Classic games like chess and poker require players to show restraint and poise in the face of pressure
Many concepts get bandied around when people talk about mindsets that can help people reach their savings and investment goals.
Some of them, like the ones mentioned in other parts of this blog, are absolutely worth taking note of, while others that are found in more shady nooks and crannies of the web are not quite so trustworthy.
However, one thing we can all agree on is that in order to improve as investors and savers, we need to keep an open mind to new techniques and approaches, or else we risk missing out on potentially lucrative opportunities.
In this piece, we look at the train of thought that suggests there is much to be learned from the mindsets that professional online gamers adopt, and which keep them at the top of their field.
Never Run Before You Can Walk
One of the best rules for any fledgling investor is to never get ahead of yourself. Quite often people are so eager to garner big returns that they make catastrophic mistakes almost as soon as they have started.
Certainly, players of a variety of games know all about this, with chess players aware that one rushed move at the start of a game can condemn them to defeat no matter what they do to try to save the situation. The same is true in poker, with pre-flop play often being the downfall of many rookie players, who rush to play too many hands in the hope of picking up early pots, instead of taking the sounder advice of playing tight rather than loose, as suggested on open access blogs written by people in the know.
Of course, all this is easier said than done when the pressure is being ramped up by the game itself as well as by your opponents, which leads nicely into our next section.
Gamers and investors often go through the same challenges to achieve the results they want
Exercise a Strict Mindset When It Comes to Bankroll Management
Chasing your losses is the sure-fire way to financial ruin and can be snuffed out early if the correct mindset is rigidly adhered to at the get-go.
Many gamers who play for money know the importance of this stringent mindset, always sure to play stakes they are comfortable with, as well as with money they can afford to lose.
After all, no gamer or investor can ever come out on top 100% of the time, unless your name is Warren Buffett, and even he probably loses now and again.
Trusting in Yourself Through the Hard Times
Many online gamers talk about downswings, these are periods in time when fortune is not on their side, and no matter what they do or how much they play the game goes against them.
The sort of mindset required to overcome such inevitable phases, where volatile markets and disrupted trading patterns skew your predictions, is one where you trust in your convictions, but also know when it is time to admit you were wrong, and that a different approach may be required.
Gamers are well used to having to display this capability, with a software or level upgrade suddenly altering the entire landscape of a game, as well as the tactics required to win. The uneven investment playing field is no different.
Take a Step Back to See the Bigger Picture
Last but not least, we think it is definitely worth pointing out to all investors and savers that while preparing for the future is important, it should never be to the detriment of your current happiness and prosperity.
You do not want to be that man or woman glued to the trading app on their phone day and night, as important life moments pass you by offscreen.
Gamers know this all too well, aware that when they power down their computer, console, or mobile device, that there is a whole world out there that is not determined by rankings, leader boards, pie charts, or graphs.