Most people who call themselves traders are operating with a mindset of gambling. It is worth keeping in mind that trading is not gambling. If you want to become a trader, it is important to understand what separates a gambler from a trader.
What A Gambler Does
Gambling is a game of luck. However, even in gambling, there are different types of gamblers. The four main types of gamblers are:
1. Social Gambler
This one will occasionally meet up with friends and go to a casino. For this gambler, the act of gambling is not an important part of who they are. The gambler also bets small amounts.
2. Professional Gambler
This type of gambler might bet big but as a percentage of their money, there are clear limits and they have discipline.
3. Problem Gambler
This gambler is pre-occupied with gambling. It takes a toll on the amount of free time they have for other people and interests. Their gambling has caused various issues for them. There are also other factors to consider.
4. Pathological Gambler
This gambler denies they have a problem. They are over-confident and they believe they have total control of the events. This type of gambler is restless and overly competitive. These gamblers will also be binge workers. We will focus on problem gamblers. If you wish to become a trader, it is important to read this.
All about Gambling
Gambling is engaging in an activity where predicting the outcome is almost impossible. If you wish to get forex funded account, you need to know that forex trading does not work like this.
Traits of a Problem Gambler
• They are Excited by Risk
If you get funding for traders, you need to know if taking huge risks excites you. It might be a sign. For such a person, money is less exciting than the risk.
• A Steady increase in Risk
Are you always looking for a bigger risk each time you trade? It might be a good sign of problem gambling.
• Gambling is an Important Part of Your Life
If you attend land-based and online casinos often, examine yourself. It is especially so if your family complains that you have no time for them or for hobbies. Before getting funding for traders, try to wean yourself off the habit.
• There are no Loss Limits
Problem gamblers will often have no loss limit. Instead, they will find that losing money is something exciting to them. After that, they try to recover the funds with more losing moves. For instance, when they get funding for traders, they increase the bet size to recover faster from a loss.
• Always Loud About Wins
A gambler will not shut up about how much they made in a week. However, they never talk openly about loses, which are often bigger overall. Besides that, they are prone to quick mood swings.
If you wish to get forex funded account, it is important that you develop the opposite traits mentioned above. If someone has such traits, the chances of crashing out of the forex industry are high.