After finishing my blog post yesterday evening I kicked back and watched the movie "21". This is a great movie, and it has some fantastic lessons for day traders.

This movie is inspired by the true story of MIT students who mastered the art of card counting and took Vegas casinos for millions in winnings.

The main character of this movie, Ben Campbell, is looking for a way to pay for tuition into Harvard Med. His brilliant statistic professor, played by Kevin Spacey, reveals a plot in which he and some of the most giftes MIT students try to bust Las Vegas by counting cards at the Blackjack table. After some initial hesitation Ben decides to join the crew.

In a key scene Mickey, the statistic professor, asks Ben: "Are you in?" Ben answers: "Yes, I am in."

Then Mickey looks Ben straight in the eyes and says:

"There's one more thing, Ben, and this is important:
We're counting cards; we're not gambling.
We're following a specific set of rules and playing a system.
I've seen how crazy it can get at these tables,
and sometimes, people lose control.They give in to their emotions.
You will not! You understand?"

The next day the professor and the students fly to Las Vegas and everything works as planned: They play their system, they follow the rules and win. After returning to Boston Ben receives his cut: $16,700. He needs $300,000 to pay for his tuition, and so Ben and his friends take 15 more trips to Las Vegas, winning every single time.

After 16 trips Ben won $315,000 - enough to pay for his tuition. But now he gets greedy and doesn't want to stop. Then, one night, he gives into his emotions and loses $200,000 - more than 60% of his account.

Pure fiction?

A Hollywood Story?

Has nothing to do with day trading?

You are wrong! The same thing happens to day traders every day: At first they follow their system and a specific set of rules. And they make small profits. And then, one day, they give in to their emotions and lose big.

Don't make this mistake! Always follow your rules and never let your emotions take over.

Watch this movie! It's great entertainment and you will learn a valuable lesson.

Enjoy!