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were doing well and not bet (or even bet against, i.e., fade) the five systems which were doing poorly. Without realizing it, these bettors were using the profit center approach to wagering. Each handicapping technique was a profit center with its own bankroll. The statistics which were calculated after each bet revealed which centers were profitable and which were not. Bets were made only where the bettor had the edge. Anxiety, fear, greed, and uncertainty were significantly reduced or eliminated. These bettors knew exactly when, where, why, and how much to bet. What a different approach when compared to the average bettor, who had no idea how much to bet or who to bet on. These long-term losers relied mainly on hunches and their bet size amounted to whatever "felt" right. I mentally drew a comparison between the two types of bettors: |
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Nonexistent record-keeping |
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Like the action and excitement |
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Neal: There is an amazing parallel between wagering and trading. |
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Phantom: There was no doubt in my mind as to which group nearly all traders belonged, including myself. I was determined to extricate myself from the right-hand column and become a citizen of the left-hand column. |
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Note: You can reach the Phantom by contacting Neal Weintraub; he will forward your message. |
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