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To: SirRealist who wrote (2421)	10/29/2000 9:27:22 AM
From: chris-	Respond to of 8925

How is daytrading different from gambling? The odds don't automatically favor the house. But in a larger sense, daytrading is a gamble. So is every day of every life. Sir Realist, First allow me to applaud your nick here. Seeing reality in the stock market is a huge necessity for me. I've fallen for too many traps during the learning process. Second, if I may offer a take on gambling versus trading as it relates to my take only :) I realize that any unforseen event can be labeled a gamble as you lay down the capital investment and expect the payoff to be profitable. Otherwise, why would we take the trade in the first place. I'd like to move a level below this and discuss it as it pertains to risk. To me a gambler is an individual that has a higher anxiety level, a need for hopes and faiths and a reliance upon some external force to make their gamble profitable, i.e. they create risk for themselves. A trader is an individual that sees "reality" of each trade, not falling for traps seen at face value, has a clear mind to read the language of Price and Volume in whatever fashion they choose (Tape Reading/TA) and is completely unemotional from trade to trade, i.e. they assume risk. The gambler creates risk, while the trader assumes it. If the risk is assumed, then there is no reason to be emotional if the trade does not conform to initial expectations or reasons for why we entered the trade. The gambler will not see this reality and continues throwing bad money after bad money. The trader will assess each trade separately, building profitable positions and exit when the stock tells him/her that the trade no longer feels right or is the trade is stopped out at the assumed risk level. Gamblers are high strung, traders are cold blooded and unemotional in each trade. Again, this is just my take on gambling vs. trading. All the best. Chris