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Are You Trading or Are You Gambling?

Are you trading or are you gambling? The answer, of course, is "Yes".

My Webster's dictionary's defines "gamble" thusly: "(vt) to take a risk in order to gain some advantage," and, "(n) an act or undertaking involving risk of a loss."

By these definitions, if you are a trader you are a gambler. The more important question is, then, are you a WINNING gambler (day trader, trader, investor . . .) or a LOSING gambler (day trader, trader, investor . . .)? In one of my recent articles, I referred to an undisciplined, haphazard trader as being neither a trader nor an investor, but "simply a gambler." What I should have called such a person, rather than "simply a gambler", was "simply an incompetent gambler (or incompetent trader or incompetent investor)."

So, what is the difference between a winning gambler (day trader, trader, investor . . .) and a losing gambler (day trader, trader, investor . . .)? Who is the most successful gambler in a casino? The house, of course. This is because the house has the odds on every game slightly in their favor, they keep their bets small (even a very large bet for an individual is very small for the casino in relation to the size of their total pot), and they play absolutely without emotion. The house knows that over x number of bets, if they have an edge in the odds of just a small percentage, where x is a very large number, they will come out ahead by a steady and predictable amount. The casino is a consistently winning gambler.

So, what do you as a trader have to do to be a consistently winning trader? Recognize that you are gambling, and play like the winning gamblers play. Whether you are investing in stock, day trading futures or forex, or trading longer time frames, your investment or trading strategy must have the same key elements that winning gamblers have in their systems.

Your trading system, whether a day trading system or a system for multiple day trades, or your long term investment strategy, should have the same advantages as the casino owners: Your trading signals combined with your trade management should tilt the risk slightly in your favor, you should keep your total capital commitment on each trade very small in relation to your total capital, and you should trade entirely without emotion.

In order to provide these key elements, your trading system, whether you create it yourself or buy a system "off the shelf", must have the following characteristics: It must give you clear, objective entry and exit rules; it must give you an overall advantage over the market INCLUDING allowing for slippage and commissions; and it must be a system that fits your personality such that you can operate it without emotion.

If your day trading system, swing trading system, or long term investment strategy does not provide these three key elements, then you will be a losing trader and an unsuccessful investor. If your system gives you clear entry and exit criteria, shifts the odds slightly in your favor, and allows you to trade objectively and without emotion, then you cannot fail.

About the Author

For more information about trading and investing, and more articles by Vincent Richman, visit http://www.tradingprofitsmadesimple.com today.

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Make a Million from Online Poker: The Surefire Way to Profit from the Internet's Coolest Game

Make a Million from Online Poker: The Surefire Way to Profit from the Internet's Coolest Game

Every year, billions of dollars are up for grabs in online poker rooms, and the number of people playing on the internet is growing at an astonishing rate. But for many, it’s a struggle to keep up with more experienced players; all too often, the money ends up going the wrong way. Whether you’re a complete novice or an old hand, this book will show you how to succeed at the game that has swept the nation. From understanding poker terminology, probability, odds, raising, and bluffing, to developing strategic skills, the author guides you through every stage of the game, equipping you with the know-how to confidently “boss” a table anywhere.

Victory at Video Poker

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Among the hottest casino games today are the video poker and related machines. Frank Scoblete knows and tells which machines offer the best odds and what strategies give you the biggest payouts on each. In some cases, the proper strategy will even tip the odds in your favor. Along the way he also explains machines for such similar games as video blackjack, video craps and video keno; wisely discusses money management and takes time out for bits of pure fun. Pay special attention to the chapter on whether casinos cheat at video games--it could influence where and how you play.

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Bay of Angels

Bay of Angels
Lovingly restored by his widow, Agnès Varda, Jacques Demy's brilliant second feature - long unavailable to American audiences due to print damage - can now be seen in its original glorious form.
One night while on vacation, Jean Fournier (Claude Mann), a bank employee, is introduced to gambling by a friend and soon becomes hooked. Intoxicated by winning large amounts of money, Jean abandons his normal middle-class existence and moves to the South of France where he meets Jackie (Jeanne Moreau), a compulsive gambler. Jean is fascinated by Jackie's insolent beauty and a feeling of complicity is soon established between them - but there is also a misunderstanding. Jean is sincerely in love with Jackie, whereas Jackie only puts up with Jean out of superstition; she believes that he brings her luck.
Together, they win and lose considerable sums at the table, but Jean soon grows tired of this rootless, chaotic life, as well of being the "mascot" of Jackie, for whom it seems that life itself is just a game of chance.

Lets Play Craps

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On Online Poker Betting

Fri, 22 Aug 2008 13:05:19 -0700
In France, the most important aspect of the poker en ligne is betting. In poker betting is much more than just a function of the game it is an art. Yes it is important to understand the mechanics of betting for the poker game you are in. After all betting at the wrong time can cause a lot of problems that can result in getting you removed from the poker game. However betting is a fairly simple skill to learn, but as the old saying goes, will take a life time to master. Generally betting ha

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Heed the rules of risk-reduction

Sun, 31 Aug 2008 07:00:00 GMT
Sure, the stock market carries some risks. But it's still one of the most effective ways to build long-term wealth.

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