A friend I respect a lot recently posted on his WhatsApp Status about the pervasive gambling and betting ads everywhere.
He believes this is causing many young people to become addicted, with no choice but to engage in gambling or betting and eventually go broke due to heavy and regular losses.
I believe the same issue is prevalent in the trading space, and this was my response to him:
9jacashflow Reactions:
You’re right about the cues and triggers being easily accessible, but at the same time, people (especially newbies) should understand that it’s much easier and better to try to control themselves than to try to control the behaviors and actions of others (sports betting companies, brokers, casinos, etc.).
As a result, if they decide to engage in activities like sports betting or even trading:
1. They shouldn’t have false expectations (e.g., “one bet will change my life”).
2. They shouldn’t buy or get sold into false dreams (e.g., “get rich quick”).
3. They shouldn’t gamble (e.g., being fooled by randomness).
Instead, they should try to have a clear and mathematically derived plan to succeed in the long term.
I think wealthy people see betting as a recreational activity, a tool in their wealth arsenal, and an additional source of income, rather than their only or major income.
Just my thoughts, though.
What do you guys think?
Kindly share your thoughts in the comments below.
