Discovering the mind behind the market Part II
March 14, 2017 8:35 amVideo
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Are you a gambler or trader?
If you are involved in market investments, especially online trading, you must ask yourself the questions “am I a gambler or a trader?”
To answer this question, you must first understand the difference between the two. Both make online investments but why is one considered a gambler and the other a trader?
The Gambler
For a gambler, the overall motive of trading is the adrenaline rush and the thrill of being “in the game”. They freestyle their trading by making momentary decisions for the sake of making them. Common practices of a gambler include:
The Trader
For a trader, the act of trading is a craft they take time to learn and delve into its depth with informed knowledge and a lot of work and practice. Trading is not random; it is thought through and follows a strict action plan which consists of a prudent money management structure. Common practices of a trader include:
The main and most important difference between a gambler and a trader is simply work. Like everything else in life, success requires hard and work and effort. Working hard is never a guarantee for winning, but as the old saying goes, failing to plan is planning to fail.
Gambling has more to do with blind luck, just take the case of the casinos and all those tourists visiting Las Vegas, they can probably attest to the fact that successful cases of blind luck are extremely rare, hence why Nevada’s most famous city saw a hefty $25.2 billion revenue in 2016.
Trading on the other hand is a skill and for some people a profession. While luck has a small hand in most things in life, trading is about discipline, and understanding the importance of the information the market is constantly giving away, then using it in a plan for a potential successful trading.
Now it’s time to ask yourself “am I a gambler or a trader?” … “who do I want to be?”
http://bigstory.ap.org/article/afb696a68ee8410080937c1d608ce079/nevada-casinos-turn-profit-fiscal-2016-first-2008
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