18/02/2021
Hello everyone,
๐๐ผ๐ ๐๐ผ ๐ด๐ฒ๐ป๐ฒ๐ฟ๐ฎ๐๐ฒ ๐ฐ๐ผ๐ป๐๐ถ๐๐๐ฒ๐ป๐ ๐ฝ๐ฟ๐ผ๐ณ๐ถ๐๐ ๐น๐ถ๐ธ๐ฒ ๐ฎ ๐ฐ๐ฎ๐๐ถ๐ป๐ผ (๐ถ๐โ๐ ๐ป๐ผ๐ ๐ฟ๐ผ๐ฐ๐ธ๐ฒ๐ ๐๐ฐ๐ถ๐ฒ๐ป๐ฐ๐ฒ)
Hereโs the thing:
Every casino in the world has an edge over the players.
But, why are some casinos more profitable than others? And why do some casinos even go bankrupt?
On the surface, it seems like all you need is a statistical advantage over the players for you to mint money.
But, thatโs only one small part of the equation.
You must also figure out how toโฆ
- Attract new customers from competitors
- Retain existing customers
- Incentivize customers to spend more
- Keep your customers happy
- Etc.
Clearly, there are a lot of moving parts and one person canโt manage everything.
So, how does a casino do it?
The secret is thisโฆ
A casino has systems for everything they do.
For example:
#1: A casino has a system in place to incentivize their best customers to come back often by offering perks like free accommodations, transport, etc.
#2: All dealers follow a systematic way of playing Blackjack so the casino can consistently increase their revenue (and not leave it to the discretion of a dealer).
Now you might not be running a casino but, youโre managing your own trading business.
So, how do you manage it like a casino?
Well, you must have systems in place.
For exampleโฆ
Risk management to ensure you donโt lose everything on a single trade.
Source of funds so you can pump in more money to your account and scale up your trading business.
Trading strategy so you have a fixed approach to enter & exit your trades โ which improves your consistency.
Research & development so you can build new trading strategies and profit in different market conditions.
In other words, if you want a sustainable trading business that generates consistent profits, then you must have systems in place so your actions are consistent.๐
