The Fine Line Between Trading VS Gambling - Important Lesson
Hi Traders. This is the video edition of yesterday's workshop.
I genuinely believe this is one of the very important topic that we MUST all learn - identifying the distinct differences between trading VS gambling.
Recap
Most Traders put way too much attention on indicators.
Indicators are supposed to assist us with our decision making process, but if at any point you feel like some of the indicators are burdening OR paralyzing the way you make effective decision, then its probably time for you to eliminate them,
At certain of your trading journey, you'll need to focus on subtraction, rather than addition.
Novice Traders come into the market with the mindset of "I want to learn and know as many things as possible", all they're trying to do is to absorb like a sponge.
Experienced Traders understand that less is more.
The more you know what's not for you, the better you perform, and the better you're at avoiding distractions.
Do you really think anyone can be successful purely through knowledge and experience? and does knowing more means you're more knowledgeable?
What is the true definition of knowledge? The way i define a wise person is when they understand what's good for them and what's bad for them.
The secret of trading success lies in Principles.
The way you create a plan, rules and principles, then execute them relentlessly.
Remember: The fine line between a Gambler and a Trader, is a plan.
Gamblers gamble without a plan, while Traders gamble (anticipate the future) by having frameworks, plans, rules, and principles.
I genuinely believe this is one of the very important topic that we MUST all learn - identifying the distinct differences between trading VS gambling.
Recap
Most Traders put way too much attention on indicators.
Indicators are supposed to assist us with our decision making process, but if at any point you feel like some of the indicators are burdening OR paralyzing the way you make effective decision, then its probably time for you to eliminate them,
At certain of your trading journey, you'll need to focus on subtraction, rather than addition.
Novice Traders come into the market with the mindset of "I want to learn and know as many things as possible", all they're trying to do is to absorb like a sponge.
Experienced Traders understand that less is more.
The more you know what's not for you, the better you perform, and the better you're at avoiding distractions.
Do you really think anyone can be successful purely through knowledge and experience? and does knowing more means you're more knowledgeable?
What is the true definition of knowledge? The way i define a wise person is when they understand what's good for them and what's bad for them.
The secret of trading success lies in Principles.
The way you create a plan, rules and principles, then execute them relentlessly.
Remember: The fine line between a Gambler and a Trader, is a plan.
Gamblers gamble without a plan, while Traders gamble (anticipate the future) by having frameworks, plans, rules, and principles.
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