In the past I have had so many discussions with traders about this topic: is trading gambling? The answer? Yes, it is. But why is it and is it a bad thing that trading is gambling? In my opinion it’s not a bad thing, it’s just a label. But how about you? Trading is gambling but it can be very profitable. In this article you will read why trading is gambling and how you can put the odds in your favor so that you win at gambling.
Why is trading gambling?
If you go to Google and you search for what the definition of gambling is, it will bring up something like this: to play games of chance for money. You will also find: taking risky action in hope of a desired result (making money). Now tell me, how is that not trading? It’s the exact definition of trading. You take calculated risk in a game of chance, hoping to make a return. So, trading is gambling. As a trader you are gambling for a living. It sounds bad, but if you think about it, everything in life is a gamble. If you get a regular job, that’s a gamble. Your boss can fire you at any time he wants and then you are left without a job. Taking kids is a gamble. You will never know if they turn out healthy, or if they grow up the way you expect them to.
Everything is a gamble. To be successful and happy your job is to take a gamble you enjoy and where the odds of success are higher than the odds of losing. That’s it. That’s trading and that’s life. If you don’t take the gamble to start your own company, you will be forced to take the gamble of working a 9 to 5. If you don’t pick, life picks for you.
Is trading worth it if it’s just gambling?
Trading is worth it if it’s just gambling. Why? Because if you become good at it you can make a nice income with trading, even if it’s just gambling. Gambling is about two things:
Knowing when the odds are in your favor
Only playing when the odds re in your favor
That’s how you win in trading, in life and in any business. Know your strengths and play your strengths. When it’s not your time, you sit and wait. Or even better, you improve your edge to become an even better gambler or trader. Trading is gambling and trading is worth it for those that get the skill. The hard part is getting the actual skill. Most people follow a course and then think they are ready. The truth? You are far from ready. You still have to build a framework around the information. Then you have to come up with rules and build a plan. Then you have to test your plan objectively. Then you have to improve and finally you can demo trade. Lots of work, even if you followed a course. A course or training can give you the best information and it can improve your trading, but you still have to put in the work, otherwise it will never work.
Trading is worth it if you enjoy it and if it makes you money in a way that you like, and, in a time efficient way. If that’s the case for you, you have made it. It doesn’t matter how you make your money trading. As long as you enjoy the way you make money and it’s a safe way of betting, you are good to go. Let that sink in. It doesn’t matter how you do it, the point is to take the best bets and manage risk.
How to gamble like a pro?
Now that we know that trading is gambling and that trading is worth it, if it fits certain criteria, let’s dive a bit deeper into this topic. How to gamble like a pro? Is trading easy? Trading is easy if you do the hard work. That’s the best answer I can give you. Gambling like a pro takes a lot of hard work. Trading losses happen and as a professional you should not let them affect you at all. Trading losses allow you to learn and grow. Same in life: resistance teaches you lessons. Obstacles teach you lessons. If there were not bad periods, you would never enjoy the good periods.
If you ask a fish to find water, he will never find it. Why? Because he is in it and he has never seen anything else to contrast it. Same in life, same in trading. Losing periods are normal. Big trading losses are normal. They prepare you; they make you stronger. Learning from your trading losses is the only thing you can do. There is no difference in trading vs gambling. Trading vs gambling is essentially the same. You just gamble a different way.
To become a pro gambler or trader you should to a few things perfectly, these things are:
Finding a trading style that suits you
Putting the odds in your favor
Only trading when the odds are in your favor
Managing risk
Managing emotions
These are the only five things you have to become good at. That’s how you become a profitable trader. So, in a sense, trading is easy. But, it’s hard. If you get what I mean.
Trading like a pro is only about trading when the odds are in your favor and not making mistakes in the meantime, while learning from all your losses. That’s what I do day in and day out. I have so many spreadsheets it’s ridiculous. I’m a huge nerd when it comes to trading. I like to have data and I am always finding ways to improve what I am doing, to approach trading like a pro.
Are you still losing money? Then work on these five things, or click here and make big steps forward.
Conclusion
Trading is gambling. Trading is worth it. Trading like a pro is easy, if you understand the game fully. You now know exactly why trading is gambling and why it can be worth it for some of you. You now also know more about the game a trader is playing. Did you like this article? Please leave a like or comment. Do you have any questions? Comment below. Do you want to speak with me? Send me a DM here or schedule a free call.
PS: Do you want to have an unfair advantage? Click here.