run the trap

The trap is a place where illicit drugs are sold, usually a street corner. Ergo, running the trap would be running a business where illicit drugs are sold.

To run run the trap requires great risk and skill. A career choice in running traps is not right for everyone. Ask your doctor whether or not running the trap is right for you.

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run your traps

To look at every avenue of an issue, trying to check every option you have. Seeing what is there.

I need a loan and I am coming to you, I have other options, but thought I would check you as well. "Dude, be sure you run your traps and get back to me."

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Runs the trap

Originally meant as the person who is in charge in a place where illicit drugs are sold. AKA a traphouse.

Also can mean, someone who is a bosslike figure or calls the shots somewhere or in some function, or is just a badass.

"Have you watched the new Game of Thrones episode?"
"Yeah, Barristan Selmy runs the trap."
"They thought he was sleeping' but he runnin' the trap."