The Gambler
A Trader who loves the thrill of a big winner more than the comfort of consistency. The big highs make blowing accounts worth the roller coaster ride of emotions.
Gambler Archetype
The thrill of those big winners is what keeps you coming back for more... even though you most likely have blown more accounts than you care to admit.
This bad habit of wanting big wins could have came from a big lucky win or two earlier on in your trading career. I am sure you can think of a time where you were rewarded big for risking your entire account on a play, and it paid. The crappy part is that set you up for an inflated ego which eventually turned you into a gambler, not a trader.
The good news is there is always room for change, and it's never too late to turn bad habits into good ones. I am sure you are aware of your weak spots, but just to be safe let's cover them one more time.
Knowing your weaknesses is actually the key to unlocking your greatest potential.
Your Weak Spots
AKA greatest potential for improvement.
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Weak Spot: You lack discipline, are very impulsive, and rarely follow your trading plan for more than 2-3 days in a row.
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Solution: Try trading with friends. You need a community support system to help talk you off a ledge when your inner gambler wants to take over.
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Weak Spot: You have lost so much money it is hard not to get attached to every little bit you re-fund your account with. This causes even more pressure to "make back the losses" quickly.
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Solution: Try trading with someone else's money. Prop firms are great for this as they set the rules and you are only risking small amounts of capital while still accessing larger amounts to achieve the big numbers you are used to.
Your Homework
After reviewing your Trader Archetype, It sounds like exploring the benefits of trading futures using prop firms could help provide some support for your persistent gambling habits as well as get you back into the habit of following rules. I am hosting a free workshop this week on Futures trading with prop firms in 2024, you should check it out while spots are still open!
Watch My Latest Youtube Video, How Dopamine can influence your bad Gambling Habits in Trading.
