Traits of a gambler: I did most of this in my early days so speak from experience
- Failing to follow strict money management rules
- Having no fixed strategy
- Not keeping a trading journal
- Over trading
- over leveraging
- trying to “win back” losses
- “throwing everything on the black”- I did this a few times in my early days. I would lose say 75% of my account and then make 1 big trade (it was a BET)! to go for sh*t or bust. I always went bust
- Only tell friends and relatives about the winning weeks, never the losers
- slipping extra money into the trading account
- Moving stops in the “hope” that a trade would come back to me – “Hope” is NOT a strategy!
- Being matter of fact about large losses: “But I haven’t lost that much,” or, “It isn’t as if I gamble/trade every day”
- Gambling/trading for a longer time period than planned
- Loss of sleep due to gambling late into the night or inability to shut off thoughts of Trading/ gambling – Used to dream about trades, how sad was that!
- Exhausting supply of money; using money for gambling rather than for paying bills
- Feeling depressed or suicidal because of gambling losses
- Feeling remorseful after gambling
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