Differentiating Between A Luck Problem & A Gambling Problem

Life is a risk, so we were told, Not taking a risk is risky, this has misled a lot of people into sticking to something more than they were supposed to. I remember when I used to trade forex, I wanted to win so bad because I had seen a lot of people who claimed they have made a fortune from trading forex, this made me feel like I should never give up. I found myself always trading constantly even though my win to loss ration was like 80 : 20. Lots of mentors made me feel like that was normal, and I should never.

source
I constantly traded and lost money, then kept on thinking it was a matter of luck. It took some time and discipline to finally agree that Forex wasn’t my thing and i was only gambling instead. This has happened to the best of us especially during gamblers and the betters, who always place bets. Before placing that bet they always have hope that there luck would shine for them so they can win the bet. Sometimes they win but most times they lose. But most of them are always in denial and would never admit that they are gambling. Same thing can happen in crypto.

We invest in crypto hoping that one day it will make us financially free. All these are based on speculations, some of us have our life savings invested in crypto and so far, have you been able to differentiate between a luck problem and a gambling problem. Well, so far, I haven’t had that thought because I haven’t invested in shitcoins lately. But I had that thought in 2021 when I was investing in shitcoins, I knew fully well I was investing in shitcoins so I knew i was gambling. This helped me managed my risk better, I made sure I wasnt investing more than I could lose. This helped me better in taking profit and not holding for too long. Some people held on to safemoon for so long because they were hoping Safemoon would make them extremely rich if it reaches $1. Unfortunately the price of Safemoon has tanked so bad now.

A luck problem can be differentiated from a gambling problem if you can differentitate use case and utilities from a project without one. You can be unlucky with an asset with great utility because you keep buying the top and selling the bottom instead of doing the reverse, but a gambling problem can be associated with buying a token without utility or use case but hoping it blows so you can be rich. The chances of hitting it big in gambling is far slimmer than that of actual investing.

Posted Using LeoFinance ^Beta