In my opinion, yup, this daytrading gig is Gambling. It is unfortunate that "gambling" as a word has subtext which is negative.
This creates some conundrums as if for instance you describe what we do as "measured risk taking" or "rising to a challenge" then more positive responses ensue.
Personally, I refer to my activities to the non-market participants as gambling... if I get a bite, I then show how gambling can be a profession, when one "gambles with an edge" (money management, awareness of historical repeating scenarios, rising equity curve).
Ultimtely mate, this is as much a psych game as it is a money making business.
Sometimes visiting the negative labels that are applied to what we do actually helps us define and grow our own confidence in our methods and results.
If you/we have the proof that we are growing capital through "gambling" mmm well can't see too many negatives there, LOL!
It is funny though, HC has grown to accept the trader mentality a lot more over the last year or so than a couple of years back,.
Thanks for your and other day trade diary thread participants good work in this regard... I remember at the start of the GFC there were a lot of posters attacking traders just because they traded, even threats of bringing mobs around to their houses made explicitly through posts...
personally I find the mentality shift on the majority of HC participants a lot less antagonistic and refreshing now. Guess we have proved a few points over time. :)
One further note re gambling... I have recently begun a foray into "trading" on horse races... there is a betting provider out there that provides an "exchange" where punters can match their bets with other punters.
It is fascinating and so far percentage wise Ridiculously profitable where I have doubled a bank of $100 in three days, over 80 races, without having a clue about the horses and doing the "trading" on races in Australia, New Zealand, RSA, US and UK.
I am trading on each race watching the money flow and depth for a few horses per race, and backing and hedging , basically scalping and trading for the time the "market" for the race is open... around 15 minutes.
This has actually taught me a lot in terms of my usual index and forex trading. But if one mentions horse racing... oooh yeah... that's a gamble, LOL
I also have been doing a bit of "no money" poker playing lately as well.. the lessons on money management and pushing winners and cutting losers (good hands versus bd hands) have been invaluable. Poker playing? Oooooh yea that's a gamble, LOL!
So all in all mate, I suggest you embrace the gambling label, and keep proving how a smart gambler makes money, naysayers and those who do not beleive in its efficacy be damned.
