Topic: What makes a successful trader, not a gambler? - page 14. (Read 2499 times)
To not have to gamble in the financial markets, you need to have deep knowledge of it so the first thing you need to do when entering this market is learning about cryptocurrency. I emphasize the element of knowledge because it can help you develop long term rather than just rely on luck. Having your own judgment to succeed in the cryptocurrency market is increasingly difficult.
Don't need to be master to call someone a trader, and i sure most traders don't have daily note, and we all looking for profit.
too many analysis then you lost the train.
too many analysis then you lost the train.
Yes, OP was clearly stated between trading and the gambling which riskier and he said that don't care about the risk because when you entered at this stage you are already know how risky it is. OP statements are very informative those who are in trading and gambling which better you to focus on the two way of earning a profit.
Trading is a sort of gambling, then you must set a certain amount that you can afford if whatever happens, and applied those OP's post to have a reference to gain more profit.
Trading is a sort of gambling, then you must set a certain amount that you can afford if whatever happens, and applied those OP's post to have a reference to gain more profit.
Here are some characteristics of successful traders and gamblers:
A gambler:
- Have no transaction method.
- Do not take notes of your views on the market trend daily.
- Don’t care about risk management
- Spend most of your time focusing on winning and making profit.
- Let emotions dominated their mind when trading
-Place orders without consideration.
- Place too many orders
A trader:
-Understand and master an effective trading method
-Have a clear and specific trading plan and comply with it.
- Have a daily note on market view and trend
- Pay attention to risk management for each trading order
-Don’t set making profit and winning as their 1st priority
- Only make the deal when the price model matches the method.
-don’t let emotions control their actions
- Consider coin trading as their career and daytime job.
If you have those characteristics of the gamblers, you should change it immediately. If you have trader traits, maintain them for as long as possible and remember to always think twice before doing.
A gambler:
- Have no transaction method.
- Do not take notes of your views on the market trend daily.
- Don’t care about risk management
- Spend most of your time focusing on winning and making profit.
- Let emotions dominated their mind when trading
-Place orders without consideration.
- Place too many orders
A trader:
-Understand and master an effective trading method
-Have a clear and specific trading plan and comply with it.
- Have a daily note on market view and trend
- Pay attention to risk management for each trading order
-Don’t set making profit and winning as their 1st priority
- Only make the deal when the price model matches the method.
-don’t let emotions control their actions
- Consider coin trading as their career and daytime job.
If you have those characteristics of the gamblers, you should change it immediately. If you have trader traits, maintain them for as long as possible and remember to always think twice before doing.
I can say that these are clear tips for us who are getting started into cryptocurrency trading. It is important that we should not treat this as a replacement of a full-time job or business. I would ratehr treat this as a way to fuel a business or extra money to buy something that we want either material things, investments, donations, etc.
I can't agree on all points that have been made. Because it is for the whole and by not considering some of the points that which can be a trader or a gambling its depends of the type of the people on this trading. A successful trader is a guaranteed having a good control in emotions and with the money he played its not the biggest profit that he can made. Its the value that he earned daily his satisfaction on all of his trades.
With the experience I have so far, the key thing is -have a STRATEGY. Discover and follow a pattern that works for you. Develop a repetitive technique or sequence that yields results. To have a strategy requires effort applied over time. Simply put: develop a consistent method that is profitable.
When dealing with cryptocurrencies, the difference between being a trader from a gambler is Very small.
Planning and following laws may cause loss of opportunity especially as cryptocurrencies prices fluctuate unpredictable.
Generally, the difference is "Do not invest recklessly" and "Do not invest what you can not lose" between being a trader from a gambler.
also, "Don’t set making profit" & "don’t let emotions control their actions" Tips are very wise.
Planning and following laws may cause loss of opportunity especially as cryptocurrencies prices fluctuate unpredictable.
Generally, the difference is "Do not invest recklessly" and "Do not invest what you can not lose" between being a trader from a gambler.
also, "Don’t set making profit" & "don’t let emotions control their actions" Tips are very wise.
You just said it all. Those qualities you listed explains both of them well. Have a clear set of mind and not trading with emotions is the main difference between the two. Mastering how to avoid trading with emotions is the major thing and if you can avoid such then you are really coming closer to your goal. Always jot down to avoid making same mistake twice.
Emotions are of the vital factor that can help the traders to lift up or let down their skills. This is one of the factor that makes difference in between an investment and gambling. We all know that gambling is just a game of luck. If aren’t lucky someday, everything will be useless and you will be ending is a big loss. So make up your skills and accompany them with emotions, you will be saved from gambling then.
What make a successful trader is more than just skill and experience, it more than understanding of technical analysis even that of the market. It is the heart and mind of success and razor sharp focus.
Here are some characteristics of successful traders and gamblers:
A gambler:
- Have no transaction method.
- Do not take notes of your views on the market trend daily.
- Don’t care about risk management
- Spend most of your time focusing on winning and making profit.
- Let emotions dominated their mind when trading
-Place orders without consideration.
- Place too many orders
A trader:
-Understand and master an effective trading method
-Have a clear and specific trading plan and comply with it.
- Have a daily note on market view and trend
- Pay attention to risk management for each trading order
-Don’t set making profit and winning as their 1st priority
- Only make the deal when the price model matches the method.
-don’t let emotions control their actions
- Consider coin trading as their career and daytime job.
If you have those characteristics of the gamblers, you should change it immediately. If you have trader traits, maintain them for as long as possible and remember to always think twice before doing.
A gambler:
- Have no transaction method.
- Do not take notes of your views on the market trend daily.
- Don’t care about risk management
- Spend most of your time focusing on winning and making profit.
- Let emotions dominated their mind when trading
-Place orders without consideration.
- Place too many orders
A trader:
-Understand and master an effective trading method
-Have a clear and specific trading plan and comply with it.
- Have a daily note on market view and trend
- Pay attention to risk management for each trading order
-Don’t set making profit and winning as their 1st priority
- Only make the deal when the price model matches the method.
-don’t let emotions control their actions
- Consider coin trading as their career and daytime job.
If you have those characteristics of the gamblers, you should change it immediately. If you have trader traits, maintain them for as long as possible and remember to always think twice before doing.
Nice share. thank you for this. I can say that i am slowly but surely becoming a trader. My greatest enemy left is emotion. good luck to us
Very interesting and it was true. If gamblers rely on luck while traders use mature techniques and strategies. Trading will be better if done with techniques and strategies because it will make it work and make a profit. And if doing trade like a gambler it would be a waste of time and better not to do that.
Good share, looks like I am blend of both of them. Lolz. Its true that in short a gambler is one with too much confidence on his method but with no base at all while on the other hand trader might be someone with very much good knowledge about what he is doing in the first place. So yeah both of them carries the risk but one carried less over the other one. Also I like it when someone just mentions about the emotions. I am believer of the emotions where one who controls it always wins the market and the one who doesn't will always loose it up. Gambler is like shadow of the trader but its just too dark and can't figure out exact movement for it really. 
The act of trading can not be compare or categorize as gambling no matter the outcome. Traders go in to trading having research the coin they want to trade in and the development and utility of such coin present value they speculate on. No game of chance with trader but profit.
Not sure if you are aware of what idiots we are dealing with here, but the majority of the people trading here don't do any research at all. It's just I guess that if I buy at X price, I can sell it at Y price. You either win or lose. Isn't that gambling according to you? To me it definitely is, especially when the market is so active that it won't allow you to properly analyze the market. At that point even the most solid traders will be turned into gamblers.
Also, the utility of a coin and the development going on has no real connection with the short term market that is controlled by greedy individuals. The same applies to Bitcoin's market. The crypto market is just too brutal and speculative to discard the gambling aspect of trading that easily. I would say that on calm days where TA has benefit to it, the gambling percentage is as low as 20%, while highly active days where TA has no benefit to it, the gambling aspect is as high as 50%. The only main difference is that with gambling you lose everything, and with trading just a few % per trade.
I agreed with almost all of the points. But I have a question, why is placing too many trades being considered as a gambler? Diversify is supposed to reduce risks.
You just said it all. Those qualities you listed explains both of them well. Have a clear set of mind and not trading with emotions is the main difference between the two. Mastering how to avoid trading with emotions is the major thing and if you can avoid such then you are really coming closer to your goal. Always jot down to avoid making same mistake twice.
I think those people who become traders are always a bit of players. I used to play poker and I want to say that the trading is similar to poker or blackjack - which are gambling games, but it is mathematically possible to make profit by playing these games and for this you just need exactly the characteristics described in the first post.
Sad to say not all of the people trades in cryptocurrency goals to be a good and professional trader, they have their own reason why they use and enter those platforms as you've mentioned some of them is a gambler, out of curiosity they tried to make a trade on a specific coin without knowing the volatility, condition, and usage as some newbies and professional traders comes from a gambler, they tend to check it out and see how things work as they prefer to learn it in action rather than to read.
I agree on what you said because for me a trader is more safe and has more time to decide and has a bigger chance on winning rather than just gambling you will do is just buy and hope for the best
I think we are just part timers when it comes to trading even we invest on the range of $5000 so we don't know the certain facts about unraveling the truth about such great traders. I think aside from being a trader they must have a reliable insights of a potential investment and make it work into their hands. Me i just want to predict what are the possible reasons and strategies that are hanging just beneath of our minds however if we think this through deeply we can still grow much higher.
The act of trading can not be compare or categorize as gambling no matter the outcome. Traders go in to trading having research the coin they want to trade in and the development and utility of such coin present value they speculate on. No game of chance with trader but profit.
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