“One should gamble like a casino owner, not like someone who just plays at a casino.” (Pan Rolling published “Zone Final Chapter”)
From the chapter "Do Traders Who Bet on Price Movements Based on Analysis Really Gamble?"
It is explained using slot machines as an example, and it was excellent.
The probability of hitting a jackpot on a slot machine is set so that the casino makes a profit.
There is a mechanism that ensures the casino always makes money. On top of that, the casino operators merely have to think about encouraging customers to pull the slot machine lever more often.
When a jackpot occurs, there is a temporary loss, but it is merely a necessary expense.
This profitable mechanism corresponds to what is called the edge in trading.
You win and lose, but in total those who have an edge win.
Establish your own edge,
and become able to execute it calmly.
Like pulling a slot machine lever on a whim (laugh).
See you next time.
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