From this tragic experience it is obvious that there is but little comfort or profit to be gained on the short side of a protracted bull market; and the natural inference must be that the “long” side of such a market is as felicitous and profitable for bulls as the short side is discomforting and unprofitable for bears. In theory it is, but in practice there are comparatively few who make large gains, and fewer still who “get away” with them. It has been authoritatively stated by the head of the world’s largest gambling emporium that it is impossible for any human being to beat the roulette wheel for any considerable length of time; and that human nature is so constituted that nearly all of those who make large winnings continue to play until they have lost all their gains, and perhaps more. In the first place, there are thirty-six numbers, with a single and double zero,[1] on the wheel; if a player places a dollar on each of these he stakes $38. He must inevitably win on some one of the numbers or one of the zeros, whereupon he collects $35, together with the dollar risked on the successful number, making a sure loss of two dollars, which is the house’s fixed percentage. If a player wagers a dollar on one number, with an even break of luck he is due to win $35 (and also to get his dollar back) once in thirty-eight plays. At this rate, for every $3800 risked he is due to lose $200. Players often stake as high as two to three thousand dollars, or even more, on every spin of the wheel; from which it will be seen that with average luck, at this rate of play one will lose more than a thousand dollars an hour. It is said to be a proven fact that the chances are so much against the player, that a roulette wheel can be run at a profit, even if the percentage in favor of the house is entirely eliminated. This is due to the fact that the excitement of play causes a certain confusion of mind, and players are prone to do the wrong thing; for instance, double their bets when in an adverse run of luck and “pinch” them when luck is running favorably. Or, on the other hand, players who have pressed their advantage and doubled in a run of favorable luck will continue stubbornly to plunge long after their luck has changed. Precisely the same psychology applies to trading in stocks. FOOTNOTE: