New traders and rich traders speak different languages because they see the markets differently. New traders see the riches and rich traders see the risks. New traders see the possibilities, while rich traders see the probabilities. New traders want to get rich quick, while rich traders know that building wealth takes time. New traders love to imagine potential profits, while rich traders do the math. There is a language barrier, and here are the big differences in their vocabulary.
- New traders have picks; rich traders have high probability entries.
- New traders make great calls; rich traders have robust systems.
- New traders have conviction; rich traders follow price action.
- New traders have opinions; rich traders follow trends and chart patterns.
- New traders look for tips; rich traders look for risk/reward ratios that are in their favor.
- New traders like certain stocks; rich traders like to make money.
- New traders make predictions; rich traders have quantified entries and exit levels.
- New traders go all-in; rich traders have maximum bet sizes.
- New traders are gamblers; rich traders are casinos.
- New traders have hope; rich traders have mathematical probabilities.