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Non-Tech : CYBERTRADER

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To: William W. Dwyer, Jr. who wrote (1612)	1/9/1999 6:56:00 PM
From: Scott Moore	Read Replies (2) of 3216

Mr. Bill, Words from a wagerer (I use to own a poker parlor). You also pegged the strategy of the better poker players, ie: Play fewer hands which statistically have a success rate relative to your board position. Make better starting hand selections as stated in text books. Reading people/the situation is a vastly better trait than nerves of steel or IQ. BTW, I believe there is no such thing as a discipline gambler. There are gamblers and then there are wagerers. Gamblers are in the game for the action and almost always go home broke or in debt. Wagerers know when to cut losses and have resources to come back for the day when everything sync's-up. And, then on the winning days, the wagerer looks at his profits versus time invested. I mean if you are up $300 after sitting in the game for 30 minutes, call it a day. That is $600/hr, if you sit there another six hours the odds are tremendously against you improving that relationship of time vs. money. I have mixed feelings on the use of stop-losses, but then I haven't daytraded for about a year. And I always only take a trade knowing I'm willing to average down if necessary during a longer hold period. Regards Scott

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