Trading, thy name is gambling?
So trading and gambling are two similar things, right? Well, the answer is no. In gambling, no matter what someone tells you, you’re destined to lose money one way or another. It is because of the fact that you consider it as a form of entertainment and you don’t know when to quit. In the case of day trading, you take this as a serious business. You enter this business with a proper plan and you know when to leave and not risk it all.
Myths vs facts
As mentioned earlier, generally it’s believed that you’re destined to lose a huge chunk of money whether you’re a trader/stock-broker or you’re gambling your money in a casino. First of all, we need to draw a line and make it clear that we do not consider trading as a form of entertainment. If you consider trading as a form of entertainment and not as a serious form of business, you’re in for a rough ride.
It is due to the fact that in trading, we need to question yourself before entering the business. Are you looking to make quick money or you’re patient enough and wait for the right moment to strike? Do you have a plan? Entering a day trading business without a proper plan is nothing but a financial suicide because you’ll lose a lot of money. Don’t be greedy and set realistic targets. Yes, there’s an adrenaline rush when you’re making money but this is not poker where you go all in hoping that lady luck will help you. You should know beforehand that you’ll quit when the stakes are high. Don’t wait for them to go even higher.
Still here with us? Well, it means you have answers for all of those questions and you’re ready to enter the day-trading business. Remember, you’re not at a casino and this is not a form of entertainment. Trading is a legitimate business and you are here for a while so buckle up and let’s make some money shall we?