Crypto News

Why You Should Treat Casino Play Like Trading and Vice Versa

tips for choosing an online casino

Here’s the thing about playing casino games: The most dangerous thing you can do is gamble when you are angry. It’s in all the literature and responsible gambling advertisements set out by bodies like the UK Gambling commission. In short, if you are flustered, angry or, let’s face it, slightly inebriated, your decision-making goes down the pan. And, as a consequence, lose a lot more than is intended. 

As most are aware, you are supposed to have the same type of levelheadedness when trading and investing. There is a bit more of planning and organising going into trading a financial asset than the spin of a roulette wheel, of course, but some of the fundamentals remain the same. For instance, many traders will execute sell-stop orders with their trades. This method of protecting long positions will trigger a market sell if the asset falls below a certain price. In a sense, if you are entering into a casino you are taking a long position, but you also want some protection if the evening at the tables goes wrong. 

Know when to cut your losses

How do you create a sell-stop-order at a casino? Well, it comes down to willpower and organisation, i.e. having an amount you are willing to lose and sticking to it. Sounds easy? But every trader and casino player will attest to the idea of chasing a loss, and it can soon get out of hand. Of course, a lot of online trading accounts have negative balance protection – something of a godsend if you are trading CFDs or spread bets. Online casinos have similar protection with deposit limits, meaning if you join a poker table with the action streamed live from a studio you won’t be able to add extra money should the cards not fall your way. Indeed, many online casinos now have time-out limits and reminders to ensure you don’t lose track of yourself. 

Anyway, that’s all about cutting your losses. So, what about using trading strategy to get ahead? A more difficult prospect, you’ll agree. But there are some things you can do to at least narrow the odds to some extent. For instance, most traders to a little research before they invest. If you take something like slots, which run on RNGs (random number generators), there is nothing you can do to affect the outcome. However, you can research the game before you play. Consider that some slots have higher RTPs (return to player) than others, meaning they pay back more over time. This information is readily available as it is legally obliged to be published by gaming companies. 

Research every game before you play

Obviously, you should not be making stupid mistakes in the choice of games. For instance, American roulette has a higher house-edge than European roulette (because of the extra double zero pocket), and the choosing of European swings the advantage in your favour by a few percentage points. Similarly, even a basic card-counting strategy in blackjack – it’s not illegal, and never has been – is enough to even the odds. 

Finally, as all traders know, getting every discernible advantage can count. So, plunder every offer and bonus the casino has to offer. If you are going to a real casino, check the loyalty programmes; if online check everything on bonuses based on your deposit method to birthday loyalty bonuses. It all adds up and can be the difference between profit and loss. 

Image(s): Shutterstock.com

The post Why You Should Treat Casino Play Like Trading and Vice Versa appeared first on The Merkle Hash.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Bitfinex Offers Up to $400M For Information Leading to BTC Stolen in 2016
Bitfinex wants to recover Bitcoin stolen from them in 2016, even if that means paying to find the hackers...
Tracing Fishy Risks With Blockchain Tech Amid the COVID-19 Pandemic
The COVID-19 pandemic has highlighted challenges in global seafood supply chains, and blockchain tech may help improve them. COVID-19...
Chainlink Reaches New LINK Price All-Time High Eyeing $10 Next
The price of Chainlink has climbed to new heights as LINK continues to be one of the strongest cryptocurrency...
HaruBank Celebrates One Year of Operations, Showing Strong Growth
Bitcoin Press Release: Blockchain-based digital asset depository service HaruBank celebrates 1 year of giving users market-leading interest rates, with transacted volumes of over...
From Broke To Bitcoin: The Post-Pandemic Rags To Riches Story
The pandemic has brought about tough times on many. The economy is struggling, jobless claims are rocketing, yet thanks...
Sceptre Monitor Review – 27″ Curved Gaming Monitor (C275B-144RN)
Note: This review is in no way sponsored by Sceptre. I had no contact with the company and bought...

Featured Crypto News

Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback
The price of Bitcoin spikes to $11,200 but three key factors suggest that a short-term pullback is likely as...
Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst
Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager. The analogy appears out of Ethereum’s...
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a...
Ether Rockets 50% in 5-Year Anniversary Month: What’s Behind the Rally?
As Ethereum turns five years old, Ether is up 50% over the past month with two main catalysts driving...
This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25
Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US...
Will Ethereum Overtake Bitcoin as the World’s Leading Token?
Ever since it was first released to the public in January 2009, Bitcoin has been the leading player in...