Trading tips no 7: developing a casino mentality for the day trader
I submit that the successful day trader would profit well to adopt a casino mentality. At first glance, this sounds reckless and nothing more than a gambling attitude - but it's not. Why? Because everyone knows that it's the casinos that profit and take in all the money on a consistent basis. And, of course, the patrons end up losing even after brief winning streaks.
If you want to profit in the market, ask yourself this question:
1. What do successful day traders and casinos have in common?
As a day trader, what if you were the casino - that is, on the winning profiting side. You could expect to profit consistently. You would be unperturbed by an occasional drawdown (like the casinos when someone hits the jackpot), because you know that you potentially will make it back and more.*
This is what successful day traders and casinos have in common; they both have a winning system that clearly puts the odds in their favor. The more they "play" or stick with the profit system of their choice, the more likely a positive outcome. It's only a matter of time, because the odds are in their favor.*
By thinking like the casino and not the hapless gambler, getting on the right side of the table, putting the odds in your favor, and working the system, the day trader can tap into the same phenomena that built Las Vegas and run away with a killer profit.*
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Article Source: Messaggiamo.Com
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