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When I first opened a brokerage account, the broker that interviewed me asked me an interesting question. He asked me if I planned to get rich quickly or slowly. When I replied "slowly", he sighed and said "Good, you might last longer than most!"
What is the lottery win mentality? Well when you buy a ticket in a national lottery you are betting against the odds, emphasising how much is won and what you might do with the winnings. That is because the odds of winning are less than the multiple of your stake you win. This is obvious or else the costs of running the lottery would not be covered.
So the lottery win mentality is, 'Never mind the odds of winning, how much do I win if I win?'
It is the mind-set perhaps I had many years ago of buying out the money options, thinking mostly how much I might win if the market moves a lot and fast in my direction, and choosing to mostly ignore the low probability of this occurring.
In other words, someone with a lottery mentality goes for the possibility of a big win with an expected result of a loss - a bit like playing one of the numbers at roulette in a casino.
This is fine for a fun evening out with friends with your evenings entertainment budget, not so good for a trading business.
Now imagine what you are going to do about it.
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