Casino Commandments

[gablaw]

These are from stock market trading, but many equally applicable here,

1. The market is God. This means that the market is always right, even if its wrong. If you think the market should be in a double dip and it isn't, then that's your problem — not the market's. Your theory is wrong. You missed something. Blaming the market never made anyone any money.

4. Wall Street's Hippocratic Oath: First do no harm. In other words, it is better not to make money than to lose it.

5. Never apologize for a profit. The goal in investing is to make money. If you make 5% and the stock goes up another 1,000%, it doesn't matter. You still made money, and that's a good thing.

6. There is no success like success. When you make a winning trade, make it again. This means that if you trade dividend announcements, or you trade MACD crossovers, or whatever you do... If it works, keep going back to it until it doesn't. One of the best years I ever had was shorting recent IPOs after the insider-shares unlocked. This worked like a dream until it became too popular and IPOs started staggering their unlock dates.

7. Never put money in a hope. If you don't have a clear investment strategy with a simple catalyst for share price appreciation, don't buy the stock.

8. Be your own man. Do your own research and stick to your guns. You know more about the trade than they do.

9. Never step in front of a freight train. This is also known as the "don't catch a falling knife" rule. There are bottom signs in the market; know them and wait for them.

After reading what's going on in the BPH thread, I'm adding another commandment:

Getting ugly never won anybody any money. Probably the opposite.

Edited July 14, 2010 by gablaw

[Norm A]

These are from stock market trading, but many equally applicable here,

1. The market is God. This means that the market is always right, even if its wrong. If you think the market should be in a double dip and it isn't, then that's your problem — not the market's. Your theory is wrong. You missed something. Blaming the market never made anyone any money.

4. Wall Street's Hippocratic Oath: First do no harm. In other words, it is better not to make money than to lose it.

5. Never apologize for a profit. The goal in investing is to make money. If you make 5% and the stock goes up another 1,000%, it doesn't matter. You still made money, and that's a good thing.

6. There is no success like success. When you make a winning trade, make it again. This means that if you trade dividend announcements, or you trade MACD crossovers, or whatever you do... If it works, keep going back to it until it doesn't. One of the best years I ever had was shorting recent IPOs after the insider-shares unlocked. This worked like a dream until it became too popular and IPOs started staggering their unlock dates.

7. Never put money in a hope. If you don't have a clear investment strategy with a simple catalyst for share price appreciation, don't buy the stock.

8. Be your own man. Do your own research and stick to your guns. You know more about the trade than they do.

9. Never step in front of a freight train. This is also known as the "don't catch a falling knife" rule. There are bottom signs in the market; know them and wait for them.

Is this the 1/2 cents you owe ???? LOL

[gablaw]

Is this the 1/2 cents you owe ???? LOL

Will I never ger even?