I do believe one's trading career should, or will, be finite. Eventually things will change, and one will no longer have an edge; or things in life overall will change. I believe one should acquire capital via trading and then diversify and invest into assets with passive income capabilities such as real estate; and then enjoy your money given you cant take it with you when you die... so trade, make money, diversify your investment and enjoy it while you are alive.
I find the analogy to the insurance industry to be interesting, and one I don't agree with because I think at some point you have to stop calling it gambling and start calling it a business. Some businesses fail, and are bad businesses. Others do well. They are still both businesses.
Why stop at insurance. Why not say a mechanic opens his auto shop and wants to compete with a large chain. Is it gambling? Or is it just business? He believes he can earn a living from his auto shop, he thinks customers will do business with him. Is it gambling or business?
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This thread will go on forever with no conclusion, unless everyone agrees on the definition of gambling for the thread.
FT-points out by definition it is --- An act or undertaking of uncertain outcome; a risk
Problem becomes when people use the word gambling to describe a behavior.People who identify gambling as a behavior, associate gambling with recklessness, and thus believe in and of itself gambling is bad.
It is what it is, no matter what type of frame you use.
You want to frame the picture as a business? Fine. But the bottom line is you you still take risk on uncertain outcomes, so you need to be aware.
You want to frame the picture as gambling? Fine. But the bottom line is you better handle it like a business as well.
At the end of the day it is irrelevant what the next individual thinks, especially when you are your own source of funding.
Why cant it be both business and gambling ? Casinos run a gambling business and reap tons of money IF they are well run . Insurance companies gauge how likely an event may be and sell policies to us betting it wont happen so they too are running a gambling business and make tons if they are run well - unless they are in the USA and the government bails them out with our tax money so I guess they have the best edge of all .
I believe that is the challenge must people have when it comes to the word... it has been bastardized by society as an illness and a destroyer of families, never mind all the bs movies our kids are watching that is destroying their mind and sense of purpose...
in reality, the meaning is more broad than what american society gives it.. and hence the issue... I am not american by birth, as such gambling to me means taking a risk for uncertain outcome, as defined... some people call it investing or even starting a business... what most dont realize is that "you" are the one with the edge, you are who will need the discipline and applying yourself to your task to be successful by developing the required skills... you will be the one studing the game to figure out how to gain an edge.
IMO, gambling is what society names it only when the person taking the risk is no longer doing it for the outcome, but rather the rush and cant control themselves.. they will follow no discipline, or will study what they are partaking on, they will just play with chance and win and lose some... they cant help themselves.
there is a reason why you are constantly being told, as a trader, to treat it as a business and to have a clear plan, etc. The trading feeling/sensation is no different from a slot machine if treated that way... it is the individual performing the task the one that gives the activity its entonation..
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