The difference between a trader and a gambler is frequency. A gambler does it once. A trader is committed to take the natural fluctuations in their bottom line. A gambler gives up control and takes little responsibility for the outcome. A trader sees the outcome as a learning experience. A chance to take that knowledge and let it pay over time. A gambler sees a success as a pay day. A trader see it is an opportunity. A gambler focuses on luck, a trader focus on repeatable actions. A traders can tell the difference between an aberration, for a gambler there is no distinction.
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The market is a tough battle. Each day there are chances and opportunities to make money though, it is the greatest form of free market capitalism known to man. It’s a vast ocean with treasures; we just have to be able to unearth them at the right moment. We have the ability to navigate carefully through markets, put our bets out there and see where the chips fall.
But if we are too loose with our capital then we are headed for a bad ending. Discipline is one of the keys to success: learn your craft and practice. Each day that passes is one more great learning experience – capture it, analyze it and grow from it. Use a trading system, pay attention to the timeless patterns of price/volume and believe in what you see and not what you hear. (more…)