When investing, never speculate. Speculators and traders lose money all the time, just like gamblers in a casino.
Instead of thinking like the gambler in the casino, think like the casino.
In other words, be the one who sells pans during a gold rush. Be the one who’s selling when all the speculators are buying.
Casinos understand the psychological attributes of gamblers and stack the odds in their favor. In this video, filmed at the Platinum Mastermind in Fiji, Nik Halik explains some of the tricks that casinos use to make their money.
THE TRICKS CASINOS USE
Casinos use a number of tricks to make people gamble more money.
They oxygenate the game floor to make gamblers feel more awake. They have no windows, because they want people to lose track of time and not notice when it gets dark. They may even have clouds painted on the ceiling. They serve alcohol to loosen people up.
Most significantly, they take gamblers’ emotionally connected money and disconnect the emotion from it, by replacing it with casino chips. People are naturally going to be less careful with casino chips than real cash.
THE BIGGEST DANGER
The economy is much like a giant casino. It’s designed to put people out to pasture. Most people are consumers, workers and taxpayers and they will follow all the same trends and fashions. What they don’t realize is they are being “milked” by the system.
Once they can no longer provide “milk,” either because they have no money to spend or they are no longer able to work, the system no longer has any use for them.
On a plane, you fit your own oxygen mask before helping others. Do the same when investing. Instead of joining all the speculation, be the one who sells to the speculators.