Casinos
When people go to the casino, they often have a very detailed game-plan about how disciplined they are going to play, what their risk limit is, how much they are willing to lose at most and plans about leaving with more than what they came with. However, the casino managers are aware of the ‘preparation’ of the average gambler and they found ways to trick them into abandoning their good intentions.
When people go to the casino, they often have a very detailed game-plan about how disciplined they are going to play, what their risk limit is, how much they are willing to lose at most and plans about leaving with more than what they came with. However, the casino managers are aware of the ‘preparation’ of the average gambler and they found ways to trick them into abandoning their good intentions.
- Free alcoholic drinks to seduce people to take more risk than what they had planned
- Women and other attractions to create arousal and to stop people from thinking too much about risk and potential losses
- Bright and flashy lights and sounds to create a casual atmosphere with lots of excitement
- Everything in a Casino is designed to make you want to spend your money, often created by professionals with a psychological background, including odors, sounds, patterns of the carpets, etc.
- Casino chips are used to make you forget you are actually playing with real money
Although trading and investing is a very hard thing to do successfully, the way the media presents investing in the stock market is comparable to a large scale casino where the only goal is to create attention, excitement and awaken the hopes of people who are looking for a fast buck. The following attributes of the mainstream media and trading websites often create a wrong impression of trading and can be the cause of a negative trading performance:
- TV channels and newspapers use attention grabbing headlines and slogans to attract people
- Pictures and photos of young , rich men are used to awaken hopes and dreams of a certain clientele
- The hosts of investing shows have often little to do with sophisticated investors, but are very emotional to draw a lot of attention
- If there are extreme rallies you can read and hear about it everywhere and you can witness that even ‘the average Joe’ now suddenly sees himself as an investor
