How To Think Correctly

[Bigbusiness]

I forgot to mention to you all, photographers :cheesy: and photographed....you should log on to www.youtube.com and search under moon landings....there you will find an assortment of very interesting clips for you to look at crtitically and form your own views on the matter, I repectfully submit.....it makes for very interesting and entertaining viewing. ...and, if all of it is true...it shows how the whole world was hoodwinked by Hollywood and how the American taxpayer was taken for the ride of all time.

Yes, they are so convincing

http://www.youtube.com/watch?v=cZSEyEZwoAc&mode=related&search=

 

[PKFFW]

Profitaker, you are only a senior member, like myself, so maybe we are some little bit on the same level

You post: Have you spoken with any professional gamblers, who gamble for a living, and asked them how do they think when playing cards - for example?

This is not been smart - this is a fair and logical question.

If you did, which I have not done, by the way, the reply might lead one to believe that a professional gambler has a certain way of thinking, a process that he uses, whereby he can watch the cards been dealt, time after time, and based on the number of combinations that have come up in the last so many deals, know from experience, that the next hand is the one to place the larger bet on.

He may also know, that by doing this repeatedly, the odds are now swinging more in his favour than the casino.

Now, what do you call this?

Correct thinking for gambling, or not?

Here is something I may lend a hand to. Take what I say and research it if you like or not. Being a semi professional poker player I can assure you I do have some basis for what I am about to post.

As was mentioned, any game played against "the house" in a casino has the odds stacked in the house's favour. There is only one game(that I am aware of) in which a player can attempt to even the odds. That is blackjack or it's variations. By card counting it is possible, if you are very good, to gain a very slight statistical edege over the casino. Of course the casinos are very good at spotting this and they will promptly kick you out for doing so.

Proffesional gamblers will not, generally speaking, attempt to make a living from playing games against the house. Rather they will play games against other players. Of course the most well known of these kinds of game is Poker.

By playing poker well it is possible to gain a significant statistical edge over your apponents. In the long run a skillful player will have that mathematical edge and will come out on top.

Does thinking correctly play a part in this? Of course, as does discipline, guile, aggression, concentration, memory, mathematics and a whole lot more.

Are there many different styles or ways to play poker and still come out ahead? Indeed there is. Tight/aggressive and loose/aggressive to name but two. Is one better than the other? For one person one style is better, for the other person another style will be better.

Cheers,
PKFFW

 

[blackcab]

So Socrates is right again!

This thread is interesting, but your may get your points across more effectively if you tone it down a bit.

 

[CYOF]

Here is something I may lend a hand to. Take what I say and research it if you like or not. Being a semi professional poker player I can assure you I do have some basis for what I am about to post.

As was mentioned, any game played against "the house" in a casino has the odds stacked in the house's favour. There is only one game(that I am aware of) in which a player can attempt to even the odds. That is blackjack or it's variations. By card counting it is possible, if you are very good, to gain a very slight statistical edege over the casino. Of course the casinos are very good at spotting this and they will promptly kick you out for doing so.

Proffesional gamblers will not, generally speaking, attempt to make a living from playing games against the house. Rather they will play games against other players. Of course the most well known of these kinds of game is Poker.

By playing poker well it is possible to gain a significant statistical edge over your apponents. In the long run a skillful player will have that mathematical edge and will come out on top.

Does thinking correctly play a part in this? Of course, as does discipline, guile, aggression, concentration, memory, mathematics and a whole lot more.

Are there many different styles or ways to play poker and still come out ahead? Indeed there is. Tight/aggressive and loose/aggressive to name but two. Is one better than the other? For one person one style is better, for the other person another style will be better.

Cheers,
PKFFW

Trading is not the same as gambling - gambling is much easier, due to the fact that you can only loose what you have already bet - you should know this!

Therefore, to trade effectively, requires one to think differently than one would think if gambling.

One has to think in relation to the REQUIRED process, not the DESIRED process - there is a big difference here.

Slainte

 

[CYOF]

This thread is interesting, but your may get your points across more effectively if you tone it down a bit.

I respond according to the content in each post - this should be obvious by now.

That siad, your point is noted.

Slainte

 

[PKFFW]

Trading is not the same as gambling - gambling is much easier, due to the fact that you can only loose what you have already bet - you should know this!

Therefore, to trade effectively, requires one to think differently than one would think if gambling.

One has to think in relation to the REQUIRED process, not the DESIRED process - there is a big difference here.

Slainte

I never said it was the same as trading.

Cheers,
PKFFW

 

[CYOF]

I have posted a good overview of a trading PROCESS for trading the open - it is no way a complete description of what the full PROCESS entails, but it is enough for discussion.

Why, then, is there not similar posts, by others, outline the KEY points in relation to their trading Process. It is after all, relevant to the thread title.

Why do most wan't to cut down others - as in Socrates, who is continually cut down - for no apparent reason only that there may have been intellectual exchanges in the past.

I see value in what Socrates says - and I will say what I think, not what I thing others want to hear.

Then I am drawn into slagging - which I don't mind at all - and when this happens, everyone thinks that hey, look, another crackpot - not my words but others.

Is is that most want to sit back and wait to ridicule someone - or what is it?

Most say they want to learn - but it appears that all they really want to do is look and listen, and then jump in now and again with a fleeting comment.

I will give back 100% what is given - and in some instances 110% if I think the reply warrants it. I will not apologies to anyone for stating my views, and it is a pity that more do not adopt the same attitude.

This type of discussion is far better than journals, etc, as it shows the way people really think, and that is what matters most in trading, the way people think.

Slainte,

 

[Profitaker]

Trading is not the same as gambling - gambling is much easier, due to the fact that you can only loose what you have already bet

I disagree. Trading and gambling are two sides of the same coin. A realisation of this basic fact is essential to success, IMHO.

 

[orion69]

This thread is interesting, but your may get your points across more effectively if you tone it down a bit.

If its toned down it will lose its punch! Tone it UP boys NOT down.

Good entertainment!

 

[orion69]

I disagree. Trading and gambling are two sides of the same coin. A realisation of this basic fact is essential to success, IMHO.

I agree! The 10% that win in trading are traders and the 90% that lose are gamblers on borrowed money.

 

[Profitaker]

orion69

A more accurate statement would be that the 10% of winners are the gamblers that actually recognize that they are gambling, and the 90% that don’t lose.

 

[orion69]

orion69

A more accurate statement would be that the 10% of winners are the gamblers that actually recognize that they are gambling, and the 90% that don’t lose.

Now, i am completely confused with that statement.

 

[Profitaker]

orion69

Which bit, and why?

 

[SOCRATES]

I disagree. Trading and gambling are two sides of the same coin. A realisation of this basic fact is essential to success, IMHO.

That is not nonsense, It is not nonsense to you because it is your reality.

But it is nonsense to others whose reality it is not.

It quite obviously has belief intertwined with it, and this serves to strengthen your conviction.

But your conviction is not correct.

Your type of conviction may be the benchmark for the masses and indeed its opium.

But only for the masses, and no one else.

 

[SOCRATES]

You may choose to gamble.

Not everybody is like you.

Some of us act within a framework of near certainty in which expectation is the norm.

Incidentally while we are at it, how we do it is our business, and none of yours or anybody elses for that matter, just n case you are thnking of letting us have further samples of your rudeness, disrespect and ignorance.

So you carry on gambling if you like.

 

[Splitlink]

Life, in general, is a gamble, anyway. Once on course, perhaps, you can give a touch to the tiller to keep on the preferred course but practically any decision that one makes in life is a gamble. Why should share trading be any different to opening a business?

Profitaker's quote is very true. Experience counts for a lot but, even so....

Split

 

[SOCRATES]

Life, in general, is a gamble, anyway. Once on course, perhaps, you can give a touch to the tiller to keep on the preferred course but practically any decision that one makes in life is a gamble. Why should share trading be any different to opening a business?

Profitaker's quote is very true. Experience counts for a lot but, even so....

Split

Why should share trading be different to any other business ?

Simply because it is, that's all.

 

[Splitlink]

Why should share trading be different to any other business ?

Simply because it is, that's all.

It isn't, you know, if it's to be run as a business. Have a shop full of winter coats when winter does not come and you'll still worry about the overdraught. In fact, there's a point. Share trading can be done without the need of loaned money. Business, often cannot run without it.

I'd say that, as I have run more than one business in a lifetime, that has stood me in good stead, as far as assessing risk is concerned and trading shares is one commodity where the trader can control the amount he is prepared to lose.

Split

 

[firewalker99]

I disagree. Trading and gambling are two sides of the same coin. A realisation of this basic fact is essential to success, IMHO.

Indeed. In fact, one little book that has taught me some very interesting things about trading: Zen and the art of ... Poker!

 

[CYOF]

SOC

WTF are you on about ?

If you cannot predict with 100% accuracy where Barclays Bank will finish today (and you have a position) then you are gambling - period.

Here, Profittaker - take it!

As Socrates says, this is all you deserve - and you appear to be well suited to it :cheesy:

Most will know where this comes from - TEXTBOOK TRADING at it's best