UnicornLogicFraud 

Whats the difference between trading or gambling, since no one knows where the market might go?

Trading requires discipline, knowledge, experience, and skill. It's a learning process that involves continuous improvement and adapting to changing market conditions.

While some forms of gambling may involve skill (like poker), most gambling activities are based on luck, and the outcomes are not influenced by the players' actions or decisions.

UnicornLogicFraud 

Whats the difference between trading or gambling, since no one knows where the market might go?

Same could be said about many other comparisons.

Both about risk taking. Not much else.

The difference between trading and gambling is that the trader has a definable edge.

If you don't have an edge you are gambling.

TheBenefactor 

Mike and all, I don't know how many of you ran or worked for one of the largest hedge funds on the planet. I have made millions of dollars (over and over). Without the gamblers I would be driving a truck. Most of you will hate me for this: In the business, we LOVED GAMBLERS. Think of me as Steve Wynn, except I can do this from home and don't need to spend $300 Million on a big building and hire pretty waitresses to get you guys oiled up so you can dump all your money into my bank account. Steve sells $29.00 books on how to beat the dealer. Larry Williams (I know Larry well) recognized this very early and wrote "How I made $1 Million dollar trading commodities last Year" Richard Dennis started the Turtles, hiring only gamblers by the way. I love people who think they can come into a chat room and pick up the holy grail for free. They have an addiction. When I was seriously trading, thousands of contracts, millions of shares each day, DO YOU THINK I HAD ALL DAY TO POST CRAP ON WEB SITES TO HELP LITTLE TRADERS TRADING THEIR KIDS COLLEGE fund. I never posted anything. Didn't have time. At night, we flew out big time clients from the NY heliport to my home in East Hampton. No time to help the little guy. I am 70 now. For fun I trade maybe 5 to 10 contracts, and I have some time to post stuff. Still I don't post thousands of times. Anyone posting thousands of times IS A SHILL working for some idiot trying to TEACH YOU HOW TO BE SUCCESSFUL and he will only charge you $50.00 WHY $50? Because little people can only afford that. There are whales out there, fund managers with fiduciary responsibilities who will pay you $30,000 per month if you are good. And here is another stupid response I get. But the super duper trader LOVES PEOPLE SO HE WANTS TO HAVE A TRADING ROOM AND SHARE WITH ALL beause he is gregarious. BS I am gregarious. I can spend time talking to a whole bunch of fun people. WHO ARE PAYING ME $30,000 per month. Then if the above response is so good and truthful: "I am rich and want to share my secrets for $50.00 per month because I love people, WHY NOT DO IT FOR FREE?" I get calls all the time to testify at CFTC and FINRA and SEC enforcement actions. So I know about all these rip off slobs. They should get the death penalty. At least John Gotti let you know that he was a mobster. TB

Truth from the old timers in this game.

Never saw the post originally from the fiction writer "The Benefactor". Has a little ring of truth to it. A little.

The truth of it.

trick1000 

I lost a lot of money at first. If my wife knew the extent of the losses she would have killed me. $50k. I stopped. Now I trade as a hobby cuz I really enjoy it. Some years I’m up $5k; other years I’m down $5k. Trading has transformed my life. In spite of the initial losses, it’s made me look in the mirror and look at the things I’ve been sweeping under the rug. In response, I uprooted my family, lowered our overheard, cut unnecessary spending, streamlined my business; basically overhauled my life. In part, my initial interest into trading was because I was looking for an escape and refused to face my problems straight on. I still fall back into -“ there’s got to be a get rich scheme there for me - I deserve it! I’m me” So dumb. You have to work hard and work smart in this life. I still aim to make consistent money at this, but it’s a long marathon of learning. It’s not a sprint to big money and riches.

Big Mike 

Guys, I was watching something on TV that made me think of starting this discussion thread. I think that in our path as traders, there are some (maybe many if we are being honest) that are more gamblers than traders. And that's fine. Usually. But, not always. I think that if it's viewed as a hobby, and money spent on your trading is being spent in a responsible way that doesn't jeopardize yourself or your family, then basically it's all in good fun at the end of the day -- and probably, a lot of people fall into this category. Then there are those of us who are professionals and treat it like a business. For the purpose of this thread, we aren't taking about this category. But... Then there are some who are literally gambling with their life. Their savings. Their families. Their kids college funds. They are maybe taking on debt. Maybe they are hiding this from their family. In fact, maybe they are hiding this from themselves. We are a community. A special community. Almost family! It's a safe place where we can be honest. I'm worried that there are a lot of people here that truly have a problem, and they need help. For their sake, for their families, for their future -- for their lives. I hope that you will open up and share here in this thread. Lean on the community, talk about your struggle. Maybe come clean and admit there is a problem. There is also another related thread I encourage you to read called Support of wife and family. Sorry I'm on my phone and can't link it easily. Best to all you guys. Mike Sent using the NexusFi mobile app

If you have a family, please read.

This is a nice summary of the book Thinking in Bets by Annie Duke. Many of the concepts are applicable to trading:

One of the best trading trader interviews, in my opinion.