Risk and Reward – these two words are mostly associated with trading. Moreover, if you mention gambling and trading in a single sentence, the trader will react by saying that these two have nothing in common to share. It may be hard to admit, but the connection between these two shouldn’t be taken for granted. There are also similarities that can be hard to distinguish especially by new traders using MetaTrader trading platform.
The Winning Odds of Trading and Gambling
If there is a single word that can easily connect gambling and trading, it is the odds. Whether it’s gambling or trading, you will have to deal with the odds. But with gambling, you will have to look for the odds on your game no matter what it is.
Now, it is time to tackle the connection between these two. Take, for instance, the emerging markets from years back that allow the purchase of stronger currencies such as the Euro and British pound. But nowadays, the odds are not always guaranteed and some circumstances might not always be favorable to you.
Improving the Odds
If you have known two people who do gambling and trading and asked which one is more profitable, you will certainly get different answers. The person who has doubts when it comes to the long-term positive returns of gambling most likely talks based on experience. They might have tried using different systems and spent some money going to casinos but only ended up getting broke.
Now, you will get a different answer if the person you asked owns the biggest gambling site in Las Vegas. You will surely get a positive answer. Same questions but the answers are contradicting. Therefore, how can you really put your odds on your side just like the experience of the casino owner?
Getting The Odds On Your Favor
What does the new trader fail to understand? What did the casino boss understand?
Casino: You only play the game if you are certain that the odds are on your side.
Trader: For best trading results, you must focus on trades that have higher probabilities.
Casino: They have the best unwavering discipline when behind the table.
Trader: You must keep your focus on the capital and how you should protect it. That is the best thing you can do to protect your edge.
Casino: Keep the casino open 24 hours as this will increase profitability.
Trader: Understand the fact that the trade you make is just one of the hundreds of significant trades that will help you build your career.
Trading is somehow similar to gambling. But, you ought to benefit from these similarities if you find ways to increase your odds and think like a casino boss and not a casino player. The best thing to penetrate the trading industry is to choose a reputable and reliable trading platform like MetaTrader and focus on fewer trades that align your edge. Also, always keep your discipline when in front of money. Do not get easily swayed or make drastic decisions out of pure emotions.