Today we welcome Les Schwartz of DecisionBar Trading Software to the Trader's Blog. Les shares his thoughts on why many gamblers become traders and how those types of traders can shift their trading psychology to make more profitable moves in the market place.
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Having been an active trader for 20-plus years, I’ve had the opportunity to observe much more than your average investor.
For instance, one of the unusual things I’ve observed is that many traders come from a gambling background, and horse betting in particular. In fact, many years ago I worked at a race track and placed a few bets myself.
Why do horse betters frequently gravitate toward trading?
I think it’s because there are certain aspects of trading that are more predictable than horse betting. A stock or an option or a currency pair can’t break a leg or unexpectedly fall ill.
Plus, very few guys who play the horses make a full-time living at it. But there are many, many traders who enjoy a healthy part-time income – or even make a full-time living – from trading.
Continue reading "From Gambling to Trading: Mindset Shifts That Help You Win"
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You see, I am a beginning trader that has "played" in the markets for the past 10 years and have lost more that I care to mention. I am a 48 year old father of two living (and stuck in) the middle class dream where there is always more month than there is money. I have always believed that I could make money in the markets, but just recently made up my mind that it was going to happen. I am a statistic of the job losses that are currently so widespread. When I received my severance (I am one of the lucky ones who actually received a severance), I re-charged my stock account and committed to making it grow. And the light bulbs are beginning to come on. It's almost like magic. Once my mind was where it needed to be, I began to see things more clearly.
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