When one is into trading his mind needs to focus on long term profiting than quick earning. Trader with the gambling mentality can't make profit out of trades. It is well said, a gambler easily gets emotional after loss, which doesn't suits with trading. The traders try to make something out of the market moves, whereas gamblers look for luck than following strategies.
I find both form of traders to be successful, but the percentage differs. The success rate of a trader against a gamble mentality trader will be like 85:15
Traders are more on long term profiting so they should need more knowledge and skills to sustain their trades and end up being successful. This is why they have to focus more on analyzing the market patterns because that will be their bases when to trade as long as they see the market is stable. However, gamblers always aim for quick profits and so they tend to lose their capital too quickly compared to traders. They may have prior knowledge and skills in gambling but they mostly depend on luck whenever they start betting.
It's true that in trading we must have knowledge, because trading without knowledge can be gambling, because we will only rely on luck.
Therefore, if we want to become successful traders, we must improve our knowledge and skills in reading the market. A trader always has
a plan before making a trade, so the trader already knows what to do when the unexpected happens. While gamblers usually just play without
any planning, let our luck decide. Then you are absolutely right that a trader does not need to make profits in a hurry, a trader must be more
patient to get profits. Therefore sometimes a trader can wait in the long term in order to make a profit, while gamblers usually want instant profit.
Because there is a concept like this in the trading world if the market goes down and we haven't sold it, it means we haven't made a loss,
so patience is important in trading.
