“Ladies and gentlemen, there is no more betting!”
I looked up through a haze of cigarette smoke.
There was a hungry mob surrounding the roulette wheel.
One lonely croupier was holding back the horde.
As the little ball bounced around, the noise got louder and louder.
Finally, the wheel stopped spinning.
By that time, I had already lost interest. I hate casinos.
And yet, I was at Caesars Palace in the heart of the Las Vegas strip…
You see, it was a Saturday night in 2019 and I had just finished speaking at a traders’ conference.
Afterwards, some colleagues wanted to blow off some steam.
And being the adrenaline junkies that traders typically are, we predictably ended up at the casino.
But I hate casinos.
It’s where suckers go for the privilege of lighting their hard-earned money on fire.
Ironically, I can say the exact same thing about my profession…
It’s no secret that most individual traders lose money in the markets.
That’s why I say if you don’t take it seriously, trading is just a really expensive hobby.
There’s a reason we make the distinction between amateur gamblers and professionals…
Just about anybody can play poker. But very few can play poker for a living.
It’s the same with trading.
So, what sets apart the amateur from the pro?
Put simply… professionals have a consistent edge.
An edge is a statistical advantage.
It means that no matter how many trades you take – so long as you consistently apply your edge – you should end up with a net profit.
You either have an edge, or you don’t. There’s no in-between.
That’s why casinos are such gold mines. Well, for their owners at least.
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You see, casinos have a proven edge on every single game.
They always have an advantage over the players.
A casino operator doesn’t care if a few folks have a lucky night. They know they must patiently let their edge play itself out.
Sure, a few players will walk out with more money than they came in with. But the vast of majority of gamblers will leave empty-handed.
Most traders think like gamblers… They’re hoping to get lucky.
Those are the amateurs, the suckers, the ones who will inevitably go broke.
Professional traders, on the other hand, are the casinos of the market.
They are patient. They know they won’t win every trade.
Instead, they sit back, let their edge play out, and watch the money pile up.
It’s crucial for every single trader to think hard about whether they have an edge or not.
If you don’t have an edge, there are only two options.
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Put in the work to develop your own edge. This takes time, effort, and no real guarantee of success.
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Work with someone that has a proven track record of success, and learn from them.
This is why I opened the doors to Currency Trader, my forex trading advisory.
I share with my subscribers what my proven, battle-tested edge looks like and how it works.
So far, we’ve scored 15 winning trades out of 16. I hope you join me for the next trade.
To learn more about it, just click right here.
Happy trading,
Imre Gams
Analyst, Market Minute
Reader Mailbag
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