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I’m not going to argue with anyone’s definition of gambling or trading. However, in my opinion, trading is definitely gambling. You can be good at it, you could make smart decisions, or you can be bad at it and not make well thought out decisions.
The fact is I’ve made some extremely well thought out and researched trades that turn out to go bad for whatever reason. The first one that comes to mind is when I bought stock in Chipotle the day before it was announced someone got sick with from E. coli back in 2015.
Of course, these situations are few and far between, but every trade is a gamble, even for the most educated and professional traders.
Can you help answer these questions from other members on NexusFi?
This is a great thread Mike and some very good points.
I have been in the position with a lot at stake and im sure a lot of people have too so im sure this will help out.
I think you have this view because in everyday life we live and do things our risks tend to be hidden in the normalcy of it all, and we dont have such a clear view of them... we do not see the risk in being a taxi or uber driver the same way we see the rare event in a trade. in fact, if you go to the insurance companies listings and see risk as we believe it vs actual risk.
We often do not see risk to ourselves as much or as easily as we see risk to our wallets once realized
mostly because a bad event in the market is not only something that we watch, but happens fast...
We over-react to intentional actions, and under-react to accidents, abstract events, and natural phenomena.
We over-react to things that offend our morals.
We over-react to immediate threats and under-react to long-term threats.
We under-react to changes that occur slowly and over time.
and
i leave you with this to think about:
I used to develop software for the insurance industry, and learned this and tons more about real risks and how people behave... the truth about the market is that you have a decent amount of control of the risk, unlike having a car accident... and its THAT control that separates the gamblers (who throw caution to the wind and take on too much risk) and the professionals, who manage their risk constantly