Monday, January 29, 2007

Gambling

Even gambling games have built-in structures that make them
much different from trading, and a lot less dangerous. For example,
if we decide to play blackjack, the first thing we have to do is decide
how much we are going to wager or risk. This is a choice we are
forced to make by the rules of the game. If we don't make the choice,
we don't get to play.
In trading, no one (except yourself) is going to force you to
decide in advance what your risk is. In fact, what we have is a limitless
environment, where virtually anything can happen at any moment andonly the consistent winners define their risk in advance

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