It's also a gamble relying on an employer, to want you to show up to a 9 to 5 job everyday, and pay you X amount of dollars for your time, when at any time that job can be gone, in a flash, IMO.
That's a silly analogy. You can't lose money while you're at your 9 to 5 job. Sure, you can get fired at any time, but while you're still there you're guaranteed income.
I used to block his ads, I listened to this man for 15minutes, he said something that change my trading style, that was 2 months ago. I’m up 2K less than a month. This man is legit!!
Yo Ross. This video was put together with a lot of creativity. Same subject matter but different venues as if it was one continuous monologue. I love it, man!
Biggest thing I see is that you can see you winning or losing money with stocks as it happens. Gambling you dont know until the results are over. It would be like if you had to say, Im buying 1000 shares of TSLA today at $420 a share. But you dont get your results till the market closes and only then you can see if you won or lost. You cant do a stop loss with gambling.
World professional poker championships are often the same people around the table at the Finals year after year. They are ALL calculating mathematical odds and using strategies and it’s awesome.
Been playing poker 9 years and trading 5 years. There are a lot of similarities between the two, the biggest being risk management. A trading setup will not work 100% of the time. Being dealt pocket aces in a poker game will not win 100% of the time. There’s times you will get lucky and there’s times you will get unlucky. What separates the gamblers from the non gamblers is their edge/strategy. Also that edge will only work if you have a plan in place to utilize that edge, without deviating from it.
Excellent video. I believe this is where I am. My month stated out green. Now pretty red on the month. What has happened is I see a lot of stuff moving and I talk myself into taking the trade when it is not my bread and butter setup then end up missing the A quality setup. Honestly it’s really hard because I convince myself this a good setup and then it goes against me. Discipline 100% of the time I love that! That leaves no room for guess work. The other issue i have is I don’t have the confidence to take the A quality setups and when I do take it I sell to soon and it works out. Successful trading takes more than having a strategy it takes a strategy and discipline! Thanks Ross this video was excellent
Warrior Trading thanks I will keep at it. This video has encouraged me to not trade everything I see moving and sit on my hands until it meets all the criteria. I want to be a part of the 10%! It begins and ends with discipline!
“You gotta know when to hold ‘me and know when to fold ‘em, know when to walk away, and know when to run. You never count your winnings when you’re sitting at the table, there’ll be time enough for counting when the dealings done.” Kenny 3:16.
I agree with you Ross. The only issue that I see while day trading, is the quick split second decision that you need make when placing a trade when the market opens, and also it’s difficult to keep an eye on multiple stocks at the same time. That’s when emotional impulsiveness take over your intellectual abilities
100% agree!!! Was up $336 on a trade following my algorithm and got greedy watching the momentum and fell victim to fomo aka gambling - lost $300 of my profits.
Gambling is win or lose. Trading is win, lose if you choose or maybe not. That one has no guarantee but there is more possibility than gambling. And there is the wonder and inspiration to check it out. It’s a real job and there is a fine line because it’s ok to do it. Your ok then to say I day trade without thinking about what it actually means. Just like drinking because it’s legal and everybody does it overlooks the fact that it has a bad result. Some survive with no problems. And others die. Your choice. Good luck to you if you read this👍
in roulette for example you have a 50-50 chance to be right, you just throw the ball in that spinning thing and hope for the best. you can't do anything to improve your chance. in trading however there are things you can learn and 'see' and by doing so and practicing you increase the chance of being successful while you keep the chance that you bet on the wrong horse as low as possible.
Of course it is. A lot or most of the businesses are.. the real question really is to what percentage is the gambling part. Like when you invest in a restaurant you are gambling, you even sometimes hear the term 'gambling' in a surgery room! Managing risk, probabilities, statistics is part of business/investment/gambling. But if you master it like Ross, I'd call it an "Art" though.
MunKayNuTz _ Day trading isn’t investing??? You will have to explain that one to me........could you imagine what we wouldn’t have with out investments??? I think people who believe this way, simply dont know how investments work.......
Freedom 1 As per google the definition of investing is: expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture. By that definition, placing a bet on the craps table is investing. You are placing money down and with the expectation of receiving money back at a later point. So we need a better definition. When I think of investing I think of holding for a longer point of time than a few minutes, seconds, or within a day. Think of a 401k or Roth IRA. Risk becomes greater when time is shorter but profit potential is higher just like with “gambling” Gambling is divided by games of chance and games of skill. Chance games: slots, roulette, etc. are true gambles the expectation and risk is determined by algorithms preset into a machine or table based off payout tried and expectation is in the houses favor. The user has no idea when they will hit or any way to mitigate the risk. Sure you can hit the the huge jackpot on the powerball lottery but your odds of hitting are in the millions:1 Games of skill poker, blackjack, etc. still have the element of risk but can be mitigated by strategy. You don’t have to play every hand per se or bet sizing can be altered to mitigate or exploit the particular situation. All within the particular deal or hand being played. This is very similar to day trading because we are taking a position or betting expecting an immediate outcome and or return. We use programs to sort which stocks have better profit potential, we study technical patterns, use candlestick charts to analyze volume and price action, level 2 data to see active bet sizes etc. but all the while looking for an immediate return. Poker is no different the hand we play is the stock we are picking to trade or not to trade. We are dealt a situation the community cards akin to the current price action. Everyone then places bets (purchases long or short) as to the future movement new cards to come on turn and river streets followed by more rounds of betting on each street. Each bet, each card tells us more about the unknowable future and we change our decisions and actions based on that incomplete information that is not fully knowable. And, when not at the table we study previous situations, outcomes, betting patterns, hand charts, odds calculations because in the moment we have to “be the computer” to the best of our ability to raise our expected value in each different situation to the best of our ability.
There are two games similar to day trading. Poker and Blackjack. Everyhing else is the pure unknown. Those two games you can limit your risk and make decisions based off strategy.
Nailed it Ross, well said. I think this also helps to explain why the transition from paper trading to live trading is frequently met with failure. The motivation to gamble is significantly stronger when real money can be "won". Planning out the trade before pulling the trigger is a prime condition of my strategy. Resisting the urge to jump in (on the top of the 4th consecutive green candle & just below resistance for example) without a plan (sl, pt, s&r, structure and/or pattern) is the first test of my discipline. I find that analyzing the chart and making the plan strengthens presence of mind, which in turn makes discipline easier.
The point is that poker is not gambling the same way roulette or slot machines are... Poker is a game of strategy... sure, there's a dosis of luck involved but it's mostly strategy... Day trading is also a strategy type of activity which involves a dosis of unpredictability (luck?) but where proper risk management will tip the balance your way... exactly like properly played poker.
Ian, if you have been doing it for 6 years and think its gambling then I assume you have just been losing money for 6 years then? Thats a serious question by the way!
@@Thedirtycat lol, not at all , I make a living from it with some loses along the way , it's my life but anything that requires to put money up and involves a risk is called gambling either way u look at it . Those who say it isnt is just kidding themselves .
@@iandrake2119 Yeah I see what you mean. I guess that is true. I guess I always thought of gambling as something where its just based on 100% luck but I suppose if the definition is just putting money into something without 100% certainty of the right outcome then I guess then yes its a gamble but then so is nearly anything in life really. Just like starting a business is a gamble. You can put money into a business or into any long term investments and technically its gambling as you don't know if it will work out or not. At least with trading you can start small and risk small amounts to begin with unlike maybe starting a business where it might require quite a lot of capital to risk on startup!
Simply.... Yes. Yes it is I make educated bets, higher probability bets at craps and roulette tables all the time. I can also spread out my risk with my bets, use win loss ratios for risk management. (3 losses:1 win) Watching a gap scanner, on a stock you know nothing about, and betting it will close the gap is no different than watching a craps game and the dice roll 10 times before rolling 7. I think the average rolls before 7 out is like 2.52. High probability that 7 is coming next, even though (just as in trading) the probability is the same for each roll, the likelihood becomes more likely with each roll. Just as with a trading plans you wait for higher probability set-ups, and yet it still can go either direction (up/down, vs 7/2-12). People don't want to admit it's gambling because it has a bad connotation. Just like people who drink a lot don't want to admit they're an alcoholic. It's better for you/others to view you as a trader, better to be seen as a fun guy who drinks. I've been both trading and gambling most of my life. I've been successful for years in both, and had times unsuccessful in both. What I'm saying won't be popular, but it will be true. Great video BTW
No day trading is not the same as gambling . In gambling you are hurting the other person by trying to take their money . With day trading , you have the right to hold a security for as long as you want . Be it 5 second be it 5 years or indefinitely depending on where you believe the stock will go . You make a decisions based upon technical analysis/ news etc. of course there will always be risk involved .
Hi Ross, there are elements of luck in both Day Trading and Gambling. However , a Gambler relies on luck without an edge. You have an edge with your skill set along all the things you said in your video. I could have a in depth discussion on this with you, and I hope to be in your inner circle soon. Getting to the Pro content now. Covid Sucks
This is a really good video. I'll say that it simply takes time to build up the experience and skill set to follow a strategy and I'm not sure there's any way to not make any mistakes from the very beginning. I think one of the points Ross was making was that following a strategy is even more difficult than coming up with one. That's been my experience as well.
Nice 🙂. Interesting comparison and analogy. I agree trading is based on strategy and confidence and experience. Gambling is different and I thought about this very topic in the past. Nice to hear your opinion.
Great topic Ross. I have been considering this idea since I first stumbled on your trading videos back in April and watched with no understanding of the setups you recognized, but you saw probable outcomes on which to " place a bet." Set ups are easy to equate to starting hands in poker, and the degree to which you believe they will have a positive outcome; you bet, raise or fold just like taking a small starter position, a large position, or simply passing and waiting for a better opportunity. What I really find similar is the idea that like all traders, all poker players will lose money. It's a certainty. But the ones that make money at it over time are the ones that lose less(risk management), lose better( maturity and introspection) and consider what they could have done differently in the trade or hand( self discipline and study). The study of trading is absolutely and utterly fascinating. Thank you for the excellent content.
Gambling: to risk without ownership Speculating : to risk with ownership The difference between gambling and trading is no matter how much I gamble with I own nothing. Trading is not investing.(to invest you must be guaranteed a return.) but no matter how long or how much money I have ownership/ contract in said company/ future. That is the difference
New to day trading and trying to put together the game plan. I have been playing poker semi-professionally for 15 years. Mostly cash games but have played just about every type of poker. Ross’ approach from what I can tell is almost identical to the thought process of a professional poker player. I think it would be cool to see Ross train for a poker session/tourney and Ross to help a poker player into a trader. Would be really cool content.
Yep the mental side is quite similar. To get started with Warrior Trading join us in our next webinar! It's free to join and sign up and you will receive a copy of Ross' best-selling eBook "How To Day Trade" just for attending! Sign up here: webinar.warriortrading.com/signup
Warrior Trading already did that but holding off for some personal reasons/obligations for now. Will be looking to at least join the chat room in the next month or so.
Day trading cant be gambling when there is professional traders who have made it big! Slot players hardly ever make it to the big time. The longer they play the more they lose.
By that logic a professional poker player isn’t gambling either. What I think is obvious to what Ross is saying is it’s not necessarily the venue by which you place bets (stocks, cards, etc.) it’s the approach you take to the game.
@@TheEntrepreneurChannel yes poker is definitely a skill game otherwise you wouldnt have people playing poker for a living. Ive been playing with a group of friends for a few months or so now and ive made quite a bit money because im a better player using a strategy and using maths rather than guessing what to do(gambling).
So I feel that investing on sports is similar to day trading. We are looking for trends and angles to gain an advantage picking a side of a sporting event. With trading we are looking for the same thing. Gambling as in the roulette table is 100% totally opposite of Day Trading. Using sports as an investment instead of gambling is the same as trading, if you are just randomly picking a team to win without any research is the same as buying a random stock without research. Both just a gamble. Angles and trends are the common denominator.
Day trading is definitely not gambling, there is a strategy, discipline, education, and execution, it is not something that is necessarily addictive, day trading can slowly making you financially independent. Gambling is simply flying by the seat of your pants, shooting from the side of your hip, blindsided, with gambling your failing to plan and planning to fail, gambling is an addiction and a disorder that is tough at times to break, it destroys families.
The highlight and the absolute best part of the video was at the very end! 🐶 😍 Awesome insight, Ross! I need to be ready to answer this question. I know for sure that I will get asked. My family all agree that day trading is not gambling, but I come from a conservative religious circle and have overheard conversations among people who do believe through and through that it is gambling. Thank you for this, Ross! Special hugs and cuddles to June! 😊 P. S. How many days did it take you to make this video? You started at the beach in Miami, gave us a tour through the mall, TWA exhibit, JFK Airport in NYC - tons of places, and finished in your garage at home! 😱
@Islem Tav If you're trying to have success (in general) but trading specifically, I'd recommend you distance yourself from your family's opinion. You just acknowledged that this is beyond their experience and knowledge, why would you want to add their approval to the list of things you need to be successful - save your breath and your emotional/mental bandwidth. Now, imagine what happens in a few years when your profitable? You might be surprised that reactions you get may not be positive. Keep your shit to yourself, like a professional - and share your wealth and abundance as you see fit, and without expectations on your family and friends.
G Wills that’s exactly what I was going to comment. There’s this thing about wanting to please others, and deep down it’s a lack of self something. I’m learning to set boundaries to control “over giving” and start developing more healthy attitudes. Obviously trading has brought years of built up unhealthy behaviours, mental and emotional baggage to the surface. Now I have an opportunity to work on myself and treat my mind and develop discipline and self control.
G Wills Thank you for your advice. Obviously, I don’t go around saying what I do for a living and don’t depend on it for my success. I don’t need anyone’s permission to do what I want to do. What I mean is, people will find it curious when you’re working from home and you have this extra time, they will ask. On an almost daily basis, I am involved with lots of people. And to be even more specific, I am a pastor’s daughter. I also have responsibilities within the church. So, as much as I dislike being under a microscope, my and my family’s reputation is important. Everyone has different situations. You may be one who is not involved with as many people as I am. It may not matter to you and that’s okay. But for me, even though I don’t need anyone’s permission, it’s important that I provide a clear answer that I am working to make my own income and not taking from the church’s to have the life that I want to live outside of it. That’s all. It’s an answer, clear and honest. Nothing self-gratifying. It means a lot more than you think.
"Would you gamble your kibble?" - ROFL!!! Actually, I think there are two types of "gambling" - 1) The common type, where people go to Vegas and lose money, and 2) the gamble of every-day decisions that run your life. We all do the second type - every decision in life can be looked at as a type of "micro-gamble" -- you have a potential benefit of going one way vs. another, and a potential risk (which could be monetary, but usually for every-day decisions, it's simply a loss of time, or lost opportunity cost). Some people are good at the gamble of every-day decisions, and move forward in life and are successful; while other people are not so good at it and their lives go downhill. If you treat your trading account like type #1 gambling, you'll lose money; but if you treat it like #2, then you'll be successful at trading. Of course, this is a super over-simplification of it (trying to get your trading to type #2), but it really is that simple. You have a strategy, and execute it. But this is sooooo much simpler said, than done. Because the emotional mind tries to take over when we hit a loss. And the bigger the loss, the stronger the emotional mind gets. There's a tipping-point where you can't control it anymore, and the emotional mind runs everything. I've been there a couple times in my trading over the years. I remember one day where I was up over $5k in the morning, the first two hours, only to end the day down $17k! At the end of it I thought to myself, "what the _fuck_ happened?!?!" How did I go from being up five thousand, where I was thinking about just walking away and taking the rest of the day off, to losing 23 thousand dollars in the next four hours (+5k to minus 17k = 23)?!?! This particular instance happened to me a couple years ago, and I've thought about it a lot since. I think there are two issues going on: 1) As humans, we're hard-wired to try harder at making back a loss (could be from anything, not just money) than going from "0" to above zero. Notice how people that sustain massive injuries, say in a car accident, work ulta, ultra hard trying to recover from their injuries to get back to the way they were before - but they won't put the same amount of massive effort into a project before the accident, or after they've recovered. We actually have a part of our brain that is responsible for this massive "over-push" to recover something that was lost (unfortunately, I forgot the name of this brain area). Now, what happens in trading when we try to make back lost money? We lose more. What happens when we try harder to make back lost money? We lose even more. That's the first problem. The second is, 2) "Revenge-trading" after we've lost control. Every trader will hit a day that I've described above. And, if it hasn't happened to them yet, the day is coming, lol! Idk why this happens, but in my particular case, there came a point where the day became like a blur. Like I was not "myself." I don't even _remember_ going from down $8k to down $17k! So the last $9k of losses, I couldn't even remember what those trades were at 1pm PST (so right after the market closed)! I was trading index futures on that day. I know I lost most of it on /YM, but whether it was 10 trades, or two trades, I don't even remember to this day! It is _that_ state of mind that I've been trying to figure out how to avoid in the future. Luckily, it's never happened to me since then. But I have had other "revenge-trading" days since, but never near to the point of losing control. To your point, Ross, about having an actual real-world, working, 100% tested, strategy I think is the way to avoid ever getting to point #2 described above. Most traders don't have a _complete_ strategy, or a strategy that fits "them" (their psychological profile). Once you have both, then I think you've taken the "vegas-style gambling" out of trading, and moved it into just "every-day decision" type gambling. And the latter, is a game you _can_ win.
Everything is gambling if u think about it. Going outside u are gambling that u might get hit by a car, get bitten by a dog, getting pooped by a bird etch... what you can do is to minimize the chances that could happen.
I think that because of stop loss triggers it differentiates itself from gambling. Also I would encourage people to trade on a compound interest target rather than a daily target. So thinking in percentage rather than $. I don't know if you would agree with this Ross? Compound interest means you can trade with a much smaller amount as well.
You need to look up the definition of “Hope”. Since you don’t KNOW you’re going to win at each trade, your definition of gambling is directly applied to day-trading. You’re trying to make hope and Strategy antonyms. They are neither a synonym nor antonym. Strategy is used in the hopes of winning. Strategy does not mitigate the gambling definition, it only mitigates the RISK. I’m a blackjack player/gambler, and I’m learning from your course how to mitigate the risk and increase my prospect of winning on a consistent basis. You actually proved that someone can lose 3 days in a row, yet you hoped during those losing days you would win. Have a great day in the Stock Market Casino!
I play Casino war and have tracked data and have a winning percentage as well. It consist of a 55% win rate over a 15 min session yields me on average 500$ a week with a 10$ net martingale strategy. The key is to take profit and only risk 100$. With 2-3 big winners in a month that makes me profitable by 2000$+ a month. I have spreadsheets to explain in detail but it's basically percentage based
Thank you for showing us whats possible, Thank you for being an EXCELLENT trader, Thank you for being a disciplined trader, Thank you for having such a great attitude, Thankyou for loving what you do , Thank you for being that virtual mentor , thank you for being charismatic, Thank you for being a great marketer, Everything you do is appreciated by ME if not by anyone else, if i emulate what i see from you my own success is not far behind. Thankyou for those kind words. your reach is great and your attitude is top notch. Thanks again man for this, !
Everything in life is a gamble until you approach it as a professional. I've made money day trading, I've made money playing cards. Cut losses short and don't put money on trades without indications of a strong upside.
One part that’s harder about trading is that when you’re up the stocks don’t stop moving. In gambling when you’re up you have a choice to to just stop exactly where you are at. Things stop for a second until the next hand or whatever it is.
I know professional poker players that study and train more than what is needed to be a profitable trader, they don't gamble at all. Gambling is trading based in a newsletter service as is putting your money in the slot machines.
My issue with trading is not because trading looks like a game or gambling... My issue is more that trading is some activity that doesn't give nothing to the world. Our success is billed on the lost of others. You at least give back teaching trading... But if I had a lot of money I'm sure I could help a lot of people 🌞🤗🌈🤔
Thanks, Ross! Well said. One of my relatives over the holidays told me trading is gambling, and that I should get a full-time job, lol. How many trades is a good balancing point for accuracy? I believe!
@@DaytradeWarrior Agree with getting a full-time job? If I use a strategy like yours, then why would I need to? I am already working part-time and looking for other part-time streams of income. How many trades is a good balancing point for accuracy?
I have alot experience with poker and day trading, I can say day trading is less difficult to earn money, in poker there is two side, winner and loser. Stocks market there is third side, winner, loser and the third side is value increase, that mean if someone earn money that not mean someone else lose. But bottom line, both way is super difficult to win, much easier to lose then win.
gambling in a nutshell means you have no control of the outcome, just pray it goes your way. trading your edge is you being the house giving you control.
For an analyst who implement their strategy, nothing is gambling because there is a mathematical formula in this universe to predict events. For a non analyst the whole life is a gamble.
This debate of trading is gambling is old and long; I do not USUALLY engage in what can turn into an argument about this, BUT; I am going to be VERY EXPLICIT about this topic! History first; I KNOW I am very qualified for this topic as I have traded longer than MOST people here have been alive, NEVER, ever blown up and made VERY good living in the markets for years, SO here IS THE TRUTH( the ONLY truth- yes that is a very strong statement); 1) DAY trading is NOT gambling-- Why people SO often, mistake it for gambling is this---- There ARE ELEMENTS that are COMMON to both, BUT, THAT DOES NOT MEAN IN ANY WAY they ARE -- THE SAME! 2) technical analysis and ANY other tools you use --- HAVE LITTLE TO DO with the statement above, the tools you use are helpful , BUT NOT the HEART of what the difference is between gambling and trading! 3) SO what is the SINGLE BIG difference ---- this IS a GAME BREAKER AND CRUCIAL DIFFERENCE!! 4) I have used this ONE exercise so many times and LEFT ALL IGNORANT wannabe intellectuals standing ---- WITH ZERO RETORT!! NONE!! 5) Take a deck of cards -- Start Texas Holdem -- Everyone Antes up, EVERYONE is following the RULES OF GAMBLING---- EXCEPT the -- TRADER!!( we NOW have ZERO FEES) **** REMEMBER -- the REAL OBJECTIVE is to Find out - is there a DIFFERENCE in trading and gambling.The TRADER GETS to FOLLOW -Trading concepts -- GAMBLERS MUST PLAY by HOUSE GAMBLING RULES. ( the NO FEES for trading--- this is 1 WIN for the TRADER), EVERY new round IS A WIN for the trader ( NO ANTE(fee) to STAY IN the SAME GAME - FOR the NEXT ROUND-- 2 wins for the TRADER- who is IN the same stock he is trading)!! **** NEXT, the COUP DE GRACE-----As the cards get turned up and EVERYONE looks at their hand--- HERE IT COMES------the TRADER gets to DECIDE-- do I KEEP my money on the TABLE OR NOT--- ONLY HE ( because he is trading) gets to TAKE ALL his money he put in ---OFF THE TABLE, if he does NOT like his hand!! The GAMBLERS --- DO NOT get to take ANY MONEY off the the TABLE--- they HAVE lost --- ALL the money they put in the POT ---- NOT the TRADER! To make it MORE of an EDGE for the TRADER--- as the CARDS get turned over--- HE CAN CHANGE his MIND -- AND get BACK IN--- THIS HAND( this VERY SAME HAND)!!GAMBLERS have lost EVERYTHING!! The FACT that GAMBLERS have to COMMIT and CAN'T TAKE their RISK( MONEY-- ALL OF IT!!) OFF the table -- IS the HOUSE'S EDGE--- GAMBLERS have so LITTLE EDGE(the 2 cards in their hand is a SLIGHT EDGE), BUT -- the LAST CARD -- is NOT called "the RIVER card "--- FOR NO REASON-- EVEN with 2 GOOD cards in hand--- you CAN AND WILL get TOTALLY BLOWN UP!! Gambling is hard to MANAGE RISK!! NOTE-- this has been very hard to describe CLEARLY in a post --- TRY it on a table with cards, EVEN as an exercise in the SUBTLE --- BUT CRUCIAL differences!!
Trading is not gambling. You’re buying an actual good that has value (shares) of a company. It’s no different than a store owner who buys say a truckload of goods for a low price from a wholesaler and resells them at a higher price. If the goods you bought didn’t have the perceived value you would lose money on those too. Likely you would have to run a sale to sell those items at a lower price to liquidate. But you wouldn’t call that store owner a gambler by profession.
Arbitrage baby. Anyone who ever started a business needs a proof of concept. You have to test the market to see if there is demands. Starting a business is not much different then trading. Testing the market, buying low, selling high.
NIce video. I used to have a gambling problem but I don't have the same feelings when trading stocks. Though I am not to your level of trading yet. I will say one thing that I struggle with. As someone with a gambling problem, winning wasn't my problem. It was walking away while I was up. The fact that I am watching your style and I cant do that due to PDT, I do sometimes hold longer than I should. As in for the whole day. But even with a trade on Friday, I took a $400 win instead of a $1100 win due to not selling when I should have. I think this will come with time though. A win is a win and the difference here between gambling is that I still walked away with a win. With gambling, you put the money up and you dont know the results until after the hand is dealt. With trading you can pull your money before its all gone. So even though I didn't take the max gain, I still was able to take a gain. One last thing. I would like to trade more on one day but the PDT is holding me back. Is there a video I can watch on the legal stuff for non US accounts? I don't want to get a surprise by trading with something that lets me not have to follow PDT. I saw your video on CMEG but I just want to make sure I'm not crossing any legal or tax boundaries. Great videos and info though, keep it up.
I go over that in the webinars that we hold! To get started with Warrior Trading join us in our next webinar! It's free to join and sign up and you will receive a copy of my' best-selling eBook "How To Day Trade" just for attending! Sign up here: webinar.warriortrading.com/signup
Trading in stock market is buying a piece of a business and selling it later for a profit or a loss. That "later" could be few minutes or few years. While gambling is just pure luck. Here you go Mr. Ross or whatever your name is.
Ross, if we open an account with Cmeg, they say on their website that on top of the monthly platform fee, we need to pay for the data feeds. They list about 20 different feeds that are available. I am confused as to which are the ones that we need. Can you give me some clarity on this ? Also, you use esignal for your charts ... does that mean that the Cmeg charts are lacking in some way. Many thanks. Love what you are doing.
I'm paying about $125/mo in their platform fees. The sterling charts are fairly basic, I prefer esignal/tc2000, etc. The quality of those charts are just better in my opinion.
I find that superstition underlies belief in luck....which is why discipline is such a hard unpleasant sell to the public; because your forcing people to confront there superstitions.... it's almost a spiritual battle.
Beyond just trading stocks... there are strategies and disciplines to remain focused and successful in life. I love this, going to share it on my Christian Facebook Group. There isn't a better coach for day trading in my opinion. Godspeed Ross!
Im sorry but i did not think you had a trading coach. Iv been watching you for maby over a year now and its the 1st time i hear you talk about you'ur trading coach?
. Gambling: trade a penny stock on a 10seconds chart at 9.30 am. Trading: trade a penny stock on a 1m chart following a strategy. I do believe a good trader must adopt a poker player attitude: bet big when you have good cards and pass on when you dont.
Wow that absolutely correct sometimes when I lose in trade next trade I double the share so I get back what I lost and I lose again and that how snowball day start 👎
@@DaytradeWarrior yeah ross, that transition from intro to topic of discussion put me back into my childhood growing up on that beach. it paralyzed me in visions of my past.
If you don't know what you are doing then it is called gambling. If you have a proven plan that is followed with discipline then its called systematically working towards a goal and achieving it.
Hi Ross, i tried to sign up for your free webinar. Put it won’t push the button. “Sent an E-mail to your local mail” I am interested, but am wondering how much of your content is liable for me, when located in Denmark “EU” I feel like I wanna build a lot more knowledge before taking your pro warrior program. So your book would be a good start
.... Trading is not Gambling , you are holding and purchasing an asset , it may lose value today but it could gain value tomorrow . In a casino you lose everything if you do not win . In trading you could wait for value to gain back and sell at a profit .
It's also a gamble relying on an employer, to want you to show up to a 9 to 5 job everyday, and pay you X amount of dollars for your time, when at any time that job can be gone, in a flash, IMO.
That's a silly analogy. You can't lose money while you're at your 9 to 5 job. Sure, you can get fired at any time, but while you're still there you're guaranteed income.
I believe anything in life is a form of a gamble, job, owning a business, or trading, you just have to know your edge.
That's a great point!!
Alex K spoken like a true employee, congratulations.
@@alexk3352 try truck driving. there are employers that dock your pay if you mess something up. being fired is the last straw.
I used to block his ads, I listened to this man for 15minutes, he said something that change my trading style, that was 2 months ago. I’m up 2K less than a month. This man is legit!!
Awesome, appreciate that AV!
Do you mind sending me the link to the video or explain to me what it is? I love learning different strategies
Kim Huynh Go to his channel. He has bunch of videos, talking everything about trading.
A V thanks!! I’ll check him out
@AVLRECORDS Been day trading 3 weeks, I now own Jeff Bezos.
Gambling: the risk is generated artificially. Trading: you are buying and selling risk generated as an externality of productive enterprise.
Great way to look at it!
Simple answer. If you are skilled in either, you’re not gambling. If you are not skilled in either, it’s definitely gambling.
That's one way to look at it!
Yo Ross. This video was put together with a lot of creativity. Same subject matter but different venues as if it was one continuous monologue. I love it, man!
Glad you enjoyed Seba, thanks for the feedback!
It’s all about Risk Management, knowing when to cut losses and maximizing your upside. Goes from “Gambling” to Profession
100%
That's right!!
Biggest thing I see is that you can see you winning or losing money with stocks as it happens. Gambling you dont know until the results are over. It would be like if you had to say, Im buying 1000 shares of TSLA today at $420 a share. But you dont get your results till the market closes and only then you can see if you won or lost. You cant do a stop loss with gambling.
World professional poker championships are often the same people around the table at the Finals year after year. They are ALL calculating mathematical odds and using strategies and it’s awesome.
Ross, I agree. Truly. It's a tightrope. But yes it is calculated. Well said.
Thanks!!
Yes - but a trader with a winning strategy is THE HOUSE.
Precisely!
you hit the nail on the head!
Awesome!
Very well said
Haha the dog at the end, definitely a trader. (sweet video edits Ross)
Thank you!!
Been playing poker 9 years and trading 5 years. There are a lot of similarities between the two, the biggest being risk management. A trading setup will not work 100% of the time. Being dealt pocket aces in a poker game will not win 100% of the time. There’s times you will get lucky and there’s times you will get unlucky. What separates the gamblers from the non gamblers is their edge/strategy. Also that edge will only work if you have a plan in place to utilize that edge, without deviating from it.
The mental side is certainly similar!
For sure
No he k know no
These words are absolute gold! I've been critical of you in the past Ross, but this video resonated with me
Thanks Mark! I'm glad to hear it!
Excellent video. I believe this is where I am. My month stated out green. Now pretty red on the month. What has happened is I see a lot of stuff moving and I talk myself into taking the trade when it is not my bread and butter setup then end up missing the A quality setup. Honestly it’s really hard because I convince myself this a good setup and then it goes against me. Discipline 100% of the time I love that! That leaves no room for guess work. The other issue i have is I don’t have the confidence to take the A quality setups and when I do take it I sell to soon and it works out. Successful trading takes more than having a strategy it takes a strategy and discipline!
Thanks Ross this video was excellent
It happens very quickly, keep at it!
Warrior Trading thanks I will keep at it. This video has encouraged me to not trade everything I see moving and sit on my hands until it meets all the criteria. I want to be a part of the 10%! It begins and ends with discipline!
Looking successful at my end, RISK MANAGEMENT is the key, and having a GREAT teacher. Thank tou Ross and Happy New Year!!
YES that's right, thank you!!
The difference is having the discipline to take the day off when the setups don’t fit your strategy.
It sure is!
So true.....Forcing yourself into positions because you feel you have to make something happen. Then you’re back to gambling.
“You gotta know when to hold ‘me and know when to fold ‘em, know when to walk away, and know when to run. You never count your winnings when you’re sitting at the table, there’ll be time enough for counting when the dealings done.” Kenny 3:16.
Love it! Thanks for watching, and Happy New Years!
I agree with you Ross. The only issue that I see while day trading, is the quick split second decision that you need make when placing a trade when the market opens, and also it’s difficult to keep an eye on multiple stocks at the same time. That’s when emotional impulsiveness take over your intellectual abilities
yes totally! I agree 100%
100% agree!!! Was up $336 on a trade following my algorithm and got greedy watching the momentum and fell victim to fomo aka gambling - lost $300 of my profits.
I know that feeling!!
Bradley, soooo me to a T. Frustating.
Gambling is win or lose. Trading is win, lose if you choose or maybe not. That one has no guarantee but there is more possibility than gambling. And there is the wonder and inspiration to check it out.
It’s a real job and there is a fine line because it’s ok to do it. Your ok then to say I day trade without thinking about what it actually means. Just like drinking because it’s legal and everybody does it overlooks the fact that it has a bad result. Some survive with no problems. And others die. Your choice. Good luck to you if you read this👍
Thanks for sharing!
in roulette for example you have a 50-50 chance to be right, you just throw the ball in that spinning thing and hope for the best. you can't do anything to improve your chance.
in trading however there are things you can learn and 'see' and by doing so and practicing you increase the chance of being successful while you keep the chance that you bet on the wrong horse as low as possible.
Thanks for the thoughts!
The great thing about trading is they won't throw you out of the casino if you win too consistently.
Thanks for the comment!
Of course it is. A lot or most of the businesses are.. the real question really is to what percentage is the gambling part. Like when you invest in a restaurant you are gambling, you even sometimes hear the term 'gambling' in a surgery room!
Managing risk, probabilities, statistics is part of business/investment/gambling. But if you master it like Ross, I'd call it an "Art" though.
The art of trading... hmm I like that!
@@DaytradeWarrior yep! when there is passion and purity you become an artist! A good idea for your new book Ross!
The DOJ had this conversation 10 years ago when they decided to ban online poker in the US. They decided poker was gambling.
Interesting!
Hoping in trading is like hoping to get paid in ordinary job.
If you have built the right mindset you have cope with the biggest struggle!
👍🤓
Another amazing video from the past. I’m glad you linked it up tonight. So important.
Thanks Jeff!
Thanks Ross! June is too smart to gamble. She always follows strategy! 🐶😆
Hahaha!!
I get into this conversation all the time with friends.....I cant see how people think investing is like gambling.....
haha it's a common discussion point.
Well, investing isn’t gambling but day trading isn’t investing
MunKayNuTz _ Day trading isn’t investing??? You will have to explain that one to me........could you imagine what we wouldn’t have with out investments???
I think people who believe this way, simply dont know how investments work.......
Freedom 1
As per google the definition of investing is:
expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture.
By that definition, placing a bet on the craps table is investing. You are placing money down and with the expectation of receiving money back at a later point. So we need a better definition.
When I think of investing I think of holding for a longer point of time than a few minutes, seconds, or within a day. Think of a 401k or Roth IRA. Risk becomes greater when time is shorter but profit potential is higher just like with “gambling”
Gambling is divided by games of chance and games of skill. Chance games: slots, roulette, etc. are true gambles the expectation and risk is determined by algorithms preset into a machine or table based off payout tried and expectation is in the houses favor. The user has no idea when they will hit or any way to mitigate the risk. Sure you can hit the the huge jackpot on the powerball lottery but your odds of hitting are in the millions:1
Games of skill poker, blackjack, etc. still have the element of risk but can be mitigated by strategy. You don’t have to play every hand per se or bet sizing can be altered to mitigate or exploit the particular situation. All within the particular deal or hand being played. This is very similar to day trading because we are taking a position or betting expecting an immediate outcome and or return. We use programs to sort which stocks have better profit potential, we study technical patterns, use candlestick charts to analyze volume and price action, level 2 data to see active bet sizes etc. but all the while looking for an immediate return.
Poker is no different the hand we play is the stock we are picking to trade or not to trade. We are dealt a situation the community cards akin to the current price action. Everyone then places bets (purchases long or short) as to the future movement new cards to come on turn and river streets followed by more rounds of betting on each street. Each bet, each card tells us more about the unknowable future and we change our decisions and actions based on that incomplete information that is not fully knowable. And, when not at the table we study previous situations, outcomes, betting patterns, hand charts, odds calculations because in the moment we have to “be the computer” to the best of our ability to raise our expected value in each different situation to the best of our ability.
MunKayNuTz _ well if Google says it, it must be true......I wonder why states have a no gambling law, but they allow investing?
Thanks for the valuable content! I have really been loving these videos of you on the go!
THanks Jacob!!
I just signed up to Warrior Pro!! I can't wait to absorb all your knowledge!
I hope you enjoy the classes!
Day trading is pretty much a zero sum game whereas gambling, especially in a casino, is a game where the odds are ALWAYS against you.
That’s right!!
There are two games similar to day trading. Poker and Blackjack. Everyhing else is the pure unknown. Those two games you can limit your risk and make decisions based off strategy.
Maybe
Nailed it Ross, well said.
I think this also helps to explain why the transition from paper trading to live trading is frequently met with failure.
The motivation to gamble is significantly stronger when real money can be "won". Planning out the trade before pulling the trigger is a prime condition of my strategy.
Resisting the urge to jump in (on the top of the 4th consecutive green candle & just below resistance for example) without a plan (sl, pt, s&r, structure and/or pattern) is the first test of my discipline. I find that analyzing the chart and making the plan strengthens presence of mind, which in turn makes discipline easier.
Totally! Thank you for your comment!
The point is that poker is not gambling the same way roulette or slot machines are... Poker is a game of strategy... sure, there's a dosis of luck involved but it's mostly strategy... Day trading is also a strategy type of activity which involves a dosis of unpredictability (luck?) but where proper risk management will tip the balance your way... exactly like properly played poker.
I agree 100%.
Thanks for the link guys Strategy and discipline are the keys along with mastering your own emotions master all three and that = Success😃
👍
I'm so glad and thankful I found this chanel, It's so helpful to to hear this advise.
Thanks for watching!
Been daytrading for 6 years and yes it IS gambling which ever way u dress it up , we do it cos we love it .
Interesting Ian, thanks for sharing!
Ian, if you have been doing it for 6 years and think its gambling then I assume you have just been losing money for 6 years then? Thats a serious question by the way!
@@Thedirtycat lol, not at all , I make a living from it with some loses along the way , it's my life but anything that requires to put money up and involves a risk is called gambling either way u look at it . Those who say it isnt is just kidding themselves .
@@iandrake2119 Yeah I see what you mean. I guess that is true. I guess I always thought of gambling as something where its just based on 100% luck but I suppose if the definition is just putting money into something without 100% certainty of the right outcome then I guess then yes its a gamble but then so is nearly anything in life really. Just like starting a business is a gamble. You can put money into a business or into any long term investments and technically its gambling as you don't know if it will work out or not. At least with trading you can start small and risk small amounts to begin with unlike maybe starting a business where it might require quite a lot of capital to risk on startup!
Simply.... Yes.
Yes it is
I make educated bets, higher probability bets at craps and roulette tables all the time. I can also spread out my risk with my bets, use win loss ratios for risk management. (3 losses:1 win)
Watching a gap scanner, on a stock you know nothing about, and betting it will close the gap is no different than watching a craps game and the dice roll 10 times before rolling 7. I think the average rolls before 7 out is like 2.52.
High probability that 7 is coming next, even though (just as in trading) the probability is the same for each roll, the likelihood becomes more likely with each roll. Just as with a trading plans you wait for higher probability set-ups, and yet it still can go either direction (up/down, vs 7/2-12).
People don't want to admit it's gambling because it has a bad connotation.
Just like people who drink a lot don't want to admit they're an alcoholic.
It's better for you/others to view you as a trader, better to be seen as a fun guy who drinks.
I've been both trading and gambling most of my life. I've been successful for years in both, and had times unsuccessful in both.
What I'm saying won't be popular, but it will be true.
Great video BTW
Thanks for sharing Nick!
No day trading is not the same as gambling . In gambling you are hurting the other person by trying to take their money . With day trading , you have the right to hold a security for as long as you want . Be it 5 second be it 5 years or indefinitely depending on where you believe the stock will go . You make a decisions based upon technical analysis/ news etc. of course there will always be risk involved .
That's true as well! Good point!
way to make me homesick again Ross. that music and view from the drone is soooo relaxing. love it.
Thanks man!
Hi Ross, there are elements of luck in both Day Trading and Gambling. However , a Gambler relies on luck without an edge. You have an edge with your skill set along all the things you said in your video. I could have a in depth discussion on this with you, and I hope to be in your inner circle soon. Getting to the Pro content now. Covid Sucks
Hey Roger, I agree 100%! And I hope to be able to have an Inner Circle in 2021 🤞
This is a really good video. I'll say that it simply takes time to build up the experience and skill set to follow a strategy and I'm not sure there's any way to not make any mistakes from the very beginning. I think one of the points Ross was making was that following a strategy is even more difficult than coming up with one. That's been my experience as well.
Thanks Benny!
Yes it is a gamble yet with much higher odds. This also depends on your strategy as well.
It sure does, thanks for sharing!
Nice 🙂. Interesting comparison and analogy. I agree trading is based on strategy and confidence and experience. Gambling is different and I thought about this very topic in the past. Nice to hear your opinion.
Nice Gray, thanks for sharing!
Great topic Ross. I have been considering this idea since I first stumbled on your trading videos back in April and watched with no understanding of the setups you recognized, but you saw probable outcomes on which to " place a bet." Set ups are easy to equate to starting hands in poker, and the degree to which you believe they will have a positive outcome; you bet, raise or fold just like taking a small starter position, a large position, or simply passing and waiting for a better opportunity. What I really find similar is the idea that like all traders, all poker players will lose money. It's a certainty. But the ones that make money at it over time are the ones that lose less(risk management), lose better( maturity and introspection) and consider what they could have done differently in the trade or hand( self discipline and study).
The study of trading is absolutely and utterly fascinating. Thank you for the excellent content.
Thank you!
Gambling: to risk without ownership
Speculating : to risk with ownership
The difference between gambling and trading is no matter how much I gamble with I own nothing. Trading is not investing.(to invest you must be guaranteed a return.) but no matter how long or how much money I have ownership/ contract in said company/ future. That is the difference
Yes!! 💪
New to day trading and trying to put together the game plan. I have been playing poker semi-professionally for 15 years. Mostly cash games but have played just about every type of poker. Ross’ approach from what I can tell is almost identical to the thought process of a professional poker player. I think it would be cool to see Ross train for a poker session/tourney and Ross to help a poker player into a trader. Would be really cool content.
Yep the mental side is quite similar. To get started with Warrior Trading join us in our next webinar! It's free to join and sign up and you will receive a copy of Ross' best-selling eBook "How To Day Trade" just for attending! Sign up here: webinar.warriortrading.com/signup
Warrior Trading already did that but holding off for some personal reasons/obligations for now. Will be looking to at least join the chat room in the next month or so.
Day trading cant be gambling when there is professional traders who have made it big! Slot players hardly ever make it to the big time. The longer they play the more they lose.
By that logic a professional poker player isn’t gambling either. What I think is obvious to what Ross is saying is it’s not necessarily the venue by which you place bets (stocks, cards, etc.) it’s the approach you take to the game.
@@echodelta_9315 I tend to be on the side of poker as a skill. Luck causes variance but there's a reason top players continue to thrive.
@@TheEntrepreneurChannel yes poker is definitely a skill game otherwise you wouldnt have people playing poker for a living. Ive been playing with a group of friends for a few months or so now and ive made quite a bit money because im a better player using a strategy and using maths rather than guessing what to do(gambling).
it can be gambling if you choose, but for those who are successful long term it's skill.
The Entrepreneur Channel agreed
such great advice Ross......much thanks!!!!
You're welcome Jack!
So I feel that investing on sports is similar to day trading. We are looking for trends and angles to gain an advantage picking a side of a sporting event. With trading we are looking for the same thing. Gambling as in the roulette table is 100% totally opposite of Day Trading. Using sports as an investment instead of gambling is the same as trading, if you are just randomly picking a team to win without any research is the same as buying a random stock without research. Both just a gamble. Angles and trends are the common denominator.
Thanks for your thoughts!
Ross you're volging skills are off the hook!!!
Love you're videos
Thanks Peter!
If we are comparing trading to blackjack, Ross knows how to count the cards. simple as that.
👍😂
you can't predict the outcome of any single trade but you can predict the average outcome over a series of trades
That’s right! That’s where probabilities come into playz
Day trading is definitely not gambling, there is a strategy, discipline, education, and execution, it is not something that is necessarily addictive, day trading can slowly making you financially independent.
Gambling is simply flying by the seat of your pants, shooting from the side of your hip, blindsided, with gambling your failing to plan and planning to fail, gambling is an addiction and a disorder that is tough at times to break, it destroys families.
Totally! Thank you for your comment!
Only gambling if you base your strategy on hope. In addition, if you let your emotional mind takes over and throw your strategy out the window.
Yep, hope is not a strategy.
The highlight and the absolute best part of the video was at the very end! 🐶 😍
Awesome insight, Ross! I need to be ready to answer this question. I know for sure that I will get asked. My family all agree that day trading is not gambling, but I come from a conservative religious circle and have overheard conversations among people who do believe through and through that it is gambling. Thank you for this, Ross!
Special hugs and cuddles to June! 😊
P. S. How many days did it take you to make this video? You started at the beach in Miami, gave us a tour through the mall, TWA exhibit, JFK Airport in NYC - tons of places, and finished in your garage at home! 😱
haha, glad you enjoyed! It was made just after the Inner Circle event, so I was busy traveling!
@Islem Tav If you're trying to have success (in general) but trading specifically, I'd recommend you distance yourself from your family's opinion. You just acknowledged that this is beyond their experience and knowledge, why would you want to add their approval to the list of things you need to be successful - save your breath and your emotional/mental bandwidth. Now, imagine what happens in a few years when your profitable? You might be surprised that reactions you get may not be positive. Keep your shit to yourself, like a professional - and share your wealth and abundance as you see fit, and without expectations on your family and friends.
G Wills that’s exactly what I was going to comment. There’s this thing about wanting to please others, and deep down it’s a lack of self something. I’m learning to set boundaries to control “over giving” and start developing more healthy attitudes. Obviously trading has brought years of built up unhealthy behaviours, mental and emotional baggage to the surface. Now I have an opportunity to work on myself and treat my mind and develop discipline and self control.
G Wills Thank you for your advice. Obviously, I don’t go around saying what I do for a living and don’t depend on it for my success. I don’t need anyone’s permission to do what I want to do. What I mean is, people will find it curious when you’re working from home and you have this extra time, they will ask. On an almost daily basis, I am involved with lots of people. And to be even more specific, I am a pastor’s daughter. I also have responsibilities within the church. So, as much as I dislike being under a microscope, my and my family’s reputation is important. Everyone has different situations. You may be one who is not involved with as many people as I am. It may not matter to you and that’s okay. But for me, even though I don’t need anyone’s permission, it’s important that I provide a clear answer that I am working to make my own income and not taking from the church’s to have the life that I want to live outside of it. That’s all. It’s an answer, clear and honest. Nothing self-gratifying. It means a lot more than you think.
There are people who consistently make money at Vegas? Maybe the Casinos, but no players.
👍
"Would you gamble your kibble?" - ROFL!!! Actually, I think there are two types of "gambling" - 1) The common type, where people go to Vegas and lose money, and 2) the gamble of every-day decisions that run your life. We all do the second type - every decision in life can be looked at as a type of "micro-gamble" -- you have a potential benefit of going one way vs. another, and a potential risk (which could be monetary, but usually for every-day decisions, it's simply a loss of time, or lost opportunity cost). Some people are good at the gamble of every-day decisions, and move forward in life and are successful; while other people are not so good at it and their lives go downhill. If you treat your trading account like type #1 gambling, you'll lose money; but if you treat it like #2, then you'll be successful at trading.
Of course, this is a super over-simplification of it (trying to get your trading to type #2), but it really is that simple. You have a strategy, and execute it. But this is sooooo much simpler said, than done. Because the emotional mind tries to take over when we hit a loss. And the bigger the loss, the stronger the emotional mind gets. There's a tipping-point where you can't control it anymore, and the emotional mind runs everything. I've been there a couple times in my trading over the years. I remember one day where I was up over $5k in the morning, the first two hours, only to end the day down $17k! At the end of it I thought to myself, "what the _fuck_ happened?!?!" How did I go from being up five thousand, where I was thinking about just walking away and taking the rest of the day off, to losing 23 thousand dollars in the next four hours (+5k to minus 17k = 23)?!?!
This particular instance happened to me a couple years ago, and I've thought about it a lot since. I think there are two issues going on:
1) As humans, we're hard-wired to try harder at making back a loss (could be from anything, not just money) than going from "0" to above zero. Notice how people that sustain massive injuries, say in a car accident, work ulta, ultra hard trying to recover from their injuries to get back to the way they were before - but they won't put the same amount of massive effort into a project before the accident, or after they've recovered. We actually have a part of our brain that is responsible for this massive "over-push" to recover something that was lost (unfortunately, I forgot the name of this brain area). Now, what happens in trading when we try to make back lost money? We lose more. What happens when we try harder to make back lost money? We lose even more.
That's the first problem. The second is,
2) "Revenge-trading" after we've lost control. Every trader will hit a day that I've described above. And, if it hasn't happened to them yet, the day is coming, lol! Idk why this happens, but in my particular case, there came a point where the day became like a blur. Like I was not "myself." I don't even _remember_ going from down $8k to down $17k! So the last $9k of losses, I couldn't even remember what those trades were at 1pm PST (so right after the market closed)! I was trading index futures on that day. I know I lost most of it on /YM, but whether it was 10 trades, or two trades, I don't even remember to this day!
It is _that_ state of mind that I've been trying to figure out how to avoid in the future. Luckily, it's never happened to me since then. But I have had other "revenge-trading" days since, but never near to the point of losing control. To your point, Ross, about having an actual real-world, working, 100% tested, strategy I think is the way to avoid ever getting to point #2 described above. Most traders don't have a _complete_ strategy, or a strategy that fits "them" (their psychological profile). Once you have both, then I think you've taken the "vegas-style gambling" out of trading, and moved it into just "every-day decision" type gambling. And the latter, is a game you _can_ win.
she's a degenerate!
ROSS
YOU ARE A GOOD TEACHER !!
Thanks
Bro...
Thank you!!
I would give this video two thumbs up 👍 just bc of your dog “girl” aww 🥰
Haha love it!
Everything is gambling if u think about it. Going outside u are gambling that u might get hit by a car, get bitten by a dog, getting pooped by a bird etch... what you can do is to minimize the chances that could happen.
That's true!
Great video!!!!
I liked this video!!!!
Thanks for watching, and Happy New Year!
I think that because of stop loss triggers it differentiates itself from gambling. Also I would encourage people to trade on a compound interest target rather than a daily target. So thinking in percentage rather than $. I don't know if you would agree with this Ross? Compound interest means you can trade with a much smaller amount as well.
I don't do compound interest beause the market doesn't really allow me to scale up to that extent, but I do hear your idea.
Excellent video Ross. As usual u are right
I think it's easy to talk about, however, sticking to your edge is the hard part for most! Glad you enjoyed!
You need to look up the definition of “Hope”. Since you don’t KNOW you’re going to win at each trade, your definition of gambling is directly applied to day-trading. You’re trying to make hope and Strategy antonyms. They are neither a synonym nor antonym. Strategy is used in the hopes of winning. Strategy does not mitigate the gambling definition, it only mitigates the RISK. I’m a blackjack player/gambler, and I’m learning from your course how to mitigate the risk and increase my prospect of winning on a consistent basis. You actually proved that someone can lose 3 days in a row, yet you hoped during those losing days you would win. Have a great day in the Stock Market Casino!
Interesting take, I appreciate the perspective! Thanks for sharing!
I play Casino war and have tracked data and have a winning percentage as well. It consist of a 55% win rate over a 15 min session yields me on average 500$ a week with a 10$ net martingale strategy. The key is to take profit and only risk 100$. With 2-3 big winners in a month that makes me profitable by 2000$+ a month. I have spreadsheets to explain in detail but it's basically percentage based
That's really interesting!
Thank you for showing us whats possible, Thank you for being an EXCELLENT trader, Thank you for being a disciplined trader, Thank you for having such a great attitude, Thankyou for loving what you do , Thank you for being that virtual mentor , thank you for being charismatic, Thank you for being a great marketer, Everything you do is appreciated by ME if not by anyone else, if i emulate what i see from you my own success is not far behind. Thankyou for those kind words. your reach is great and your attitude is top notch. Thanks again man for this, !
Appreciate that FreedomTrader, I love being able to share with this community!
Warrior Trading you’re about to change my life in 2020 Ross! Thanks for being my mentor ‼️❤️
Everything in life is a gamble until you approach it as a professional.
I've made money day trading, I've made money playing cards.
Cut losses short and don't put money on trades without indications of a strong upside.
👍🤓
Very nice point, discipline- ALL DAY!!! Thx Ross
Thanks Mike!
One part that’s harder about trading is that when you’re up the stocks don’t stop moving. In gambling when you’re up you have a choice to to just stop exactly where you are at. Things stop for a second until the next hand or whatever it is.
That's true!!
I know professional poker players that study and train more than what is needed to be a profitable trader, they don't gamble at all. Gambling is trading based in a newsletter service as is putting your money in the slot machines.
That's true, that's why you need to learn a strategy. Just fyi, I don't provide a newsletter service.
My issue with trading is not because trading looks like a game or gambling... My issue is more that trading is some activity that doesn't give nothing to the world. Our success is billed on the lost of others. You at least give back teaching trading...
But if I had a lot of money I'm sure I could help a lot of people 🌞🤗🌈🤔
so what are u doing here
Thanks, Ross! Well said. One of my relatives over the holidays told me trading is gambling, and that I should get a full-time job, lol. How many trades is a good balancing point for accuracy? I believe!
Lol imagine wanting a full time job😂
Hey not everyone wants the freedom, some are happy with their jobs, to each their own! Though I do agree
@@DaytradeWarrior Agree with getting a full-time job? If I use a strategy like yours, then why would I need to? I am already working part-time and looking for other part-time streams of income. How many trades is a good balancing point for accuracy?
I have alot experience with poker and day trading, I can say day trading is less difficult to earn money, in poker there is two side, winner and loser.
Stocks market there is third side, winner, loser and the third side is value increase, that mean if someone earn money that not mean someone else lose.
But bottom line, both way is super difficult to win, much easier to lose then win.
That's true, however, it may apply more to investing. I would also add that cash is also a position!
gambling in a nutshell means you have no control of the outcome, just pray it goes your way. trading your edge is you being the house giving you control.
That’s right!
Great video Ross! I definitely needed to hear all this. Thank you sir!
Right on!
For an analyst who implement their strategy, nothing is gambling because there is a mathematical formula in this universe to predict events. For a non analyst the whole life is a gamble.
To each their own!
This debate of trading is gambling is old and long; I do not USUALLY engage in what can turn into an argument about this, BUT; I am going to be VERY EXPLICIT about this topic!
History first; I KNOW I am very qualified for this topic as I have traded longer than MOST people here have been alive, NEVER, ever blown up and made VERY good living in the markets for years, SO here IS THE TRUTH( the ONLY truth- yes that is a very strong statement);
1) DAY trading is NOT gambling-- Why people SO often, mistake it for gambling is this---- There ARE ELEMENTS that are COMMON to both, BUT, THAT DOES NOT MEAN IN ANY WAY they ARE -- THE SAME!
2) technical analysis and ANY other tools you use --- HAVE LITTLE TO DO with the statement above, the tools you use are helpful , BUT NOT the HEART of what the difference is between gambling and trading!
3) SO what is the SINGLE BIG difference ---- this IS a GAME BREAKER AND CRUCIAL DIFFERENCE!!
4) I have used this ONE exercise so many times and LEFT ALL IGNORANT wannabe intellectuals standing ---- WITH ZERO RETORT!! NONE!!
5) Take a deck of cards -- Start Texas Holdem -- Everyone Antes up, EVERYONE is following the RULES OF GAMBLING---- EXCEPT the -- TRADER!!( we NOW have ZERO FEES)
**** REMEMBER -- the REAL OBJECTIVE is to Find out - is there a DIFFERENCE in trading and gambling.The TRADER GETS to FOLLOW -Trading concepts -- GAMBLERS MUST PLAY by HOUSE GAMBLING RULES.
( the NO FEES for trading--- this is 1 WIN for the TRADER), EVERY new round IS A WIN for the trader ( NO ANTE(fee) to STAY IN the SAME GAME - FOR the NEXT ROUND-- 2 wins for the TRADER- who is IN the same stock he is trading)!!
**** NEXT, the COUP DE GRACE-----As the cards get turned up and EVERYONE looks at their hand--- HERE IT COMES------the TRADER gets to DECIDE-- do I KEEP my money on the TABLE OR NOT--- ONLY HE ( because he is trading) gets to TAKE ALL his money he put in ---OFF THE TABLE, if he does NOT like his hand!! The GAMBLERS --- DO NOT get to take ANY MONEY off the the TABLE--- they HAVE lost --- ALL the money they put in the POT ---- NOT the TRADER!
To make it MORE of an EDGE for the TRADER--- as the CARDS get turned over--- HE CAN CHANGE his MIND -- AND get BACK IN--- THIS HAND( this VERY SAME HAND)!!GAMBLERS have lost EVERYTHING!!
The FACT that GAMBLERS have to COMMIT and CAN'T TAKE their RISK( MONEY-- ALL OF IT!!) OFF the table -- IS the HOUSE'S EDGE--- GAMBLERS have so LITTLE EDGE(the 2 cards in their hand is a SLIGHT EDGE), BUT -- the LAST CARD -- is NOT called "the RIVER card "--- FOR NO REASON-- EVEN with 2 GOOD cards in hand--- you CAN AND WILL get TOTALLY BLOWN UP!! Gambling is hard to MANAGE RISK!!
NOTE-- this has been very hard to describe CLEARLY in a post --- TRY it on a table with cards, EVEN as an exercise in the SUBTLE --- BUT CRUCIAL differences!!
Thank you for this comment! I really appreciate it!
Trading is not gambling. You’re buying an actual good that has value (shares) of a company. It’s no different than a store owner who buys say a truckload of goods for a low price from a wholesaler and resells them at a higher price. If the goods you bought didn’t have the perceived value you would lose money on those too. Likely you would have to run a sale to sell those items at a lower price to liquidate. But you wouldn’t call that store owner a gambler by profession.
I agree!
Arbitrage baby. Anyone who ever started a business needs a proof of concept. You have to test the market to see if there is demands. Starting a business is not much different then trading. Testing the market, buying low, selling high.
Great point!!
NIce video. I used to have a gambling problem but I don't have the same feelings when trading stocks. Though I am not to your level of trading yet. I will say one thing that I struggle with. As someone with a gambling problem, winning wasn't my problem. It was walking away while I was up. The fact that I am watching your style and I cant do that due to PDT, I do sometimes hold longer than I should. As in for the whole day. But even with a trade on Friday, I took a $400 win instead of a $1100 win due to not selling when I should have. I think this will come with time though. A win is a win and the difference here between gambling is that I still walked away with a win. With gambling, you put the money up and you dont know the results until after the hand is dealt. With trading you can pull your money before its all gone. So even though I didn't take the max gain, I still was able to take a gain. One last thing. I would like to trade more on one day but the PDT is holding me back. Is there a video I can watch on the legal stuff for non US accounts? I don't want to get a surprise by trading with something that lets me not have to follow PDT. I saw your video on CMEG but I just want to make sure I'm not crossing any legal or tax boundaries. Great videos and info though, keep it up.
Hey!’ I really appreciate your comment! Thank you!
Great vid, thanks for the share Ross.
You're welcome Paul!
15:56 could you elaborate more on this situation you were in, or do you already have a video covering it? Thanks
I go over that in the webinars that we hold! To get started with Warrior Trading join us in our next webinar! It's free to join and sign up and you will receive a copy of my' best-selling eBook "How To Day Trade" just for attending! Sign up here: webinar.warriortrading.com/signup
Ross, investing also helps the country and society in many ways
That's true
Great information. Hi June girl!!!
She says hi back!
Legend!
Thanks for watching!
Trading in stock market is buying a piece of a business and selling it later for a profit or a loss. That "later" could be few minutes or few years. While gambling is just pure luck. Here you go Mr. Ross or whatever your name is.
right!
Ross, if we open an account with Cmeg, they say on their website that on top of the monthly platform fee, we need to pay for the data feeds. They list about 20 different feeds that are available. I am confused as to which are the ones that we need. Can you give me some clarity on this ? Also, you use esignal for your charts ... does that mean that the Cmeg charts are lacking in some way. Many thanks. Love what you are doing.
I'm paying about $125/mo in their platform fees. The sterling charts are fairly basic, I prefer esignal/tc2000, etc. The quality of those charts are just better in my opinion.
There are no stop-loss bets on the craps table.
lol nope there isn't
Most people are gambling with their money. Check out stock twits. Strict rules and knowledge = success. Anything else is gambling.
That’s true!
I find that superstition underlies belief in luck....which is why discipline is such a hard unpleasant sell to the public; because your forcing people to confront there superstitions.... it's almost a spiritual battle.
That's a great one! Thank you!
I recognized the Kimpton Sawyer hotel in Sacramento! Been traveling for business and staying there, great hotel!
It is a really nice hotel!
Beyond just trading stocks... there are strategies and disciplines to remain focused and successful in life.
I love this, going to share it on my Christian Facebook Group.
There isn't a better coach for day trading in my opinion. Godspeed Ross!
That's great! Thanks Jeremy!!
Im sorry but i did not think you had a trading coach.
Iv been watching you for maby over a year now and its the 1st time i hear you talk about you'ur trading coach?
Ted is my trading coach, he is also a psychologist! Checkout this video here: ua-cam.com/video/we64yOC3Wkg/v-deo.html
. Gambling: trade a penny stock on a 10seconds chart at 9.30 am. Trading: trade a penny stock on a 1m chart following a strategy. I do believe a good trader must adopt a poker player attitude: bet big when you have good cards and pass on when you dont.
I don’t totally agree, but it depends on your skill set
Wow that absolutely correct sometimes when I lose in trade next trade I double the share so I get back what I lost and I lose again and that how snowball day start 👎
yep i've been there!!
This way of making blogs is pretty attention keeper
Awesome, thanks for the feedback!
@@DaytradeWarrior yeah ross, that transition from intro to topic of discussion put me back into my childhood growing up on that beach. it paralyzed me in visions of my past.
If you don't know what you are doing then it is called gambling. If you have a proven plan that is followed with discipline then its called systematically working towards a goal and achieving it.
That's right!
Great info as always
Thanks Guy!
My friend and I just had a debate about this. I got him interested into you Ross!
we always welcome new traders to the markets :)
Right on!!
Hi Ross, i tried to sign up for your free webinar. Put it won’t push the button. “Sent an E-mail to your local mail”
I am interested, but am wondering how much of your content is liable for me, when located in Denmark “EU”
I feel like I wanna build a lot more knowledge before taking your pro warrior program. So your book would be a good start
Hey! Can you email me? Ross@warriortrading.com
.... Trading is not Gambling , you are holding and purchasing an asset , it may lose value today but it could gain value tomorrow .
In a casino you lose everything if you do not win . In trading you could wait for value to gain back and sell at a profit .
That’s right!!