Page 1 of 1

I am a gambler

Posted: Sun Feb 10, 2019 3:20 am
by alfa
Friends :smile:

I am an introvert, almost a hermit. I do not like to interact with the world, except when it's necessary or when it's spiritually meaningful (such as participating in this forum). Else, I keep to myself.

I hardly go out, have no social media accounts. Put simply, a hermit.

But we all have to earn a livelihood. I do so by gambling in the stock market. That way, I get to stay home and avoid people.

A staunch Buddhist will call this wrong livelihood. But I need the money to survive.

Your thoughts? :meditate:

Re: I am a gambler

Posted: Sun Feb 10, 2019 3:33 am
by retrofuturist
Greetings Alfa,
alfa wrote:
Sun Feb 10, 2019 3:20 am
A staunch Buddhist will call this wrong livelihood. But I need the money to survive.

Your thoughts? :meditate:
Gambling and investing aren't fundamentally different, one just has far better long term odds than the other, since what's usually defined as "gambling" is usually such that the odds are tilted, even ever so slightly against you.

Somewhere there's a sutta directed to a householder, that talks about how someone might manage their income - one parts to this, two parts to that etc... unfortunately I cannot find it via Google search just at the moment. I'm pretty sure at least one of the things was "investing", and that may have been investing in one's business or livelihood, investing for the future etc. I cannot remember for sure, so hopefully someone can find the sutta I am talking about, based upon my inept description of it.

Metta,
Paul. :)

Re: I am a gambler

Posted: Sun Feb 10, 2019 3:42 am
by SarathW
Stock market arbitrage is a necessary part of capital system. It is a thin line between gambling and stock market play I suppose.

Re: I am a gambler

Posted: Sun Feb 10, 2019 4:34 am
by DNS
retrofuturist wrote:
Sun Feb 10, 2019 3:33 am
Somewhere there's a sutta directed to a householder, that talks about how someone might manage their income - one parts to this, two parts to that etc... unfortunately I cannot find it via Google search just at the moment.
In gathering wealth like this,
a householder does enough for their family.
And they’d hold on to friends
by dividing their wealth in four.

One portion is to enjoy.
Two parts invest in work.
And the fourth should be kept
for times of trouble.”


https://suttacentral.net/dn31/en/sujato

Basically, one part for your daily needs (food, clothing, housing), one part for an emergency, and two parts (half) for investments / business.

However, it wouldn't be wise investing or business if you're mostly guessing with stocks. If you're making educated decisions after lots of research into the companies, it might be considered a good livelihood, but it is difficult to do successfully and many people do lose a lot of money on the stock markets.

Re: I am a gambler

Posted: Sun Feb 10, 2019 5:41 am
by alfa
retrofuturist wrote:
Sun Feb 10, 2019 3:33 am
Greetings Alfa,
alfa wrote:
Sun Feb 10, 2019 3:20 am
A staunch Buddhist will call this wrong livelihood. But I need the money to survive.

Your thoughts? :meditate:
Gambling and investing aren't fundamentally different, one just has far better long term odds than the other, since what's usually defined as "gambling" is usually such that the odds are tilted, even ever so slightly against you.

Somewhere there's a sutta directed to a householder, that talks about how someone might manage their income - one parts to this, two parts to that etc... unfortunately I cannot find it via Google search just at the moment. I'm pretty sure at least one of the things was "investing", and that may have been investing in one's business or livelihood, investing for the future etc. I cannot remember for sure, so hopefully someone can find the sutta I am talking about, based upon my inept description of it.

Metta,
Paul. :)
Thanks, Retro. :namaste:

Wish I could do something else, but my hermit-like nature won't allow me.

Re: I am a gambler

Posted: Sun Feb 10, 2019 5:42 am
by alfa
DNS wrote:
Sun Feb 10, 2019 4:34 am
retrofuturist wrote:
Sun Feb 10, 2019 3:33 am
Somewhere there's a sutta directed to a householder, that talks about how someone might manage their income - one parts to this, two parts to that etc... unfortunately I cannot find it via Google search just at the moment.
In gathering wealth like this,
a householder does enough for their family.
And they’d hold on to friends
by dividing their wealth in four.

One portion is to enjoy.
Two parts invest in work.
And the fourth should be kept
for times of trouble.”


https://suttacentral.net/dn31/en/sujato

Basically, one part for your daily needs (food, clothing, housing), one part for an emergency, and two parts (half) for investments / business.

However, it wouldn't be wise investing or business if you're mostly guessing with stocks. If you're making educated decisions after lots of research into the companies, it might be considered a good livelihood, but it is difficult to do successfully and many people do lose a lot of money on the stock markets.
I know that investing is always better and safe, but regular monthly income is only possible through swing trading. That's why, reluctantly, I had to do it. It's my karma, I guess. :cry:

Re: I am a gambler

Posted: Sun Feb 10, 2019 5:59 am
by robertk
Hey, it's bad if you are losing.

But if you are winning and supporting yourself then congratulations, you are in the select group of 5% of day/ swing traders who do.

Re: I am a gambler

Posted: Sun Feb 10, 2019 6:18 am
by DooDoot
alfa wrote:
Sun Feb 10, 2019 3:20 am
A staunch Buddhist will call this wrong livelihood. But I need the money to survive.
Its not wrong livelihood if you are not losing money. In Australia, under the taxation law, trading in trading financial products, such as CFDs and futures, is not considered as "gambling" because the price of these products is set by the market and market events.

Re: I am a gambler

Posted: Sun Feb 10, 2019 7:40 am
by James Tan
This is a grey area , not straight forward wrong livelihood . But , you win other lose .

Re: I am a gambler

Posted: Sun Feb 10, 2019 8:54 pm
by Manopubbangama
I'm an investor but I just let my investments compound instead of churning em over and giving Uncle Sam a free taste all the time.

Re: I am a gambler

Posted: Sun Feb 10, 2019 11:17 pm
by dharmacorps
I prefer investing in the market to speculating/trading, but I have no problem with people who do. I used to do some trading for fun but found I wasn't terribly good at it and had concerns about owning individual securities that were involved in alcohol/meat industries.

Re: I am a gambler

Posted: Mon Feb 11, 2019 12:54 am
by DooDoot
Manopubbangama wrote:
Sun Feb 10, 2019 8:54 pm
I'm an investor but I just let my investments compound...
Is the above referring to investments compounding in financial value? Or does it refer to the various "I am" identities compounding? Thanks :shrug:
This, monks, is called a disciple of the noble ones who tears down and does not build up; who abandons and does not cling; who discards and does not pull in; who scatters and does not pile up.

https://www.accesstoinsight.org/tipitak ... .than.html

Re: I am a gambler

Posted: Mon Feb 11, 2019 9:46 am
by Manopubbangama
DooDoot wrote:
Mon Feb 11, 2019 12:54 am
Manopubbangama wrote:
Sun Feb 10, 2019 8:54 pm
I'm an investor but I just let my investments compound...
Is the above referring to investments compounding in financial value? Or does it refer to the various "I am" identities compounding? Thanks :shrug:
This, monks, is called a disciple of the noble ones who tears down and does not build up; who abandons and does not cling; who discards and does not pull in; who scatters and does not pile up.

https://www.accesstoinsight.org/tipitak ... .than.html
Do you know who Uncle Sam is?

Re: I am a gambler

Posted: Mon Feb 11, 2019 9:50 am
by DooDoot
Manopubbangama wrote:
Mon Feb 11, 2019 9:46 am
Do you know who Uncle Sam is?
Uncle Sam collects tax and gives it to the Military Industrial Complex to profit from wrong livelihood.

:|

Re: I am a gambler

Posted: Mon Feb 11, 2019 9:58 am
by retrofuturist
Greetings,
DooDoot wrote:
Mon Feb 11, 2019 9:50 am
Uncle Sam is the tax man.
Yes, and now that you've taken the bait, it's time to get...

:focus:

:thanks:

Metta,
Paul. :)