STOP GAMBLING

Most people today buy stocks without any kind of trading plan whatsoever. In fact, many people don’t even know what that is. They just buy stocks by chance. Perhaps they got a tip from a friend or read a tempting recommendation in a financial magazine. Either way, this kind of behavior is a schoolbook-example of how a trader should not behave.

 

Of course, sometimes now and then such a buyer is fortunate enough to make a really nice trade and gets a taste of that winning feeling. In the long run though, these kinds of traders are doomed to wind up in the losing corner. To trade in that manner is no different than gambling, and gambling is nothing a successful trader devotes himself to. Gambling is better left to the gold diggers in Las Vegas.

At Nordic Analyst we are convinced that it is imperative that a trader has a well developed and strictly defined trading plan so that he can prepare himself to make the big money. You always have to make sure that you have the odds on your side and you always have to know how to act in every given situation. As long as you do that, you have put yourself in the extraordinary position of becoming a winner in the long run. You don’t have to be right every time. You can’t be. A successful trader knows this. He knows that losing trades is a part of the process. As long as he’s got a functional trading plan he doesn’t care. He knows that if he has the discipline to stick to his strategy he will be successful. It’s all about working with the odds on your side, and not the other way around. As we said; gambling belongs in the casinos.