$3 Million Downsizing.............

[bustedromo]

[ QUOTE ]
I understand his point fine. What he ignores is that BT can do stuff like "stop playing" and "drop down" before variance bustos his roll away.

[/ QUOTE ]

Ahh, but most likely he won't. When I started day and swing trading, I didn't get smart until it was too late. None of my friends did either. And every newbie I was in contact with also ran it way up and then ran it into the ground.

It took me 2 total complete bustos (the 2nd for a lot of money) before I had the willpower to apply risk control as job #1, 100% of the time.

What I don't understand (and understand very well at the same time) is why so many young poker wizzes don't want to learn lessons from the young daytrading wizzes who went before them 10 years ago. Most of those guys went broke and are working some lame office job today.

Similarly, almost all poker wiz kids will be broke in a couple years. There's only a tiny percentage, maybe 1%, who will have the savvy to realize what a once-in-a-lifetime goldmine they're on to, not get greedy, play with proper risk control, and consistently take most of their profits out of the game and into t-bonds, or similar.

The history of gambling booms repeats, over and over, and no amount of superstardom these guys receive will change that. I actually think the superstardom makes it much worse for them.