“Ladies and gentlemen, there is no more betting!”<\/p>\n
I looked up through a haze of cigarette smoke.<\/p>\n
There was a hungry mob surrounding the roulette wheel.<\/p>\n
One lonely croupier was holding back the horde.<\/p>\n
As the little ball bounced around, the noise got louder and louder.<\/p>\n
Finally, the wheel stopped spinning.<\/p>\n
By that time, I had already lost interest. I hate casinos.<\/p>\n
And yet, I was at Caesars Palace in the heart of the Las Vegas strip…<\/p>\n
You see, it was a Saturday night in 2019 and I had just finished speaking at a traders’ conference.<\/p>\n
Afterwards, some colleagues wanted to blow off some steam.<\/p>\n
And being the adrenaline junkies that traders typically are, we predictably ended up at the casino.<\/p>\n
But I hate casinos.<\/p>\n
It’s where suckers go for the privilege of lighting their hard-earned money on fire.<\/p>\n
Ironically, I can say the exact same thing about my profession…<\/p>\n
It’s no secret that most individual traders lose money in the markets.<\/p>\n
That’s why I say if you don’t take it seriously, trading is just a really<\/em> expensive hobby.<\/p>\n There’s a reason we make the distinction between amateur gamblers and professionals…<\/p>\n Just about anybody can play poker. But very few can play poker for a living.<\/p>\n It’s the same with trading.<\/p>\n So, what sets apart the amateur from the pro?<\/p>\n Put simply… professionals have a consistent edge<\/em>.<\/p>\n An edge is a statistical advantage.<\/p>\n 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.<\/p>\n You either have an edge, or you don’t. There’s no in-between.<\/p>\n That’s why casinos are such gold mines. Well, for their owners at least.<\/p>\n