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How You Can Become a Professional Gambler

I get an annoying amount of email from people asking me how to gamble like I used to. The truth is that what I used to do isn't profitable anymore. It was a right time, right place sort of scenario. Although I'm not a professional gambler anymore, I have been spending time studying and improving at poker (I'm a break-even or slightly profitable player), and I have friends who are pros. There are surely several different paths you can take to make a living gambling; this is the one that I'm aware of and is feasible for someone of above average intelligence.

Despite offering a rough guide to making money gambling, I don't necessarily recommend that you do so. I gambled professionally for seven years. During that time I made a lot of money and enjoyed my life. One morning I woke up and all of my money was gone. The story behind that is complicated, but the gist is that "they caught on". The strongest emotion I felt was a sense of relief. Gambling is fun, but it's not "big". It doesn't contribute in a meaningful way or leave you with a body of work.

Most casino games have a house advantage ranging from 2-5%, assuming "perfect play". That means that if you play perfectly, you can expect to lose, on average, about 2-5% of the action you put through a machine. Perfect play for slot machines is simply to bet the maximum amount of coins (the jackpot is skewed heavily in favor of maximum coins). For blackjack you need to memorize what to do for every combination of player hands vs. dealer hands, specific to each set of rules (hit on soft 17, resplitting aces, etc).

Market journal and 1st quarter results!

On Ideas in the Making

First I would like to start by saying I am incredibly disapointed in my performance, but also I realize I shouldn't have expected much considering this is my first time trading the stock market actively.Since placing my first trade in January I am up 66.25% which is really good I guess, but I was expecting, and with what I've seen I know its possible, to be making around 10% a week. This might sound crazy, but the stock market is absolutely on fire and here are just a couple of the mistakes I did

1. Traded OTC stocks without settled funds: In stock market trading you have a margin account that you use to trade stocks because it takes three days for each trasaction to clear. Your broker knows you have the money, and that it is just in transit getting cleared, so it loans you money so you can trade while you wait. as long as you don't borrow above your account's net worth you are in the clear unless you want to take on levereage. Unforuntately OTC stocks cannot be traded on margin, so if you buy them without cash that has settled (which takes 3 days) you can't sell them until 3 days later lest you incur a trading violation. I traded some OTC stocks I thought were going to skyrocket like this, and many did the first 1-2 days, but then came crashing down on the third day, and by the time my funds clears, I had lost all my gains and in sometimes taken a loss. I no longer trade otc stocks on margin

2. My biggest losses have been earnings plays: I played two earnings plays like an idiot and lost a lot of money because of it. Moral of the story, do not play earnings ever!

3. not having very tight stop losses on speculative plays: I have made and lost money on speculative trades aka trades you get in only because you think momentum will carry it up, instead of a catalyst or something of the like. I have also made a good amount of money, in fact most of my money on these trades because the market is just so crazy hot. Regardless A couple of times I didn't have tight stop losses, and these types of trades ethier go up, stay flat, or go down hard, so every time you lose you can lose alot. Moral of story: With speculative plays, aka trades not backed by earnings power/theme/catalyst, cut losses quicker than you normally would as things can get out of hand quick.and the risk reward is usually more like a lottery/casino (the money is in the pay out ratio not into the chance to win)

What I've been doing right

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