeding cure
> illness and remember you couldn't fly to high because the wax on your
wings
> would melt. Do you belong to the flat earth society?
>
> TheQuant wrote:
>
> > Hello realtraders,
> >
> > I saw a real good program on TV lately about gambling and a casino
> > operator said gambling systems? Gambling systems did you say? There
> > are no gambling systems, and if anyone tells you they have one that
> > works their a liar. He went on to point out that a system - If you
> > think you have a system. Is a method which you follow - that when this
> > or that happens you have rules in place to do this or that.
> >
> > Think about this what trader wakes up each morning and decides what
> > action they will take when they see what happens? Answer - a looser
> > thats who. Any trader (discretionary or mechanical) will have to trade
> > mechanically with or without the use of a computer to succeed else you
> > are betting on random luck.
> >
> > --
> > Best regards,
> > TheQuant
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxxxxxx
> >
> >
> >
> > Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
> >
>
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> > Encoding: base64
>
>
>
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>
>
>
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>
>
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