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Thursday, June 25, 2009

Profit Risk

When do you take profit or do you just take profit because there is one?

My action is dependent upon how much risk is at stake.

True story.

Many years ago, I used to play at the $1/$2 blackjack table. One time I remember having KK on a $2 wager. Of course, I split the K and got 2 more face cards. Well, the person sitting after me was not too happy because he had 11, double down, and did not get a face card. Not much at risk for a $2 wager.

My strategy was to double the bet every time I lost a hand. It was pretty successful until I go on a bad streak.

Another time, I was betting $100 on the hand. Dealer shows face card and my total was 16. By the book, I was suppose to hit. However, I outsmarted myself by thinking dealer might not have 20 (always assume the bottom card is 10). If I take a hit and bust, the I lose first. Hell no! I am not going to hit. Too much money at stake here and hate to lose before seeing the dealer's hand. The person after me took a hit and it was a 5 and dealer did have 20.

APPL chart and the story will soon unfold.
What would you do if you were holding puts?