5 ms·
Oh boy that reads like a horror story to me. Follow up article in 6-9 months, "How the pandemic ruined my parents".
by keyle 6y ago
Oh boy that reads like a horror story to me. Follow up article in 6-9 months, "How the pandemic ruined my parents".
- viraptor 6y agoThe problem is, nobody wants to be the loser in public. Those stories will be less common and more boring than "retired mom made thousands in a few days".
- baq 6y agothis is why the r/wsb culture of posting loss memes and losses themselves is actually a success: there's no shame whatsoever in losing 99% of your account, multiple times. with the right mindset you can see that day trading is gambling with a hint of the house not caring about players cheating.
- mjburgess 6y agoperhaps "the house" is the long-term investor ie., day trading is a rigged game: it is a transfer of wealth from those who won't wait to those who will
- chii 6y agoThere's no 'house' in trading - it's like playing poker. You're competing against other players. The "house", if anything, is the transaction brokers/market makers (who always make [a tiny amount of] money performing the transactions).
- ausbah 6y agothe parents in the article appeared somewhat smart, only tying a fraction of their life savings into their trading.
- choeger 6y agoThat's what they told the daughter. Once they lose some money, I bet you they will consider taking more out of their conservative funding to "recover the losses". It's really like gambling. Starts harmless and may not be addictive to everyone, but it can definitely ruin your life.
- Frost1x 6y agoInvesting is quite literally legalized gambling, just for more complex systems. You're gambling that when you invest money in something it will show value, others will acknowledge that value, hopefully at a higher value than you bought in at, and your investment will increase in value. Obviously with gambling, it's more stochastic in nature by design but often large complex processes have a lot of stochastic elements to their successes and failures as well.
- leetcrew 6y agoinvesting can be quite like gambling psychologically, but it isn't necessarily the same thing. it's just one of the many risk vs. reward tradeoffs inherent to life. every time I drive to the grocery store, I am implicitly acknowledging that the risk of being t-boned is outweighed by the reward of having food to eat, even though I am not 100% sure that I will survive my journey or that they will have the food I want. another key difference is that the expected value of a bet in gambling is less than or equal to zero (depending on house cut). the expected value of a single stock is unknown (at least to a retail investor), but the expected value of a broad portfolio is positive in a growing economy. you can "lose" relative to others and still be better off than if you had not participated.
- timmytokyo 6y agoIt's difficult to call what many of these people do "investing". It's closer to speculating. And speculating is gambling.
- 6y ago
- RhodoYolo 6y agoYou think it's going to take 6-9 months? I give it until Nov 4th.