Professional Gambler comes to the markets

I once watched the Betfair odds during X factor on my netbook whilst watching the TV ... amazing how quickly it changes in response to the quality of the performance. So not only is this nation addicted to X factor, there is a secondary layer of wasters who punt on it .. Cowell must be laughing his moobs off.
 
You said you traded options, were they hedged? Meaning, were you trading spreads or trading long calls and puts? I think part of the problem is not understanding options and volatility. I've found trading options requires risk management and options knowledge (volatility mainly) and what strategies to trade at what time (or type) in the market.

So, where you trading long calls and puts? If so, that might be the problem before. I would suspect trading options correctly with knowledge of risk, probabilities, etc. would make for a successful options trader; especially with the discipline you talk about?
 
ughhhh please don't suggest trading is like gambling I find that deeply disturbing. Yes you say you may have an edge over controlling your emotions but in the same respect others have more will power than you because they don't feel the need to gamble at all. I worked in a casino for a few years to my great embarrasment and the low lives that frequented it are a whole lot different to traders let me tell you. They had as much self discipline as a monkey in a greengrocers.
 
They're talking about sports trading not putting it all on red. There's an exchange market that moves up and down and you can scalp the prices just like trading.
 
Mind you...

GAMBLING_HOBBY.jpg


(Could apply to trading, of course.)
 
Apparently the Royal Mail have two rotting sacks of mail they couldn't deliver to Monkford Titwant.
 
I used to work in the sports betting industry as a writer and have some experience on the linesmaking side of things as well. I developed my own approach to betting NFL that involves strictly tracking line movement and consensus data. I became interested in the equities markets after a very profitable fluke investment, discovered technical analysis, and here I am!
 
You said you traded options, were they hedged? Meaning, were you trading spreads or trading long calls and puts? I think part of the problem is not understanding options and volatility. I've found trading options requires risk management and options knowledge (volatility mainly) and what strategies to trade at what time (or type) in the market.

So, where you trading long calls and puts? If so, that might be the problem before. I would suspect trading options correctly with knowledge of risk, probabilities, etc. would make for a successful options trader; especially with the discipline you talk about?

when i traded options by myself i was generally buying options - i.e. i was mostly long volatility. I was essentially using options as leverage for directional trades. when i was working as an assistant trader, we were hedging our options trades in the futures market. We would still always be long or short volatility but were delta neutral. In the latter scenario we were the market makers offering for more than we thought it was worth (according to our model) and bidding below theoretical value. We were in the market for straight options, as well as option strategies such as vertical, flies, condors, ratios etc.
 
ughhhh please don't suggest trading is like gambling I find that deeply disturbing. Yes you say you may have an edge over controlling your emotions but in the same respect others have more will power than you because they don't feel the need to gamble at all. I worked in a casino for a few years to my great embarrasment and the low lives that frequented it are a whole lot different to traders let me tell you. They had as much self discipline as a monkey in a greengrocers.

No difference at all between trading and gambling. Both are about money management and having a statistical edge.

Both noble pursuits as well...

"If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;"
 
bump.

Just thought I give an update, since my journey into my latest phase into trading began more than a year ago now.

Well, I am up about 30% since I started trading again. That's from approx 150 trades in fx and equity markets. Not quite the same returns I achieved in gambling but with a lot less variance (only one losing month so far). It did take a lot of hard work/sweat & tears/motivation/passion/persistence/mental strength, and only now, 15 months later, am I realistically expecting monthly $ returns that are high enough to allow someone to "trade for a living". Luckily the ongoing gambling adventures have allowed me to not only support me, but to increase my trading bankroll further.

I continue to find that the gambling and trading projects are heavily intertwined in many aspects! Someone just recently told me that when he came to Wall Street, he was told that 'Wall Street is the world's biggest casino, and they can't throw you out!' - that saying is so true.

Happy trading everyone!
 
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