Money Management Could make You a Profitable Trader
Back inside the early 1980s, back when I was employed to become a gambler (until 1984), I’d frequently take trips to Las Vegas to play the Blackjack tables.
My connection to Blackjack started ahead of I was old adequate to bet at a casino. My step-father was a (compulsive) gambler who would take me to horse races as well as teach me the finer points of playing Blackjack.
As a young man, I was in a position to recognize that horse racing was a fool’s game. It wasn’t a lot resulting from my step-father regularly losing his stake, but that I could not see how anyone could get an edge betting on horses.
Having said that, when it came to Blackjack, I could see that having a tiny bit of understanding of probability and excellent money management, it was doable to make money even though the odds had been stacked in a favor from the house (casino).
So when I was old adequate to legally gamble in Las Vegas, I’d locate a $1 table and be planted there till the following morning. When my marathon playing (all evening) was more than, I’d then have sufficient money to enjoy the rest of my time in Las Vegas. In other words, I consistently had my Las Vegas weekends paid for from my Blackjack winnings.
Was I card counting? Not at all. I’ve no clue as to how that performs. The explanation I was a constant winner as a Blackjack player was that …Money Management Could make You a Profitable Trader Read More