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Playing Poker

I spoke just last week about Kenny Rogers and his song The Gambler'.  That was focused on getting out of loosing stocks quickly and letting your winners run.  I'd like to revisit the topic of gambling once again this time from a different perspective. 

I made a classic mistake the other evening with my purchase near the end of the day of ANCC.  I even said let's play poker.  Rather than dwell on a bad trade I'd like to focus on the educational value of this trade. 

Playing poker with friends can make for a nice evening.  You win some you lose some but in the end everyone still remains friends.  The focus wasn't so much on the game but on the camaraderie.  The stock market is just the opposite.  It has nothing to do with camaraderie and everything to do with the game'.  Every time we place an order to buy we are playing the market's game.  Fortunately studying the charts ahead of time is like getting a peek at the deck.  That way we can better anticipate what's in store and know how to play our hand better.  There are times when you go for the inside straight.  You know there is risk involved but you're willing to play the odds in the hopes of a winning hand.  The purchase of ANCC was like going for that inside straight. 

When you play poker your goal is to win and to win big.  When you play the market the goal shouldn't be to win big because there is too much risk involved with that strategy.  The goal should be on winning consistently over the long term.  Not every trade is going to work out the way we expect but if we're consistent in our trading then the overall goal of making money is achieved.





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