Trade Tip #1: Learn about the game and the markets to boost your chance at success
Before you dish out money in the markets or the casino, you need to know what you’re dealing with first.
With the casino you need to understand:
The rules of the games
The risk per move
The amount of money you should play per hand
Once you understand these points, only then will you have developed some kind of game plan for when you play each game.
With trading it’s very similar because you need to understand:
The financial instrument you’re trading with (CFD, Currency futures, Shares)
The risk involved (how much money you could lose per trade)
The amount of money you’ll put into each trade (to manage your risk)
And you’ll need to consider the costs involved, so you know where your money is going.
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Trade Tip #2: Know when to fold and when to forget about a trade
The best gamblers in the world know when to fold (not play a hand). Whether it’s poker or black jack.
With Poker, you could start out with the best hand possible.
However, when the players start betting big money and you see more cards on the table, things can change very quickly.
This is where you’ll need to consider whether your hand (cards) are worth the amount of money on the table, or not.
If the risk is too high, it’s better to fold and wait for another hand.
With trading it’s similar.
A trade could line up perfectly, and your strategy could set up a buy signal.
But if something unpredictable happens such as:
A big news event causes a shake in the market
A bank collapses overseas
Non-farm payrolls come in worse than expected
Donald Trump becomes president (Yes, I’m a Clinton supporter)
This is when you need to decide whether you should take the trade or just wait for the markets to calm down.
And if you take the trade, you need to implement a stop loss which will stop you from losing a huge amount should the market turn against you.
97% of traders lose and 97% of gamblers lose
These are the similarities between trading and strategic gambling.
With Poker and Black Jack you can make your decision on bets and folding. And so you will need skill to profit from these games.
I don’t endorse irrational gambling but I do recognise that you can plug in these strategies with the games of Poker or Black Jack.
And if you have money on the side, then why not?
“Wisdom yields Wealth”