Sterling Terrell

smart ideas from books (mostly)

  • Home
  • About
    • My CV
    • Books
    • Series
  • Newsletter
  • Advertising
  • Tools

Trading Is Like Playing The Craps Tables?

Trading Is Like Playing The Craps Tables?

I disagree – kind of.

Better said, I would state:

Trading is – psychologically – like playing the craps tables.

As Schwartz states, you can win in the markets, in the long-run.

In craps, you can only be up in the short-run.

The house always wins.

“Trading futures is a lot like playing the craps tables. So Las Vegas is a great place to work on the mental discipline it takes to become a successful trader. There’s no way to win consistently in Vegas, but, if you’re really good, you can win some of the time, not lose too much of the time, and have a good time all of the time. But it takes discipline. The casinos want you betting with your gut, not with your head, and they’ll do anything to break your concentration. Unlimited booze, uninhibited women, and unrestricted fun, twenty-four, seven, three sixty-five.”

–Martin Schwartz, Pit Bull

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Filed Under: PotpourriTagged With: #Craps, #Trading

How Trading Is Being Wrong

How Trading Is Being Wrong

Trading is about being wrong.

You are wrong. You are wrong. You are wrong.

If not today, tomorrow.

In fact, you will probably be wrong most of the time.

Think of it this way:  How often would you raise your hand in school if you new you would answer wrong half the time?

Getting into a trade you do the same thing though.

What an incredible psychological mountain to overcome.

What a humbling profession.

“One of the great tools of trading is the stop, the point at which you divorce yourself from your emotions and ego and admit that you’re wrong. Most people have a tough time doing this, and instead of selling out a losing position, they’ll hang on hoping that the market will realize the error of its ways and behave as they believe it should. This attitude is usually self-destructive, because as Joe Granville used to say, “the market doesn’t know whether you’re long or short and it could care less.” You’re the only one who’s emotionally involved in your position. The market’s just reacting to supply and demand and if you’re cheering it one way, there’s always somebody else cheering just as hard that it will go the other way.”

–Martin Schwartz, Pit Bull

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Filed Under: PotpourriTagged With: #Stops, #Trading

  • « Previous Page
  • 1
  • 2
  • 3
  • 4
  • 5
  • …
  • 24
  • Next Page »

Subscribe to Blog via Email

Notifications of all new posts by email.

Connect

  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter

Search

Top Posts

  • The Tricky Lily Pad Riddle (You Probably Can't Solve)
    The Tricky Lily Pad Riddle (You Probably Can't Solve)
  • Rory McIlroy On Stoicism
    Rory McIlroy On Stoicism
  • Who Played First Base For The Yankees Before Lou Gehrig?
    Who Played First Base For The Yankees Before Lou Gehrig?
  • How Great Thou Art Lyrics
    How Great Thou Art Lyrics
  • God Gives Job Double Everything, Except This?
    God Gives Job Double Everything, Except This?
  • Wonder Park Pi Song (Watch It Stick In Your Head)
    Wonder Park Pi Song (Watch It Stick In Your Head)
  • What's New Pussycat Joke
    What's New Pussycat Joke
  • Brandon Hays First Sermon @ The Church At Harpeth Heights
    Brandon Hays First Sermon @ The Church At Harpeth Heights
  • Competition Cheer
    Competition Cheer
  • My Notes On, In My Father’s House, By: Corrie Ten Boom
    My Notes On, In My Father’s House, By: Corrie Ten Boom

Supporting = Loving

Buy Me a Coffee

Recent Posts

  • Tesla Model S
  • Brandon Hays First Sermon @ The Church At Harpeth Heights
  • How To Make A Clay Pot
  • My Reading Advice
  • Sometimes It’s Fun Being A

Copyright © 2023 · Generate Pro On Genesis Framework · WordPress · Log in