Silverfox
You have given us quite an insight into someone who can be said to be almost a full time casino player. Perhaps like something from a movie rather than real life.
But can you also tell us briefly how you came to be a full time casino player. Did you use to work or run a business previously? Do you come from a rich family? Did you strike the lottery?
Because in spite of your rational thoughts about casino gambling and deep thinking, it would still appear to most people to be a very risky thing to do if you don't have a lot of cash or "backing" available.
Hope you understand my question.
When I was young, I loved gambling. Many loved gambling too. All kinds of stuff I play. And I lose lose lose. Never really became an addict like playing every week. Just the occasional once or twice a month. Never did borrow money to gamble, all my own money. Because I wasn't winning, I think its a kind of lousy investment for me to play in casinos and I quit few years ago. I quit not because I didn't like gambling. I quit because I can't win.
I have a few businesses, some fail, some make some money. The kind where it doesn't make you poor, neither make you rich. I leverage my income to save and buy on shares, stocks. Using the money earned to invest in properties. From then I really started to see some money. I don't come from a rich family, not those living in districts 9, 10. Mid income.
Then one day I started reading books under the influence of a friend, realised that reading calms the mind and really make a person start using his brains. Reading curbs temper, and you realise many ways of life which you can apply in real life. So I started to went into studies of human behaviour and psychology. I applied all these methods into shares investment and realise the key is in being patient and keeping emotions in check. So one day happen to be holidaying in hongkong, same friend said go macau, decided to visit the casinos. Didn't really play much but started to observe people. Decided to apply what I learnt into gambling. That trip I won. My friend didn't really teach me how to gamble, but he taught me to win first of all you must win yourself. So that is why he encourage me to read, not for the sake of gambling but for personal well-being. When you can do that, you can apply these theories not even in gambling, but also in business and real life.
When I came back, I went into analysing various forms of gamblings, behaviour of people, keeping note of how people gamble with their bad habits. It's easy to see. Telling myself never to fall into like them.
So I take a paltry investment of $1000 to play with the casino. Starting only win like $100 or so. Very little, barely enough to cover expenses or even accommodations, but I am more interested to see how many hands I can win in a night, because if I increase my limit, I will be able to win money if I can consistently hit +positive territory. My friend also told me what is the point if I bring $10000 or so to a casino to win them. The fun part is using little money to win them and use their money to win more from them. That is the challenge.
From there I slowly started to keep what I earned from casino plays. Used the money earned I slowly use it as capital in casino. From $1000, slowly to $5000, slowly to $10000, and it slowly grew(not nice to say too much:o) To be able to reach the stage I am in, is not like 1-2 months, About a year. Imagine growing $1000 beyond $10000, is like over 1000% growth.
Many of us here are working, so $1000 as an initial start is very small. The theory of compounding my money was learned from shares investment, and I used the money earned to buy shares. After that I used it to buy properties. I don't quite like to buy cars because cars are depreciating, so in order not to lose too much, I stick with paying cars in full without using loans. Buying BMW, Mercs etc would be useless if you start taking loans on them. Now I am saving hard to see whether I can buy a GTR and paying it in full because its my dream car. (Dream, so must fulfil) For $300K, I can buy loads of shares and even finance my properties. So this money I am setting aside as I use a lot of my money on other investment management.
Many people fall into the trap of gambling, because when they win, they have no management of their winnings. They indulge in other stuff, without growing the money. So this is why even if I stop playing, I still have income for my lifestyle like going for spas, etc. Playing in a casino involves lots of brain cells activation, so I don't normally stay for more than 4 nights in a row. When i am back, I go for spas in hotels, facials, pamper relax, and of course book FLs in SBF. Well, work hard, earn hard, save hard also must play hard. Don't wish to wait till I am 50s, then start playing. This is the only form of indulgence I have . Doesn't put me in negative territory, but if I follow Buffett's thinking, I could have earned much more money with every dollar saved and the money compounded would be enormous.
I don't believe in skills, luck etc so much in a casino. If you are lucky, its temporary. If you are skilful, its also temporary. If your character is fucked up, its permanent, but only you yourself can change it.
You get to see many gamblers in casinos, win a bit of money start to showoff get proud, head get too big, this wouldn't last long. Be humble make more friends than enemies, just like in this forum, you see people like to post their thoughts, start to argue with you, let them be. Let them win to fill up their egos. Why waste time to argue with people like them. They would always think they are right and your words can't change them.
If I can start off with $1000, so can you. But if you cannot manage your emotions, even if you win a Million, it will finish very very soon.
People in general have very bad impressions of gamblers, so thats why if you start telling people you gamble as a living, people start to look at you with other kind of eyes. If you are gambling and losing and keep borrowing money, its a lousy investment. If you are gambling and winning and can yet still have assets, why not? So its not how you play but how you manage your money.