The game

[silviaic]

As a matter of interest, I am reading "Seven Types of Ambiguity" by Elliot Perlman. Part of this deals with a bit of card counting. The expert said that it will not take long for the casino to identify a card counter and he will then (a) be limited to small bets , (b) will be shown the door and banned from re-entry or (c) if the casino is owned by the mafia and you persist in robbing them of their hard earned money then something worse could happen to you.

This makes it seem as if card counting is limited as a career possibility but , if you work quickly before getting spotted, you could make a killing. Changing from one casino to another is also a possibility.

Split

Absolutely! That's why the stock market it is an option lol.

Seriously, that is what he does. He changes casinos, and he also practices techniques to not be discovered. He does say that it's really hard work, I believe him

 

[silviaic]

Casinos are there to make a profit, and not to allow the customers to earn too much from the casinos.

If you know your craft then word gets around real fast. They are very unlikely to let you continue winning, if your purpose in going into the casinos is to make money from them.

If all customers can make money from the casinos then the casinos will be out of business.

I don't remember now where I got it from, but I read about someone who used to count cards. If I remember correctly, he said something about casinos having blackjack tables because the possibility of beaten the game attracts lots of people. Very very few go through the hard work that this means, they don't have a system, and they can't be bothered. (Sounds familiar...) That's why probably instead of just closing the blackjack tables they opt to put you at the door if you're winning. It seems there are a really small number of these.

I remember now! New Market Wizards, interviewing Blair Hull. Let me think...mmmmhhh I think it was page 363...

 

[fxmarkets]

hmm saw a bit of telly few months back about MIT students, working in teams card counting , the casino's traced them all from the same college, they made a few million from the casino's and pictures up and band globally unless they can get away with things etc.. apparently the godfather who started it... Brown??? dunno, went to apply his skill to the markets.. anyone any info on this... sorry for vague details.. might ring a few bells....

 

[Bigbusiness]

http://www.trade2win.com/boards/showthread.php?t=11989

 

[fxmarkets]

cheers Bigbusiness. I wondered at the end of watching it how the guy would do with the challenge of the markets. I'll see what I can find out when I get around to it..

 

[Stockjunkie]

I've done card counting at UK casinos before and it works , but you need a lot of cash and a lot of time like 4 hour stints at one table . If they catch on to you , then you're banned . Also the returns to risk on each play is not as much as what I can make on any one winning trade .

see " beat the dealer ".

 

[silviaic]

Guys, thanks a lot for the information. I followed the link and it is really interesting. I haven't read 'zen and the art of poker' but the review convinced me that it is going to be a very enjoyable read.

Have a nice weekend!

Silvia.

 

[theknifemac]

"Bringing Down the House" by Ben Mezrich is a great read on this subject... and describes some techniques the group of students developed to avoid detection by the casinos.

 

[Bigbusiness]

Guys, thanks a lot for the information. I followed the link and it is really interesting. I haven't read 'zen and the art of poker' but the review convinced me that it is going to be a very enjoyable read.

Have a nice weekend!

Silvia.

This might interest you:-

http://www.elitetrader.com/vb/showthread.php?s=&threadid=38333

 

[Splitlink]

Well, I know that there is a casino in Barcelona. Make a killing there and take the first available flight to Las Vegas. It sounds fun! Where do we go from there?

Split

 

[silviaic]

"Bringing Down the House" by Ben Mezrich is a great read on this subject... and describes some techniques the group of students developed to avoid detection by the casinos.

Thanks theknifemac! It is amazing all the material about gambling that there is around! I was quite reluctant to these readings, but after I tried watching my trading from this new angle, I keep my mind open. You never stop learning

BB, that thread it's great too. I bought the book on amazon this morning, I can't wait to read it. That thread makes me even more impatient. Thanks again!

Silvia.