Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
"Everyone gets what they want from the markets" By Ed Seykota in the Market Wizards.
So its really the mindset the trader brings into the markets which determines his outcome.
The good news is, to exit the gambling mindset, all it takes is for you to switch your mindset to that of a professional trader and you will stop gambling. Coz that means you will be seeking to improve your skill and have proper risk management. The moment when you decide when you wanna behave more like the professional is when you stop gambling but the motivation must come from you.
Anyway, its possible to gamble with your life with just about anything in your life, not just trading, its really just the mindset that matters.
Lets say you decide to run a grocery store or a 2nd hand mobile phone store, or anything 2nd hand, is it gambling or a business? Notice its really the mindset, if you can run it well and know wheres the market, whats profitable and what has an edge, wont it become a business which allows you to make ends meet?
So its really the mindset that matters, just like the book trading in the zone.
Its like game of poker. You play your hand and rarely its a split pot. Most of the time its zero sum game where your win will result in opponent's loss. Not everybody is a good poker player. If you are the kind of player who will go all in pre flop with a high pair then there is risk. However if you pick your spot and only bet on right cards you will do ok in the long run. Wall Street even don't play poker. With the help from fed and myriad other mechanisms they will stack the deck in their favor. You can definitely ask if its legal but so far nobody is questioning. I love it while watching a game and someone made a big bet and opponent asks, 'Do you like action?' Its because opponent has suspicion he is beaten but no idea how its going to end up.
As for gambling in trading, it has its pros and cons. The disadvantages are the apparent lack of self-control, not quite adequate decision-making, and often all this leads to significant losses. But at the same time, the excitement adds interest in trading, making it less annoying and more time-consuming. All traders are, in a way, gamblers, even if they do not want to admit it, but a good trader will learn to control the gambling and will use it to their advantage.
The more I trade the more I understand that there is a level of gambling that we must accept.
I don't think I am a gambler but I accept that I put a "wager" on the table everytime I enter a trade. When I trade well I think like a poker player, when I trade poorly I do not accept the risk and I avoid the losses.