Redpill me on gambling

If you knew somebody that was gambling their life savings away, what would you tell them to get them to stop.

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tell them not to stop and that they're due for a big payoff soon

I would not tell them to stop, I would teach them how to become a good gambler

"If you were a heroin junkie we would just send you to rehab. Everyone in your life is going to abandon you if you don't pull your head out of your ass, starting with me. Best of luck, goodbye."

gambling addictions are worse than drug addictions in a way

Gambling addiction is genetic, I would tell them to not listen to your advice
Because you clearly dont know anything about it
Kill yourself

put them in rehab my dude

my mom gambled everything away at VLTs and I was too young and dumb to realize what was happening

I'd bet them their life savings that they can't stop.

My dad is/ was a professional gambler. He'd consistently leave a casino with money in his pocket. He only played blackjack and derivatives of such.

I don't gamble, I tried my dad's technique and mostly just broke even or lost money. I trade stocks instead, which is like gambling, only the house odds are in your favor by 5-7%, instead of -1% like with traditional $20 blackjack.

Aim their addiction at the stock market. At least there the game is not entirely rigged against you.

always bet on black

You beat me to it

forgot to put in part that I went back the next day with new strategy, and that's where I lost all my money.

I worked I a casino for a few years, problem gamblers really can't help themselves, one minute it's all "I need help I'm going to stop" the next minute they've spent their entire wage on football corner kicks and they've somehow forgotten about sorting themselves out.

Also never lend them money they are like drug addicts.

Nothing that you can do about it except moving far away from casinos. Gamblers either stop on their own or go broke over and over again till they die.

Teach them probability and statistics. But then again, this is like teaching a chimp how to count.

I actually have a best friend with a gambling problem. I try to tell him this, but the impulse is driven by the rush of "putting everything on the line", no matter whether they're winning or losing.

Read 'Addiction by Design: Machine Gambling in Las Vegas' by Natasha Dow Schüll.

Addicts aren't interested in being good gamblers, winning, or making money, so teaching them odds and probability is pointless. It's all about the getting in the 'zone', the ultimate escape from life and its pressures. You know when you play a game or something where you're just staring at the screen and your movements are almost automatic, and you're being rewarded gradually but consistently, levelling up, time's flying by? That's what gamblers like, there's research that shows winning a big jackpot actually interrupts the 'flow'.

This is why addicts invariably progress from sports, to casino games, to slots / FOBTs. There's only a horse race every 10 minutes, and a certain number of football matches in a day, but the slot machine is always there.

Yes, I can vouch for this. My friend would actually get upset that'd he'd win a $1000 jackpot slot machine because he felt it only encouraged him to gamble more.

We once went on one of those cruise ships with a casino on board. Whole thing was 7 days. He hit a $600 jackpot the first night, so I snatched the ticket from his hand, and them I lent him an allowance of it every few days. I hid the other half before we got back home.

You always lose and you are the biggest retard for playing.

being a good gambler means not gambling

there's a big difference between playing card games, and playing slots, and the difference is in cards you're playing against people, and in slots you're playing against a machine.

>redpill on gambling
the people who make money on gambling bet on both sides (or all outcomes like placing 20 bets at he same time), just a matter of persistence and calculating the probabilities and payout

The professional gambling dad or the stock trading part?

Best haul I ever made gambling was $300 after playing blackjack all day long. Best haul I ever made with stocks was $2570 selling stock in a dumb one-trick pony pharmaceutical company, took me 4 hours of reading and 20 minutes to buy and sell, another hour to check it's progress. The trades for that stock took a week and felt significantly less risky. If you lose you bet on the stock market, you're bet is still worth money. Also you can file capital losses on your taxes.

The government pays for your losses on the stock market and making money on stocks is easy. It's simpler than learning how win consistently at blackjack, which is a game rigged against you. Stocks are rigged in your favor.

My dad being the guy that he is bought a lot of shitty dot-com pennystocks and lost money. So to each his own, I suppose.

Encourage gamblers to play more, they deserve to lose all their money. I used to work at a convenience store in college and I despised degenerate lottery addicts. I would act like I was on their side, and after they'd lose I'd say "Aw man, the next one is gonna be the one. I can feel it." And they couldn't help themselves. They would keep playing and keep playing until they blew their whole paycheck. And I'm glad. They deserve to rot in a ditch.

Oh I know that, I'm a horse racing trader, I was using gambling to refer to all betting as addicts aren't interested as to whether there's an edge or not.

>Best haul I ever made with stocks was $2570 selling stock in a dumb one-trick pony pharmaceutical company, took me 4 hours of reading and 20 minutes to buy and sell, another hour to check it's progress
please fucking teach me where to start and what books to read in order to get into stocks or currency (though I imagine currencies are more volatile) and where to even begin
yes I know you need large initial capital investment to even start doing anything meaningful

My dad is a gambler. It's an awful thing really. But on the other hand I believe my tough childhood made me a better person.

This sort of illusional barrier of entry is what keeps people intimidated.

Just pick a company your familiar with and learn what makes it go up and down.

so you simply zone in one company and work with that? sounds easy enough

stop gambling your life savings away

I like betting on sports because there's a high probability of winning if you know what you're doing. I usually leave a sports book with more money than I walked in with.

I don't really fuck with casino games where there's a usually lower return on your investment.

I did the same thing lol...uncanny

Tell them at no matter how much they have lost, let go of it. I knew someone that gambled himself to suicide, and for the brief period of time I knew him, for him it was very much about winning back what he had lost. Some days he would win big, but never settle because he had lost so much more in total.

Well, just do that first, and the rest will come automatically, because that will force you to learn about the industry, its competitors, its financials, and what other ancillary forces make it move.

That's gambling but you're not a gambler.

It's not about that. That's just an excuse.

I never claimed I was an inveterate gambler. As I said, sports gambling is my only interest.

Sports gambler and professional tout here.

Gambling is a terrible addiction, but so is anything else. Moderation, abiding by that it's a marathon and not a sprint, and money management are key successes to gambling. At no given time should you be gambling away more than 5% of your gambling bankroll any given day. Also, bet against huge public plays and understand how Vegas sets lines, then changes lines/why.

If a line seems fishy or doesn't make sense to you, then it's probably a public trap. NFL is the easiest, but MLB is the most fun

Partly I think. For him it was the excuse that kept him going, that prevented him from fighting his addiction.

Hi Metaknight

>an actual 100% truth post

Ask your bank about getting a brokerage account, or get Robinhood as your broker. A 'discount brokerage' is what you want. Idk what country you are in.

Then it depends on how much money you have, what you are willing to risk, what your goals are, ect.

I look for companies that have a low P/E ratio, price-to-earnings that have had their stock sold off for something kinda stupid, like some press scandal or irrational pessimism.

If I had to start all over today trading stocks, I'd buy oil and natural gas companies, a pharma company ((or 2-3 pharmas are amazing) a groecry stock, ect. You have to be contrarion. Shit on everything that everyone likes, and buy shit everyone (irrationally) hates. Mostly though, stick to a sector or industry that you understand. I understand commodity markets and pharma, so I trade in those. I don't know shit about shoes or fashion so I don't buy Nike or UnderArmor, ect.

Investopedia is a good resource. DO NOT go to /biz/ it's all underage retarded fags trading cryptocurreny with theor lunch money.

>NFL is the easiest, but MLB is the most fun

What kind of bets do you place on MLB? I'll sometimes bet over/unders on team win totals before the season starts, but I almost never bet games because of the variability and random chance inherent in baseball.

Depending on the line, but I'll usually do straight moneyline bets or totals. Depending who the pitchers are, I'll do a 1st inning run or first 5 inning over.

But if I see a juicy dog and I can't understand why just looking at the pitchers. I'll go +1.5 run line if it's under -120

Every time I go to the casino I go to the blackjack table, get 300 in chips and wind up winning 1500+. The best I have ever done was 4300 in 2 hours. Worst I have ever done is lose 300 in 2 hours. This year I'm ahead 8k
Have never played anything but blackjack.

Story time

>playing craps in Vegas
>two basketball americans are on the dice
>both of them are only betting the line
>dice are hot as fuck
>after establishing the point these guys roll for like 30 minutes each not hitting 7
>for some reason these guys can't hit their number, no matter what
>any number but the point, every time
>stacking up chips and pressing bets like a madman
>Casino sends in the cooler
>starts to talk shit on the guys
>'Wow you guys can't win for shit'
>everyone else at the table is loaded except these guys
>finally 7 out
>it was their last 10 bucks

Strange is the cooler's art

I think Blackjack is the only game you can actually make money on. It's house edge is only ~1% for straight up single-deck BJ. and a few points higher for derivative games and shoe BJ.

They say 1-2 house edge only if you bet flat. Once you bet more than ante then you stand to beat the house.

Tell them KEK is with them, luck is coming

Do you have a system? I forget which one I tried with blackjack, maybe the martingale system. Where I'd start with 1 unit, if I lose I bet 2.5x the next bet, till I win. Then I revert back to 1 unit after a win. Luckily I won a few on the 3rd and 4th, but I could see how people can bottom out quickly. Especially if you get to the table max.

Suggest them a game of Russian roulette.

Flip that around. Start with 3 units. If you win, add one and save 2. You have to pay yourself for your time at the table and have the discipline not to blow your pay putting it back into the game

...

what's the rule on money management? never invest more than 10% in any one stock?

nothing

Yeah that makes sense. I mean, that's how I play when I "waste" money on roulette. I just thought there were decent systems and strategies for bj

I'm a card dealer, so no, no I would not tell them to stop, haha. The majority of all gamblers are old people, and dumb baby boomers deserve to be screwed over.

The system part of it is modifying how much you leave on the table based on the probability of you winning the next hand. I have spent 12+ hours at a table just playing the minimums to get free drinks. I have also played hard, stayed sober and walked out with a lot of cash. Our last cruise was comped by the cruise line, and I won money.

youtube.com/watch?v=9WIbwxGPA30

Turns out you're a super nigger.

That's awesome. Most I got was a comped room at the Bellagio for a night. But I didn't win money.

For some reason I can be autistic with sports, but bj flies right over my head.

So, you want to have at least 6 months worth of cash or cash-like instruments for living expenses. This is in case all of your investments take a shit. So you do not have to sell at a loss.

The best way for a normie is to just invest into an index fund, either an ETF like SPY or a mutual fund. Than add money every month. In the long run this outperforms 95% of hedge funds, even if there is a recession or bear market.

Picking indiviidual stocks is much harder, takes considerable research, a lot of time. Sector ETFs mght be a better alternative than stocks.

If you have a regular brokerage account, it costs like $9 to sell and to buy, so you need to invest at least ~$2000 minimum on a stock, that is a -1% profit margin just in brokerage fees. Robinhood, no problem, but you are trading on RH, also.

Since bonds are such garbage anymore, so the traditional 60%/40% is useless now. I'd say, 40% in utilities, MLPs, REITs for dividends, 40% in an index fund, like SPY or and ETF that tracks the S&P500, then 10% risky money, individual stocks, 5-10% gold or metals. 0-5% in crypto or penny stocks.

That is farily conservative. 30/30/20/10/10 might work even better.

Best bet are index funds. If you are sitting on tons of cash now though, wait until the stock market crashes again. Just take a few grand out and pick individual stocks. Then buy like crazy after the S&P500 has dropped 40-50 points.

yeah my little ponies look really lucrative these days

dafug are you talkng about nigger?

yeah, etf's look tempting

Just sue the gambing houses and bookies on behalf of his kids or wife.

You'll have to keep following him and keep suing, but he'll eventually give up when they refuse service.

Suing's easy, you should try it.

If they are addicted, chances are, telling them to stop will only piss them off, they will not listen to you regardless. I've seen some men lose everything, wife, kids, house etc to gambling. They are not in their right minds there isn't much you can do.

Thankfully some of us are already born with horrible luck, and know since we would always lose, there is no reason to gamble. Any fun and games like that would be small bets and using money you fully expect to lose.

Haha, I didn't know what the fuck you were talking about either.

MLP= Master Limited Partnership. This is usually mid-stream petroleum companies, the kind that owns pipelines. They are attractive because by law they must distribute dividends and they make money by contract, not by volume. So they collect sick cash from oil companies to use their pipelines, trains, trucks, storage tanks, ect. It's traded like a stock, but it's a true stock. They offer 'units' instead of 'stock. Canadians have a copy-paste version of this too. Canadian Limited Partnerships, or something. There are other types of businsses that form themselves into MLPs but all I can think of off the top of my head are midstream companies.

Very stable, a good bond substitute since bonds are so shitty. Same with petroleum trusts.

A good way to think about investing is that your one rule should be to never sell. This will force you to think hard and not fuck around.

Although with robinhood you can buy one share with no commission. But the same rule applies, never sell.

This is my adaptation of Buffett's "punch card" idea for regular folks.

nigger I'm a level 5 options trader and have a smoking hot gf, she just blew me, shit was so cash

I thought many MLPs were doing badly because of the recent price crash

Well, you sell when you reach your price objective. You buy at $8.00, believe it will go to $12.00, you should sell at 11.50 but not so you hold until it does. Don't get greedy and think it'll go to $20.00 only to see it sell off to $7.00.

You have to have a plan when you buy a stock, at what point are willing buy at, then think of a point you are willing to sell at. Either when it jups 15% or dives 5%. Always put stop or limit orders on stocks you trade in.

Hedgefunds and rich people hold on to stocks longer. As a middle-class guy in the 15% bracket, buy and sell as much as you want.
IF you hold it longer than a year, it's tax free. This is important, at least in the USA it works this way. The main benefit retail investors have is their ability to move in and out of a position quickly. This is impossible if you are huge bank with millions of shares.

I'm trying to find a way for regular folks to stop trading (because they inevitably lose money, just like gambling).

If you really can follow rules (and not try to improve them) you could trade according to the Ivy Portfolio signals at dshort.com.

But "never sell" would improve most anyone's results over DIY investing / trading with stop limits.

The original S&P index (if you never bought the new companies in the index) does better than the changing index. So, never sell.

>I thought many MLPs were doing badly because of the recent price crash
not him, but very true as many were quite levered up. i dipped my toe into $AMJ though (its a bunch of MLPs) and you dont have to file any K-1s.

Just make sure you dont go overboard on dividend payers when you're young as that's not very tax efficient vs. growth funds

/thread

Nope, because they are paid for subscription, basically. The oil companies can use it all they like, they just pay the money for the privilege of using the MLP's assets.

You might think they are tied to oil but, not so much.

The only "good" gambler is an advantage blackjack player, expert poker player, or an expert sports bettor. There are no other good gamblers.

Just don't support them. Let Darwin sort it out.

Tell them gambling is always a net gain for the house. Always. Therefore, it will always send a long-playing player poorer than he came.
Big victories are almost nonexistent compared to amount of players.

Watch some Kaiji, it's a nice story about gamblers.

Just get a virtual account and read about strategies then pick a few stocks and trade them.

Or just put real money in the game. The risk of actual money will force you to get smart. There are no secrets.

I'm still outside oil. I don't see prices increasing any time soon.

>how do I save someone I care about?
>tell him to watch some chinese cartoons xD
never change polen

At least that'll make him change a financially-wrecking addiction to one that just does so psychologically.

Also, I just posted about watching it, not showing it to him; but I understand you could've mistaken a deranged spender with yourself, ancap.

I'd bet him $100 he can't go for a day without gambling

Hey user, I'm a 26yr old. How do you recommend I invest if I come into say 20k or so? Also, is there anything I can do with small amounts of money I have left over at the end of the month? I'm really interested in what you have to recommend.

It is okay not to be diverse, however you must be aware of your risk. It doesn't help to have $300 in ten stocks rather than $3000 in one.

I recommend investing in what you know.