Similar to limiting dangerous army drills, efforts to lessen young people’s psychological stress and financial losses end up doing more harm. And if all of this global unrest wasn’t alarming enough, people are turning to mind health services to escape the vicious cycle of cryptocurrency trading.
Victims claim that in order to quickly amass fortunes in the $2 trillion markets, which are expanding at a rate of knots, they have neglected daily life and destroyed their inner peace.
The technique for counting cards in blackjack was developed by Ed Thorpe, who also developed or improved the majority of the conventional quantitative hedge fund strategies currently in use.
In the 1960s, many people were motivated by his books to pursue the challenging mathematical path necessary to win at high-stakes gambling. When asked if he worries about his book readers who have failed to emulate him in real life, Thorpe replied that he doesn’t. They would have been in trouble without my assistance, Thorpe continued.
Life is filled with risky bets, whether we like it or not. We anticipate that graduates will decide whether to take a chance on hundreds of thousands of dollars in lost wages and college expenses in order to increase their lifetime earnings by thousands of dollars annually. We are aware that many of them make poor choices.
And there have been many other risks taken before this one. Everything is a gamble, including picking a career, getting married, starting a business, investing, joining the military, and evading taxes.
How do young people learn to weigh risks carefully when making decisions?
Although lectures and books may be helpful, people learn best from their own experiences. Sports and games with cards, dice, or other unpredictable components are both good at this. However, the bets must make some sense to the bettor personally and be genuinely interested in the result for the risk to be understood.
The courage to play a high-stakes game in the first place is another of the most crucial traits. This will inevitably result in some people suffering. In the military, accidents that occur during training exercises result in twice as many casualties as actual missions.
It makes sense to assume that the ratio applies to gambling as well; twice as many people who gamble and log in at bet365.com , day trade, or speculate in cryptocurrencies experience financial loss, relationship ruin, or other problems than those who take “responsible” risks.
After receiving therapy, a young person who has made similar mistakes can return to life sadder but wiser and avoid long-term mental damage. People who start making more significant investment decisions in their middle years might not recover as quickly.
Financial trading is a particularly intense form of risk-taking, whether it involves yelling in the Chicago Mercantile Exchange’s trading room, working on a primary dealer’s trading desk, managing a hedge fund, or trading cryptocurrency over the phone.
It has the kind of consuming excitement that makes life outside of trading seem dull and plodding. Even traders who are somewhat removed from individual trading decisions and who focus on using mathematical and quantitative methods to evaluate financial products or markets still experience the thrill of the market.
Trading at the highest level cannot be done calmly, according to experience. Professional traders develop the ability to transform unprocessed emotions like fear and greed into an equally intense but useful psychological force.
Successful people in most fields have figured out how to use their brains and hearts to get what they want, just like the best athletes have a laser-like focus on winning.
They never experience the focused passion necessary for great success, so they continue to be susceptible to the unrefined emotions that can cause poor decisions. Similar to limiting risky military exercises, trying to completely eliminate the psychological stress and financial losses experienced by young people will only result in more harm being done with more at stake.
This “game-flipping” of finance, as well as cryptocurrencies, day trading, and other practices that make learning about risk enjoyable, are all viewed with suspicion by many regulators. They recognize the harm caused by those who overindulge but fail to acknowledge the enormous advantages of those who can manage the risks in life with wisdom.