NexusFi: Find Your Edge


Home Menu

 





Gambling (with life)


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one SunTrader with 15 posts (9 thanks)
    2. looks_two DoubleUCapital with 10 posts (14 thanks)
    3. looks_3 ChrisDouthit with 5 posts (0 thanks)
    4. looks_4 Anagami with 4 posts (22 thanks)
      Best Posters
    1. looks_one Big Mike with 10 thanks per post
    2. looks_two lancelottrader with 6.7 thanks per post
    3. looks_3 bobwest with 6.5 thanks per post
    4. looks_4 Anagami with 5.5 thanks per post
    1. trending_up 28,630 views
    2. thumb_up 276 thanks given
    3. group 241 followers
    1. forum 102 posts
    2. attach_file 2 attachments




 
Search this Thread

Gambling (with life)

  #71 (permalink)
 
belekas's Avatar
 belekas 
London, UK
 
Experience: Advanced
Platform: PRT
Broker: IG
Trading: XJO
Posts: 17 since Nov 2017
Thanks Given: 287
Thanks Received: 22

Gambling, trading, tea leaf reading or whatever you call it doesn't really matter. At the end of the day you either got it or not. It's that simple.

Regards,
Bel.

Follow me on Twitter Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
Ninja Mobile Trader VPS (ninjamobiletrader.com)
Trading Reviews and Vendors
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Online prop firm The Funded Trader (TFT) going under?
Traders Hideout
Build trailing stop for micro index(s)
Psychology and Money Management
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
37 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #72 (permalink)
 CookieMonsta 
Singapore
 
Experience: None
Platform: MetaTrader 4
Trading: Spot Forex
Posts: 66 since Dec 2018
Thanks Given: 3
Thanks Received: 58

The most appropriate saying is this i guess.

"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.

Reply With Quote
Thanked by:
  #73 (permalink)
Salasar
Toronto
 
Posts: 19 since Jun 2020
Thanks Given: 8
Thanks Received: 10


No long ago I watched a great movie about that. Named Intacto. Awesome Italian movie. Highly recommend to watch it

Reply With Quote
Thanked by:
  #74 (permalink)
SunTrader
Boca Raton, FL
 
Posts: 260 since Nov 2018
Thanks Given: 81
Thanks Received: 182

Spanish, not Italian.

If I get a chance I'll watch even if I do not believe in such a thing called luck.

Reply With Quote
Thanked by:
  #75 (permalink)
Salasar
Toronto
 
Posts: 19 since Jun 2020
Thanks Given: 8
Thanks Received: 10

Yeah, right, Spanish the film with great premise.

Reply With Quote
Thanked by:
  #76 (permalink)
soumen
Dhaka Bangladesh
 
Posts: 50 since Sep 2018
Thanks Given: 6
Thanks Received: 24

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.

Reply With Quote
Thanked by:
  #77 (permalink)
 joe s 
sacramento ca us
 
Experience: Intermediate
Platform: Ninja Trader,Trade Station
Trading: es
Posts: 163 since Aug 2015
Thanks Given: 133
Thanks Received: 105

poker has discipline and strategy like trading

Reply With Quote
  #78 (permalink)
 Dotilar 
Pamplona Spain
 
Posts: 9 since Jan 2020

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.

Reply With Quote
  #79 (permalink)
SunTrader
Boca Raton, FL
 
Posts: 260 since Nov 2018
Thanks Given: 81
Thanks Received: 182

Life is a gamble but if some find trading boring ..... stop trading.

Reply With Quote
  #80 (permalink)
 
SBtrader82's Avatar
 SBtrader82   is a Vendor
 
Posts: 587 since Feb 2018
Thanks Given: 222
Thanks Received: 1,333


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.



Sent using the NexusFi mobile app

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote




Last Updated on July 27, 2023


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts