𝗛𝗼𝘄 𝘁𝗼 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗲 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗽𝗿𝗼𝗳𝗶𝘁𝘀 𝗹𝗶𝗸𝗲 𝗮 𝗰𝗮𝘀𝗶𝗻𝗼 (𝗶𝘁’𝘀 𝗻𝗼𝘁 𝗿𝗼𝗰𝗸𝗲𝘁 𝘀𝗰𝗶𝗲𝗻𝗰𝗲)
Here’s 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, that’s only one small part of the equation.
You must also figure out how to…
- 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 can’t manage everything.
So, how does a casino do it?
The secret is this…
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, you’re managing your own trading business.
So, how do you manage it like a casino?
Well, you must have systems in place.
For example…
Risk management to ensure you don’t 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 — 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.
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