Saturday, October 3, 2009

DIFFERENTIATE BETWEEN A TRADER OR A GAMBLER

Why do you trade?
Let me guess…
Because you want to make a crapload of money and be able to buy anything you wish?
While this is a perfectly valid reason, it will most likely lead to excessive greed and ultimately lead to your trading account’s destruction.
You might as well take your money to Vegas instead, and gamble it away.
Once your money is all gone, at least it was entertaining.
Greed is the worst motivation for trading. The market will always punish greed and will always reward moderation.
Never try to make all of your money on one trade.
Never try to make all of your money on one trade.
If you do, you are not trading, you are gambling!
There is a fine line between traders and gamblers. When there is real money on the line, there are always those who take blind chances.
If you want to be a successful, do NOT think like a gambler, do NOT take blind chances and do NOT solely rely on luck.
Luck comes and goes just like the gambler.
It’s the trader who remains.

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