I happen to know a few professional gamblers that feel the same way.
Explain that…
Admit that you just could not help yourself!!! LOL!!!
Regards,
Dale.
Yes. And yes.
Hi… I’m Jay.
I’m a gamblingthreadaholic…
The sheer idiocy of saying “it’s not gambling when you know what you’re doing” is overwhelming.
I ask your forgiveness…
hey Tang hows it going
Those professional gamblers that you know, what game or games do they play?
Glad to see this thread up again. There are two kinds of people who post here. Those who watch for entertainment and those who try to answer the question.
Pass me the popcorn
oh yeah and I’ll have some milk duds and a large coke please. Hey! turn off that cell phone, quiet in the back! Hey dude sit down, I can’t see the screen!
My answer to this question is no it is not gambling. When i used to play poker as a full time job (when i was made redudant years ago) this question was asked of me alot aswell.
In the short term anyone can make a bit of money by ‘gambling’ on the forex markets. In the long term the best traders always come out on top again and again. This is the same as poker in that respect. This alone in my mind proves that it is not gambling. It is a business that requires years of training to perfect. Just like any other job you could think if.
There’s no such thing as a professional gambler. Take poker for instance. Professional poker players ie. guys who earn a living from the game, are very skilled at what they do and they don’t rely on luck.
I said:
“It’s not gambling when you KNOW what you’re doing.”
not:
“It’s not gambling when you THINK you know what you’re doing.”
Lol I told you you wouldn’t be able to stay away, Dale.
So even gambling is not gambling if you get good enough at it…?! Dude, seriously?! Poker is gambling, some will come out consistently ahead, some will lose consistently, and that can be down to individual skill, but poker is gambling. A professional poker playing poker for a living is gambling for a living. Nothing against that, can make a pretty open-ended fortune at it - but it’s still gambling.
ST
Are there meetings for this? Can I come?
Gambling implies random outcomes, while this can be true in forex I’d say that those who are consistent, this possibly also applies to poker players, manage to reduce the randomness waiting until they have multiple signals that it is a good trade or gamble.
It’s such a hard one as it only ceases to be gambling if you can be consistently profitable over a long period with controlled loss.
My argument is that you have total control over when you place a trade. If you really want to gamble buy a lottery ticket.
Two are pro poker players, but not the TV star kind. They like the quiet personal money rooms.
The other three are sports book pros. No horses, just games. Football, and basketball mostly. However one of them also bets golf very lucratively.
One of the poker players is FILTHY rich. The Ferrari, and Aston Martin were paid for cash. And so was his multi million dollar gated community home. The others are no slouches in the wealth department by any means. They just don’t choose to be as blatant about it.
The rich poker player told me he was in finance for the first 3 years I knew him…
They don’t know which hand they will win, there’s an element of chance to every game, with even the best of edges.
Let’s take that to trading. You have a win percentage. We all do. Say yours is a decent 70%. Do you know which 3 trades out of 10 you will lose? No, and I dare you to prove otherwise. Do you know when your next 15 wins in a row stretch will be? Or your next 10 losers in a row? (That can happen easily with a 70% win rate) You hopefully know your risk, your potential reward, and your entry strategy, and exit strategy. And that’s ALL you know.
Once that trade is entered, you no longer have control. Your only resort is to pull the plug early on a trade, should you decide it’s not going to work out. That’s basically a “fold” in poker. You anted up, so you lost some skin just to get in the game. And should you decide to let the trade stay it’s course, you’ve left it up to the forex gods.
I know exactly what you said. But I beg to differ greatly. Even consistent winners in forex don’t know what they are doing, they just know what they are willing to risk, and they have the patience to sit on their hands until their best setup shows up.
Pro gamblers are the same. They know the next bet they make may be a loser. But it may be a winner. It’s Schrodinger’s trade.
I forget who said it, but it stuck with me. If you’re a consistent earner in forex, you win lucky, but you lose skillfully.
That’s not what I said at all.
Gambling is when you rely on luck. If played with skill, with consistent profit, poker is not gambling. Just because it is commonly labelled as gambling does not make it so.
They wouldn’t win consistently if they didn’t know what they were doing.
That is exactly right. So many people claim that poker is gambling but these people tend do be the ones who are usless at it or have never studyed it in depth. I had a discussion with a friend the other day about trading. He used to invest in shares and thought that forex trading was pure gambling. I told him to go through the school of pipsology, read a couple of books on trading and try and put what he had learnt to use on a demo account…he soon changed his mind!!
[B]What???[/B] :56:
For the folks that play poker with a gamblers mindset … they will get a gamblers results. For the ones that treat it seriously … with bankroll management, in depth knowledge of the game, have good skills, patience and good emotional control, it is a business.
You guys and your beliefs that semantics somehow justifies the nature of the business you’re partaking in, crack me up.
When you pull the trigger on a trade, if there is a chance you could lose that trade, you are gambling, no matter what you call it.
Call yourself a businessman, or a financier. Be you a consistent winner, or struggling noob, you’re still a gambler.
You don’t have to know what you’re doing. You just do the same thing every time you see a particular setup. There are no “whys”, or other explanations needed. No need for deep fundamental analyzing, and agonizing over the pre-NFP numbers to try to gain an edge. It’s all on a chart, and price is a creature of habit.
See Spot see setup. See Spot place trade. See Spot let trade run.
No thinking necessary.
My favorite line from the movie “Bull Durham”.
Don’t think meat, just pitch the damn ball
Some will be strikes down the middle, but a few will be just a bit outside. That’s what makes it gambling. You never know when those strays will show up.
Anything that requires wearing a life jacket, driving on the Garden State, birth control or a stop loss is gambling, IMO anyway. :44:
Taken from Oxford Dictionaries Online
[I]Gamble
Pronunciation: /ˈgamb(ə)l/
verb
[no object]
1play games of chance for money; bet:
he gambles on football
[with object] bet (a sum of money):
they gambled their money on cards
2take risky action in the hope of a desired result:
he was gambling on the success of his satellite TV channel
noun
[usually in singular]
1an act of gambling:
Dad likes a bit of a gamble
2a risky action undertaken with the hope of success:
we decided to take a gamble and offer him a place on our staff[/I]
Now, how come does this not apply to Forex trading? Wether you have a 99% success rate, or 1%, it doesn´t matter.
Wether you choose your trades skillfully and professionally, or you just jump into a trade blindfolded, it´s still gambling.
I don´t know when and where this word (gambling) got such a horrible connotation that most people uses it to refer to people with no self control of what they are doing, but the meaning itself is neither good, nor bad.