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Wednesday, May 6, 2009

Be the House (VIDEO)

"There is no better gambling than not to gamble" - German Proverb

I'm often asked what I do for a living.

I used to try to dress it up. I used to say "I analyze investments", or "I'm an investment manager". Although no one really understood what that meant? Somehow they'd just nod and say: "Oh, ok".

But some time ago, I just stopped dressing it up. Now I just tell people flat out:

"I trade and invest my own accounts".

And since I tell ones that, I cannot tell you the number of times I've heard the statement:

"Trading? Stocks? Futures? Man, that's just gambling. Just like gambling. In the end, the house will always win."

I've learned to simply smile and say: "Precisely. That's exactly why I make money".

I discuss what I mean, in the following vlog entry ...

(Video Included. If you're seeing this entry elsewhere and cannot see the Video? Click here to view the entry ...)

So in the end? I tell ones: Don't gamble. Instead, be the casino. Be the house. That is only possible in the career of trading.

I'm going to put up a recap podcast by tomorrow morning. There's a bit to talk about with a situation that is now developing in the credit markets.

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Note: This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have 13 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.

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