A Derivatives Trader is like a Blackjack Player
Derivatives trading is not for everyone. To really succeed as a derivatives trader you need to have a strong understanding of the market trends, you need to be vigilant at all times, and above all you need to have the discipline to enter and exit at the right time.
The same goes for a blackjack player. Blackjack, also known as twenty-one, is one of the most widely played casino gambling games in the world. It is also different from other games, because the outcome of a blackjack game is not determined purely by chance. Using various techniques, such as counting cards, an intelligent player can influence the odds of winning the game.
If you are a casual player, or are trading just for thrills, you are basically putting the money on table, and increasing the chances of a rational gambler or trader.
So what are characteristics that make a successful trader similar to a rational blackjack player? Let’s take a look at some of these characteristics.
1. It’s a serious business: Earning money is serious business. The same is true for successful gamblers and traders. One of the most important qualities of successful gamblers and traders is that they take it as a serious business to make money, and as a part of it use their money wisely, learn from their mistakes, and take a systematic approach to gambling or trading.
2. Appropriate documentation: Having proper documentation and records of their trades and gambles is a routine for any successful trader or gambler. Proper records help them understand and analyze their own moves, build confidence and help them manage their money.
3. Discipline and patience: This is the most important characteristic that differentiates a successful blackjack player from the rest. If you think that you can just d a quick trade and make your money then you are probably wrong. To be really successful, both gambling and trading should be looked at as a marathon, where you are in for the long-term.
4. The games are fundamentally similar: Apart from the similarities in the characteristics, the two games, i.e., blackjack, and trading are quite similar in their structure. In blackjack, you have the house and the players. In case of trading, you have the market and the traders. Either can win or lose with no effect on the outcome.
With the advent of technology, you can now play online blackjack similar to how you trade online.
So, what’s your game?