Are You Trading Or Gambling?
Webster dictionary defines gambling as: A. to place a gamble for money or property, B. to bet on an uncertain outcome. To stake something on a contingency; take a chance.
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When trading is looked at, gambling takes a much more complex dynamic approach that what is presented in the definition. Money traders are gambling without even knowing it. In this article we will look at the hidden ways In which gambling creeps into trading practices, as well as the stimulus that may drive an individual to trade (and possibly gambling) in the first place. The market will determine if they will become successful or remain a mere gambler in the financial markets.
Gambling (trading) for excitement.
Even a losing trade can stir emotions and a sense of power or satisfaction, especially when related to social proofing. When a person trade for excitement or social proofing, it is likely that they are trading in a gambling style (there about how emotions can interfere in trading by reading 'Master Your Trading Mind Trades.')
Trading to win, and not trading a system
Trading to win seems like the most obvious reason to trade. After all, why trade if you can win. Trading to win can actually drive us further away from the realization of making money. The focus on winning forces the trader into the position where they don't get out of bad position because to do so would be to admit they lost on that trade. Good trader makes many losses. They admit they are wrong and keep damage small, not having to win on every trade and taking losses when conditions indicate.
Finally not trading the system which is methodical and tested but rather railing emotions or a must win attitude to create profits shows the person is gambling in the market.
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