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Still from The Queens Gambit. Picture credit: Phil Bray/Netflix

Yet while acting on impulse can get you into trouble, taking a considered approach must not come at the detriment of taking opportunities when they present themselves.

If you are looking ahead, and acting with logic and rationality, then you will see openings that you can take advantage of. At times, these will deviate from your broader, long-term strategy, but having the adaptability to capitalise on these is crucial.

This rings true in trading too, where you must be able to react to what the market is doing or telling you. To be inflexible is to cut off your options.

The greatest chess players put their egos aside when they play. Games of strategy can be perilous for those who become arrogant, and often the moment you think you have learned all you can, is the moment you start to regress.

Over the course of time, a chess player needs to study and grasp new methods to play more challenging opponents. Even the most avid players require a more advanced step up to add new and strategic openings and analyse unexpected scenarios.

Learning to make decisions in real-time based on whats unfolding in front of you, and identifying where your theory or trading call may be wrong, is all part of the process. Unfavourable circumstances are unavoidable on the board and in markets, but those who learn how to turn this state of play to suit them will come out on top.

Since trading requires funds, a trader can test and nurture his ideas on a demo account to prevent non-essential losses. That way, new knowledge can be executed once developed without spreading your wallet thin.

Markets are uncertain, and you have to analyse, adapt and learn to roll with the punches, in exactly the way you can learn from brilliant moves your opponent might play in chess.

These underlying similarities between chess and tradinghave led to an alignment of financial service providers with the game of chess, and also the gameplay of grandmasters, in an effort to better communicate the value of the disciplines that can make one great in each of either or both of these fields.

Michael Kamerman is CEO of Skilling, proud sponsors of World Chess Champion Magnus Carlsen, and the Skilling Open, the worlds first fully online Champions Chess Tour.

Disclaimer: Skilling Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license No. 357/18 (the Company). 62 Athalassas Avenue, Strovolos, CY-2012 Nicosia, Cyprus. Skilling Ltd is authorised to operate via its UK Branch by the Financial Conduct Authority ("FCA"), under Reference Number (FRN) 810951.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

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Five ways chess can help you buy and sell shares better - Interactive Investor