"Gamblers always die broke, young man," whispered the grizzled, old casino lizard at the Blackjack table as I gathered my meager winnings.
It wasn't very nice to hear: A recent college graduate, I had just earned a small sum during my first visit to a casino. But that advice ended up being among the wisest and most foresightful I have ever heard.
Soon after I met the old man, I read comments from billionaire casino owner Steve Wynn: "The only way to win in the casino is to own one." His words still resonate with me.
I thought to myself "Money lessons come from the most unexpected places." Here was a successful casino owner and a hard-core gambler essentially giving the same advice -- don't gamble and remember that the only way to win is to own the casino. I have never had interest in casino games since. Continue reading "Don't Gamble, Own the Casino Instead"
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.
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"