Dear Diary,
I was talking to my friend about trading over supper. All along, I always have this notion that I will definitely be successful if I stop making stupid mistakes and hone my skills by practicing and practicing. I know that it is dangerous but I have always treated it like a business and often I manage my risk properly, although it is always the stupid LARGE errors that keep me in the red. I’ve always thought that if I learn from my mistakes and control my emotions I’ll be able to pay my tuition fees by the time I graduate. I’ve always thought of trading like that until my friend said, “Isn’t this what all gamblers say?”
I was momentarily taken aback. Is it true? I know trading is gambling in however small sense it may be. Most traders will never admit it. But will it be gambling when you can consistently make profits out of this? Its different from say, the lottery, where your odds of getting the first prize is 1 in XX million.
I really need to know how you guys think. Why am I so concerned with whether trading is gambling? I’m not sure. Until I reach the stage where I am able to take $ out consistently, I guess I will be brooding over this. But a more important and necessary question will be how to be profitable consistently.
Your Brooding Owner
12th December 2009
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