Most traders, especially new traders, follow other people's signals because they do not know how to analyze the market, making them confused and determining the good time to enter the market. That will be a gamble for them since they only follow other signals without analyzing by themselves.
But the other new traders know that is not right for them and decide to learn more about trading and spend their time searching for the next lesson. The difference is how they want to learn to analyze the market and just follow the other signal without analyzing it themselves.
Once they can do that, I believe they will slowly become a professional trader.
Topic: A few key points distinguishing traders from gamblers - page 8. (Read 949 times)
To summarize, Gambling is more likely on luck, while Trading, you can't rely on luck here.
I believe trading is one of the difficult jobs to make money since there is money involved here, you may lose them.
On the other hand, gambling is for me is like a game of luck, anyone can play with it and the risk here is much higher compare to trading.
I believe trading is one of the difficult jobs to make money since there is money involved here, you may lose them.
On the other hand, gambling is for me is like a game of luck, anyone can play with it and the risk here is much higher compare to trading.
Traders have different types, amateur and professional.
Amateur traders are similar to gamblers but even so there are two types of amateur traders. If they use own money to trade, no leverage, they are less likely gamblers because if their trade positions fail with original plans, they can switch to be holders. If they use leverage, borrow money to trade, they are actually gamblers. They are gambling with the market, with the people who give their loans, with levarage, collateral liquidation.
Professional traders are more disciplined with their trades, with cutloss, with leverage, and they instantly exit their positions even with draw or small lose for their position.
Amateur traders are similar to gamblers but even so there are two types of amateur traders. If they use own money to trade, no leverage, they are less likely gamblers because if their trade positions fail with original plans, they can switch to be holders. If they use leverage, borrow money to trade, they are actually gamblers. They are gambling with the market, with the people who give their loans, with levarage, collateral liquidation.
Professional traders are more disciplined with their trades, with cutloss, with leverage, and they instantly exit their positions even with draw or small lose for their position.
I was looking through the weekly Tradingview education and I came across one that was really interesting. It discussed what separates a trader from a gambler.
Unfortunately, most people confuse trading with gambling, When they trade(gamble) and lose money, they blame the market or blame what causes the incompetence and justify it with poor excuses.
It is not easy to be a professional trader, but practice makes you confident in what you do for a job. This is not a guaranteed or comprehensive trading strategy, but the few points are excellent for anyone to be a trader.
Its not easy on where those noobs been thinking in the first place and even myself do have this kind of belief that it could be handled and learn too easily or in short period but onceUnfortunately, most people confuse trading with gambling, When they trade(gamble) and lose money, they blame the market or blame what causes the incompetence and justify it with poor excuses.
It is not easy to be a professional trader, but practice makes you confident in what you do for a job. This is not a guaranteed or comprehensive trading strategy, but the few points are excellent for anyone to be a trader.
you do face up the reality then you would really be having that kind of realizations that it wasnt never been easy on the first place.The most common behavior you would have initially
is to be like a gambler on which you are impulsive plus having no risk management or care that much on your finances until you do lost money.
Once you do realize that you arent doing something tactical or analysis then you would be finding you are simply doing gambling in your trades.
I was looking through the weekly Tradingview education and I came across one that was really interesting. It discussed what separates a trader from a gambler.
Unfortunately, most people confuse trading with gambling, When they trade(gamble) and lose money, they blame the market or blame what causes the incompetence and justify it with poor excuses.
It is not easy to be a professional trader, but practice makes you confident in what you do for a job. This is not a guaranteed or comprehensive trading strategy, but the few points are excellent for anyone to be a trader.
Source: https://www.tradingview.com/chart/BTCUSD/TRrwICB7-Traders-vs-Gamblers-Know-the-main-differences/
Source: https://www.tradingview.com/chart/BTCUSD/TRrwICB7-Traders-vs-Gamblers-Know-the-main-differences/
Unfortunately, most people confuse trading with gambling, When they trade(gamble) and lose money, they blame the market or blame what causes the incompetence and justify it with poor excuses.
It is not easy to be a professional trader, but practice makes you confident in what you do for a job. This is not a guaranteed or comprehensive trading strategy, but the few points are excellent for anyone to be a trader.
Source: https://www.tradingview.com/chart/BTCUSD/TRrwICB7-Traders-vs-Gamblers-Know-the-main-differences/
Quote
1) As a trader, one’s aim is to focus on the next 100 trades instead of the next 10. Long-term success, profitability, and consistency are two of the main things traders should target. However, a gambler’s wish and desire is to make quick money.
2) A successful trader/investor has a backtested trading plan that he sticks to and optimizes along the way, adapting to changing market conditions. On the other hand, gamblers like to trade based off what other people think and tweet, or by simply opening a random Buy/Sell position and hoping it plays out successfully.
3) Profitable traders always diversify their portfolio and risk no more than 1-2% per trade. On the contrary, gamblers go “full margin mode” on a single trade without setting a Stop Loss and end up blowing their accounts and blaming the markets.
4) Chasing markets and rushing the process is not what real traders do. Instead, they follow their plan and wait for the price to play out and match their entry criteria before executing. Nonetheless, gamblers like to overtrade, open positions based on nothing, make biased decisions.
5) When enduring a loss or two (or three), traders neither get emotional nor try to revenge the markets. They know that if they obey risk management principles and open high risk-to-reward positions, they will cover all their previous losses and get back to making profits. Gamblers, on the other hand, get angry and start attempting to revenge the market by making foolish decisions and entering many illogical trades.
6) Last but not least, if you want to be successful and profitable in this field, you have to treat trading as a business and take things seriously. Those that think markets are a playground or a casino machine will never succeed in this space.
2) A successful trader/investor has a backtested trading plan that he sticks to and optimizes along the way, adapting to changing market conditions. On the other hand, gamblers like to trade based off what other people think and tweet, or by simply opening a random Buy/Sell position and hoping it plays out successfully.
3) Profitable traders always diversify their portfolio and risk no more than 1-2% per trade. On the contrary, gamblers go “full margin mode” on a single trade without setting a Stop Loss and end up blowing their accounts and blaming the markets.
4) Chasing markets and rushing the process is not what real traders do. Instead, they follow their plan and wait for the price to play out and match their entry criteria before executing. Nonetheless, gamblers like to overtrade, open positions based on nothing, make biased decisions.
5) When enduring a loss or two (or three), traders neither get emotional nor try to revenge the markets. They know that if they obey risk management principles and open high risk-to-reward positions, they will cover all their previous losses and get back to making profits. Gamblers, on the other hand, get angry and start attempting to revenge the market by making foolish decisions and entering many illogical trades.
6) Last but not least, if you want to be successful and profitable in this field, you have to treat trading as a business and take things seriously. Those that think markets are a playground or a casino machine will never succeed in this space.
Source: https://www.tradingview.com/chart/BTCUSD/TRrwICB7-Traders-vs-Gamblers-Know-the-main-differences/
Jump to: