I had an interesting conversation with a friend of mine this weekend and thought I would share.
First of all, I have been trading, supporting my family for the past several years. I live comfortably and am happy with my lifestyle. My wife doesn't work and we can do whatever we'd like. My friend who is a long time family friend is a professional craps player and former IBM engineer. He has played craps professionally for over 20 years.
While I was at my dad's this weekend he stopped by and during our conversation he commented how he would never risk his money like I did. This came as a surprise to me knowing what he does for a living.
To keep it short, he basically compared trading as a less than 50/50 proposition and his style of playing craps as a 79/21 proposition.
I know nothing about craps but it did get my thoughts going. In trading, experience is a factor that while you cannot quantify it, certainly does improve your odds better than 50/50.
I've love to hear your thoughts. All I could say to him was that I'm happy with where I'm at but I would have loved to come back with some better reasoning.
Since I know there are smarter people in here than I, I look forward to your thoughts.
First of all, I have been trading, supporting my family for the past several years. I live comfortably and am happy with my lifestyle. My wife doesn't work and we can do whatever we'd like. My friend who is a long time family friend is a professional craps player and former IBM engineer. He has played craps professionally for over 20 years.
While I was at my dad's this weekend he stopped by and during our conversation he commented how he would never risk his money like I did. This came as a surprise to me knowing what he does for a living.
To keep it short, he basically compared trading as a less than 50/50 proposition and his style of playing craps as a 79/21 proposition.
I know nothing about craps but it did get my thoughts going. In trading, experience is a factor that while you cannot quantify it, certainly does improve your odds better than 50/50.
I've love to hear your thoughts. All I could say to him was that I'm happy with where I'm at but I would have loved to come back with some better reasoning.
Since I know there are smarter people in here than I, I look forward to your thoughts.