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Why Playing Chess Makes You A Better Trader

Chess is an ancient strategy game that has been enjoyed by some of the most accomplished people of modern times. Napoleon Bonaparte was an avid player as well as Vladimir Lenin and Clement Atlee. Chess is a simple game played on a eight by eight, black and white board.

There are black pieces and white pieces with both players starting off with the same pieces: A King, A Queen, two bishops, two knights, two rooks and eight pawns. The aim of the game is to put the other player in checkmate whereby the King cannot move.

Rules of the Game

All the pieces at your disposal can all move differently on the board to take your opponent's pieces. For example, the pawn can move one place forward, can take another piece diagonally and from the beginning, you can move the pawn two pieces forward. After the pawns, you have the rooks, which are located initially on the corners of the board. The rook can only move horizontally and vertically, not diagonally.

Next is the Knights which can move only in a combination of three except by just moving forward. They essentially move in L shapes, and they can be very useful in a game. Bishops come next and they can only move diagonally, somewhat the opposite to the rook. The last two pieces left; the King and the Queen, are the two most important. The Queen can move anywhere on the board whether it is horizontal, vertical or diagonally, therefore, it is the most powerful piece at your disposal.

The King can only move one space at a time in any direction; provided it is not put into check. However, the King is the key to the game as if not protected properly your opponent can put you in checkmate and win the game. If you would like a quick video tutorial of how to play chess, check Chess Talks: How to Play Chess: Rules for Beginners on YouTube

Patterns

Chess is all about patterns, playing both offensively and defensively to both find a way to put your opponent in check whilst protecting your most valuable pieces and keeping your king safe. This quick minded skill constantly tested will make you sharper at noticing patterns in the markets and be on the correct side of the trade. From an analogy perspective, your funds are in this case the King, which must be protected at all times. When you see patterns in the market, like on a chess board, it is easier to predict the next move, minimizing your risk as much as possible and making moves to return even greater rewards.

Spotting patterns come in all forms of life, from trading stocks to playing slots. If you enjoy playing slots online, VegasSlotsOnline provides the most popular chess-themed games, as well as over 10,000 more to play. Moreover, they advise on varied payment methods such as Bitcoin or Skrill and compare excellent welcome bonuses and loyalty programs.

Logic and Reason

Sometimes the markets are not rational and there is a stock market saying “the markets can stay irrational longer than you can stay solvent” which is true. However when making trading decisions it is always best to remain logical and have a good reasoning why you are making those decisions. Chess can help to sharpen up those skills to make more informed decisions.Furthermore there are plenty of sites to play online to practice such as chess.com.

Just like when trading, you need the right strategy and it's the same for chess. You cannot put all your money into one thing, just like you cannot pin all your hopes on one particular piece of checkmating your opponent's King. In chess there are no shortcuts, just like in trading, please read traderlife.co.uk poignant piece on this.

Thinking Ahead

In the markets, especially when a long term fundamental trader, looking ahead at any major events or key decisions is vital to a good strategy. When playing chess, it is advisable to think three to four turns ahead, predicting where your opponent will put their piece. This is very similar to that of the stock market, trying to predict what for example central banks do or Government policy. From there you can make better informed investments decisions.

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