The Greatest Blackjack Card Game I witnessed that help me trade stocks better!
Hi, before I tell you about an amazing event I just witnessed, let me give you a quick market update. As you’ve probably noticed, the waters have been pretty choppy. And that’s a good thing. Because I’m looking for grand slams when it’s like this — no more getting ground down for $200 losses here and there. Like this massive short for me that paid off. Been bearish on this stocks for weeks!
Why? Because this is a very forgiving market for stubborn longs. But only if you stay humble. Keep your feet on solid ground, THEN this way you won’t get smoked if we tank hard.
Here’s what I suggest you do to keep a sense of perspective:
Formulate what you think a given stock or index will do by drawing an accurate and honest trendline — no wishful thinking here! Let the line tell you what’s going to happen. Map it out. Come up with your overall economic perspective. Plan what you’re going to do!!!(And by the way, make sure you draw your trendlines consistently every time. Otherwise you won’t have a tool you can rely on. An inconsistent technique where you constantly change your trendline rules — do I connect these two points or those two? — well, it’s like using a hammer with a wobbly head. You might hit the nail correctly this time. But other times you’ll just knock the nail flat — or miss completely — and you’ll have to start over.)I’ll go over my own trendline creation method in a future post or video when I’ve got a moment. But for now, just remember that whatever technique you’re using today, be sure to be consistent with it. Or you won’t have a dependable tool. Got it?
Great! Because now I’ve got one heck of a story I have to share with you … just played and watched the most epic blackjack game ever! Never in your life will you see what I just saw unfold before my eyes.An Ethiopian gentleman next to me started with $1,000 at a $15 minimum table. Within a couple hours he’d accumulated $5,000. At the time, I thought that was pretty amazing. He was a great player and had loads of confidence.But he just kept pushing. And then things took off like a rocket.Within 30 more minutes he was up $5,000 more. So that was $9,000 total profit over his initial $1,000. I couldn’t believe it!With every hand he was pushing the table max with $1,000 bets … blackjacking … and the dealer was busting. The odds of this happening again — and me getting to witness it ever again in my life — is 1% at best.Guess what? Now he pushed harder on his bets, betting three different seats at $1,000 each max. And at that point he was up over $20,000! People were drifting over to watch. The Pit Boss was now there with security to watch the mountain of chips on his side of the table.Meanwhile the dealer’s money tray was only 1/3 full. The player literally had almost all the money.But he kept pushing! Now he had all her money except for $180. Yes — that’s all she had in the rack. And he had over $33,000!I was astounded. Never before have I seen someone win 32x their money in one short evening. This was a night for the ages.And I think he knew it too. Finally he’d had enough and walked away with over $32,000 in winnings.I managed to strike up a quick conversation with him before he was gone. I wanted to see if there was anything I could learn to share with you…
Apparently he plays blackjack every weekend. But this was his best week so far (no surprise there, I guess). He’s a business owner and has a terrific — if not the BEST — winning mindset I’ve seen in years.Because if you watch people who win, the ones who stand out in trading, business, or anything at all — it’s all mindset! This guy had it figured out. In fact, as we talked I realized that only one thing separated him from me that night at the blackjack tables. He wasn’t afraid to keep winning BIG when he was winning, and he would NOT back down during his win streak.
Only when he lost a few hands would he back down just a little …
… and then push HUGE on the first winner.
This is a powerful lesson for trading. Money management, discipline, knowing how to act when you’re winning big, it’s key to really taking it to the next level as a big trader.In the case of my new blackjack acquaintance, his hands were literally shaking as he kept winning.But he didn’t go crazy and start jumping all over the place. He stayed pretty cool, considering the way the chips were piling up around him. It seems he’d experienced good win streaks before, actually. Maybe not quite as high as tonight, but plenty high in earlier weeks.(Tonight he’d broken through a level that the Pit Boss said he’d never seen in 30 years in all his experience in the pits or casinos.)
The main thing is … this guy was essentially fearless and backed himself all the way. Just like a true champion.So how can we be inspired to trade better from this guy? When the winning hands come, stay in them! Stay BIG with the winners and back off your losers. Milk the winners for all they’re worth!
Here’s the only picture I could snap, by the way. Notice all the $500 chips in his hand and only red $5 chips on the rack with the dealer?