Traders often get themselves into positions with good intentions and when the markets turn against them they have no plan. The consequences of trading while hoping that things will get better is not a disciplined approach to the markets and can lead to financial disaster.
One common misconception is that the markets are a form of gambling. Giant, opulent casino palaces are built because they have a huge advantage over the gaming public. Even the most high paying casino games only have a near 50% probability if played perfectly according to the odds. Good traders and investors can have success rates much higher than that with the proper discipline and money management.
Las Vegas has been built with the dreams of hitting it big but disappointing millions. The market is viewed as gambling for those that are uneducated, uninformed and most importantly, without a plan. It only takes a few simple techniques to begin turning the investing odds more in your favor.