What makes a successful trader, not a gambler?

[entrepmind23]

A successful trader learn from his mistakes but a gambler don't learn from it. A trader uses what he learn to be consistent in his trades while a gambler do not care what his past mistakes are. He is full of emotion and rarely have a plan. He just go with the flow and if he wins or have profit, he would want for more and when he lose, he tends to get back what he lose by trading more even though it would burn him if the trade doesn't go his way. According to a study, only 10% becomes a successful trader because majority of the people tends to become greedy and emotional when trading so they got burnt every time and eventually make them quit.

[naidray]

I think those people who become traders are always a bit of players. I used to play poker and I want to say that the trading is similar to poker or blackjack - which are gambling games, but it is mathematically possible to make profit by playing these games and for this you just need exactly the characteristics described in the first post.

Everyone is a player in trading, it is just how you play based on the strategy you have that differs. The thing that makes gambling totally different from trading is that even though you do not know the outcome in a trade, you can at least use some few things to make some good decisions in the market which if you are knowledgeable enough, most of the time, you are going to be making good calls without getting emotional at all.

Some traders tend to set buy and sell orders, while gamblers are into profit they set alot of targets and take profit. they don't mind the market trend. If it goes dip then they sell it to avoid losses. I myself is a holder i sell my coins when bull run occurs.

Holding probably an easy way to prove ourselves as a good trader and more importantly when we are holding, the chances for gambling with price levels is also very less. Because holding is a passive way of trading whereas gambling requires active participation.

[zuyfg888]

It is all about trading, taking the risk is one of the structure in trading. Like in gambling, the higher the risk, the higher the return will be. Let’s not assured that we can earn high in trading, just like gambling, we can earn high if we take the risk.

[Tynovten_]

I trapped many times in trading, the drastic decrease yesterday make me a little bit worried. But i keep on reading the bitcoin history and searched why that can happen. With this way i can start again the trading,


And the most hard thing for me is to control my EMOTION and GREEDY. That thing make us fall into hole.

[mast3rm1nd]

Trading without proper education is consider gambling and its too risky to do that since the market is highly volatile. Successful trader may not always make good money but since he follows what he set for a specific tradings it can still be consider as a successful one.

what do you mean by a proper education ?? I know people who didn't study finance or business or anything remotely related but make a lot of money crypto trading just using common sense and a strong mental presence. education is over rated in my honest opinion.

note: I said education but not knowledge.

[whirlcoin]

Yes,you are right we have to trade with skill and knowledge not based on the luck,it may workout for few times but not all the times so if someone want to be a successful trader the need to have specific strategy and the backup plan if he lost all his amount in these trading.So learn the basics first before start trading or else you will lose your money in no time.

[Ewox]

You are absolutely correct in many aspects because I would consider myself as under the trading traits than of the gamblers trait but there are times I get to emotionally attached to some of my coins and hope for more profits but I did manage to control it when the market was ugly.

[Prettyme]

To be a successful trader you must know or you must have knowledge about on how to deal with trading especially during its dump so here you must know how to do during this situation. And of course just always be careful and be more wise when trading and especially have patience to hold your bitcoin.

[1NV3ST0NM3]

A gambler has no knowledge of what he is investing in, like what is the project, why he is investing, how the price will move, etc. The only thing he is concerned with is that he wants to make huge profits. On the other hand a trader completely understands how trading and investment is done, pays attention to market trend and technical analysis, takes care of the involved risks and does not think of making millions in a span of few days. Moreover he already has calculated the amount of loss he can bear called the stop loss while a gambler can lose everything in just one go.

[trplzr]

I think the line separating the two is much thin than it seems...
Many gamblers have predefined and well-crafted strategies, on the other hand , if you look at someone who calls themselves a trader at the beginning of his career, most of the time we will see someone shooting in the dark (even without knowing it).

[jlong187]

Thanks for sharing my man! I think that greedy person who wants an instant profit, will most likely became a gambler, not a real wise and patient trader, but afterr all it is better to be a second one.

[Yaunfitda]

Thanks for sharing my man! I think that greedy person who wants an instant profit, will most likely became a gambler, not a real wise and patient trader, but afterr all it is better to be a second one.

Its human nature mate, all of us are greedy at some point. But the problem is that most of us cannot control it. As for trading and gambling, A successful traders knows the risk, can control his greed and emotions specially if you are a daily trader and you have the ability to 'control' things.

As opposed to being a gambling, its based on pure luck and if you are unlucky that day, you will still go on thinking that you can recover what you have lose. Unlike in trading you have stop-loss order and at least lessen your potential to lose bigtime.

[Lenzie]

This two thoughts have been a very inseparable factor. A trader is once a gambler before only that he learns from his past mistake and use the experience to be a successful one. A trader have used his emotions a million times before only that he became more practical today.

[GoodLuck2]

This two thoughts have been a very inseparable factor. A trader is once a gambler before only that he learns from his past mistake and use the experience to be a successful one. A trader have used his emotions a million times before only that he became more practical today.

A successful trader is the one who realizes that gambling is not the right choice. Gambling is you can say the baby steps towards the real idea of trading and yes the bitter fact hidden is that once you will have to go through some real loss satisfies your greed that there is no short cut to the fulfillment of your dreams and you will have to go through the other way of hard work.

[GayOfThrones]

Keeping emotions out of the game is the crucial point, if of course you have a well thinking mind anyway, topped by enough trading notions both theoretical and practical.

[vintages]

Well, if you look at it from a different angle, they look alike. I tend to see traders, especially day traders as gamblers. But if you want to be an outstanding trader in the midst of those who jumps in to trade without caution,  then you should have standards and rules that guys you. Which are, You don't just rush in to sell whenever there is any little pump cause every pump may not last . You have to monitor the market to know when to sell or hold.

[bitcoin31]

One of the most important if you want to become a successful trading being patient because if you have that you can wait the price of your target plan . Traders also do a research about their coin they want to buy. Those people who are failed in trading it's because they did not do any research so that's why they did not know what is good to buy and then buy a coin who don't have potential to increase the price so their money not grow and other people lose all their capital because trading because they are not focus of what theey doing. If you want to be successful you need also focus and spend time like in trading need a time to trads to ger an informarion to make a wise decision.

[NavI_027]

I agree with your definition between a trader and a gambler. But are you telling us not to be a gambler and just be a trader instead? Well, some of us will and some of us will not.

Even though we all know the fact that gambling is not good, there are still so many gamblers right? It's all because of money. I'm pretty sure that a gambler still continue his deeds after reading your post and just unrecognize the negative characteristics you included. My point is we cannot easily change gamble-minded people because they prefer "easy money" despite of the strong risks over slower and tiring earning of money (which is trading).

[BarbusseH]

Develop an exit strategy.
Before opening a position, you must understand how you will close it. This should be written in your plan, both for successful and for unsuccessful transactions. In the environment of traders there is an opinion - money is being made at the exit. This means that regardless of the moment the position is opened, it is the yield that determines whether it is winning or not.

[jefbigbob70]

Treat trade as a business, not as a game, that is, do not act emotionally, but do a cold-blooded prediction and calculation of the situation.
Successful traders lead a balanced lifestyle. The thrill of a successful transaction can be addictive. But a good trader knows how to stop on time, and, more importantly, he has something to switch on, whether it's family, friends or hobbies.