Stocks & Commodities V. 32:10 (44-45): Explore Your Options by Tom Gentile
Product Description
Explore Your Options by Tom Gentile
OPTION-TRADING LESSONS FROM THE POKER MACHINE
A few weekends ago, my wife and I, along with some friends, dropped in at the Seminole Hard Rock Hotel & Casino in Tampa, FL for some fun. Let me set the record straight at the start — I haven’t been there in years. It’s not my thing, and since the time I started trading more than 25 years ago, I look at the casinos as a form of entertainment, not for income strategies.
One educational way to study greed and fear is to watch people in casinos. It can be interesting to see what people will do to try to increase their odds of success. They may kiss their chips before betting them, wipe down and pray to the slot machine they are about to pull the lever on, or have their friends guard their spot while they go to the ATM machine to continue to feed their addiction. The couple with whom we visited the casino that weekend experienced a win/loss situation: The wife won a few hundred, while the husband lost thousands. While watching (and playing) the gaming that weekend, I drew some interesting parallels to trading. Courtesy of that visit, here are my top five parallels between trading and video poker.
OPTION-TRADING LESSONS FROM THE POKER MACHINE
A few weekends ago, my wife and I, along with some friends, dropped in at the Seminole Hard Rock Hotel & Casino in Tampa, FL for some fun. Let me set the record straight at the start — I haven’t been there in years. It’s not my thing, and since the time I started trading more than 25 years ago, I look at the casinos as a form of entertainment, not for income strategies.
One educational way to study greed and fear is to watch people in casinos. It can be interesting to see what people will do to try to increase their odds of success. They may kiss their chips before betting them, wipe down and pray to the slot machine they are about to pull the lever on, or have their friends guard their spot while they go to the ATM machine to continue to feed their addiction. The couple with whom we visited the casino that weekend experienced a win/loss situation: The wife won a few hundred, while the husband lost thousands. While watching (and playing) the gaming that weekend, I drew some interesting parallels to trading. Courtesy of that visit, here are my top five parallels between trading and video poker.
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