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House Money

Trading with the House's Money
Trading is all about finding quality charts with great setups acutely managing risk with stop losses and managing the portfolio of stocks you currently have open positions on to get the most possible gain out of each trade. 

Novice traders on a winning streak get cocky or complacent thinking they are better than the market and because of this winning streak they feel they cannot be beat and start to over trade (greed) and justify entering poor quality setups. Because they are ahead they think this profit they have accumulated is the house's money and not theirs.  They justify poor management of open positions on the basis that the gains are not theirs it is free money profits from the house like a gambler would think of it as.  This gambler's mentality has no place in trading. 

Open profit and loss is realized by a simple click of the mouse to close the positions. So if you have a profit it is YOUR money NOT the house's money! Think of it this way: if you have a loss it is YOUR loss NOT the house's loss right If the loss is not the house's money then how can a profit be I like to lock in profits as much as I can.  I may take profit too early in many cases but at least it is a profit. I am not taking the chance of letting that profit slip away and be reduced to nothing or even a loss.  It is your money at risk; it is never the house's money. 

Novice gamblers who have quickly lost money they had just won are familiar with this phenomenon.  They do not really care they lost it because they were playing with profit (house money).  Some traders have this mentality and it is the wrong way to think in my opinion.  The danger of this thinking lies in the fact that people assume additional risk when they are in the green and have not yet perceived the gains as their own.  They perceive this newly gained money as not really theirs yet but as money of the house.  They subsequently take higher risks with the house money and endure losses more easily. 

More Risk When Ahead
Most traders take higher risk trades more aggressively after a positive winning steak.  It is human nature we all do it.  We feel good about our trading and want to trade more while we are hot even if there is no compelling reason to take the next trade.  It works in reverse when you have a losing streak.  You end up gun shy and will not pull the trigger on a set up you find that you know you should be on like white on rice but because of your losing streak you do not take the trade.  You turn extremely riskadverse after defeat and turn extremely over anxious and more risk tolerant after success. 

Each trade must be viewed independently and start from an unbiased point of view regardless of previous gains and losses.  Each trade should stand on its own merit. The last trade does not matter it is over and we must think only about the next potential trade.  If you are managing the trade correctly the amount of open profit or loss is irrelevant. Just plan the trade and trade the plan! But under no circumstances should you undertake this novice view that you are playing with the house's money it is YOUR money at all times.  Your trading is your business of generating consistent cash and you have to lock in YOUR profits when you have them.

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