The Big Saturday Interview with Afraid to Trade’s Corey Rosenbloom, Part 2
Click here to access Part 2 of The Big Saturday Interview with Afraid to Trade’s Corey Rosenbloom.
Discussing the difference between a winning trading attitude and a losing one, Corey Rosenbloom – trader and host of Afraid to Trade – drew on an analogy using the world of recreational speculation – and big, big business.
“Casinos are built on thin margins. I think roulette has a margin of 5 percent, about 52 percent to the house, and 47 or so percent to the player. But most games have tiny edges – 5 percent, 10 percent, which is actually quite large – in terms of the 60 percent/40 percent. So in other words, over time, if you’re a casino boss or a casino owner, you want those dice rolled. You want the cards dealt. You want the wheels spun. Because you know that, yeah, you have to pay out tens of thousands of dollars a few times per night, but you’re taking in so much more than what you’re paying out.
They have the edge. So they want as many rolls of the dice as possible. From the trader’s standpoint, they want to trade as much as possible with risk control. That’s what you do if you have an edge.”
Helping traders find their edge – and to have the courage to stick with their edges when they are working and to turn away from them when they are not – is one of the main projects of trader Corey Rosenbloom through his website, Afraid to Trade, an educational website and blog for traders. Here, in the second half of our conversation with Corey Rosenbloom, we learn more about Afraid to Trade, why he decided to build the website and what he hopes traders will gain from it. We also talk a great deal about the psychology that underlies trading success, the importance of discipline, flexibility and, as Corey says, totally immersing oneself in the trading experience.
To read Part 2 of our Big Saturday Interview conversation with Corey Rosenbloom of Afraid to Trade, click here.
Be sure to also read part 1 of our conversation with Corey Rosenbloom, by clicking here.