I got 4-5 ads whilst watching this video and *every* one was an ad for Forex trading or ‘investing’. Shows just how blunt (or shameless, depending on what you think) the programming of the algorithm on social media platforms is.
Are you aware of the amount of bacteria that is on you feet & socks once you have worn you shoes for an hour or 2? You are just picking which bacteria you are choosing to put on your floor. Cleaning your floors regularly is your best option. It's best to not be a hypochondriac about it. If we were to eliminate all bacteria in our homes, we would get deathly ill everytime we left the house.
@williamallen7836 let's not trivialise. It's not just about bacteria it's actual dirt Everyone should clean floors that's not the point. The dirt and bacteria of things you might step on is far worse than your feet having been inside the shoes. But yes you should always wear socks with shoes and take socks off with your shoes
@@williamallen7836while our feet and socks can have certain bacteria; especially those associated with athlete's foot, but especially the soles of our shoes will have bacteria from urine, feces, vomit, decomposing food and garbage, some large enough to see, but more often too small for us to see. Even what looks like a clean kitchen can have ecoli and other bacteria, on surfaces in the fridge, etc, due to sponges, dish towels, etc, that are moist, have food residue, etc. just look how folks unknowingly.xross contaminate from using the same knife and cutting board to cut meat and produce. This said; to sterile an environment can awaken our immune system.
"The People's Economist" ftw! Tradespotting has a video on this exact topic too. Super thankful for you wealthy, young Brits/Scots helping us uninformed, millennial Americans learn about finance and economics. Thanks so much!
When I started my working life I was employed in a restaurant. Every evening a man used to come in for dinner. He ran a local betting shop. I used to say to my colleagues they have the pleasure and challenge of serving him. To top that they have the satisfaction of paying for his dinner. They all told me they win more than they lose. My answer was if the bookmaker didn't win he wouldn't be able to afford to eat here. Even worse some of them got into debt. Its addiction.
Don't worry about the haters on ur utube channel, there's an old utube saying "if you got some haters on ur comments section? Then your channel is getting bigger. Much respect to what you doing with ur channel (I went to crap school so sorry about my gammer) 🇬🇧🖖
I remember when the National Lottery was launched, I heard it described as a "tax on desperation" this made perfect sense to me, but I watched as a good friend played it twice a week, convinced they would win and having their hopes dashed each time they didn't win, I think that now there are more people more desperate, and just as the National Lottery held out the hope that an ordinary person could achieve financial security for a small outlay, the illusion of the person who is a naturally gifted trader who beats the big boys is just as beguiling to many as the gulf between rich and poor expands, leaving many stranded on the side where they will be unable to own their home or escape debt.
An interview regarding all the things I’ve seen and watched over the last 15-20 years. A conversation that needs to be heard. Canaries in the coal mines chirping everywhere!
Good conversation, Gary. Eating healthily - salads daily - sorted my trading anxiety overnight. It was also the missing link in overcoming my longterm addiction. I've not had a hint of depression since, but have had my biggest win recently. Yet the trading gurus won't tell you this simple truth because they'd be out of a job. There's a rare breed that can somersault a BMX 4 times. Who says we can't be the equivalent in trading if we do the work? Day trading is hard and people give up, but after studying gold for two years, it's scary how accurate you become. Respect to Gary for smashing it the hedge fund way, but there are the equivalent day traders. Everyone thinks their way is the best in all walks of life. Truth is we all have different skills and methods.
Ngl the title kinda scared me and for a moment I thought Gary MIGHT have been selling out for some random coin - glad to see this was an informative/cautionary video
Did you know that nurses in the UK working 12 hours shifts who can't afford any property have to pay for their own parking at work . Executives at the same hospital get paid over £150,000 and have a zero risk job.
*Negative risk with all the bonuses they get for holding off bad press for poor decisions, and the golden parachutes they get if it all goes to hell. Imagine that...
Unfortunately, jobs that really give to society do not pay enough to live unless you have wealthy and generous parents who can provide financial support. Even as a doctor, the pay is only good 5 years or so after medical school, and without wealthy parents you'd be more than 100K in debt by the time you are earning. Trying to get rich by investments is nothing more than gambling if you don't have insider information and like gambling you're more likely to lose than win unless you are privy to insider knowledge. Gary will have been successful because he's well educated, bright and will have had hot off the press data to support his Fx decisions. If you're not in that sort of situation, getting into Fx trading would be pure gambling. The saddest thing about the financial world is that it produces nothing of value. It's a zero sum game, with every gain matched by a loss. The original purpose and value of banks and other financial functions is largely lost. It's a massive ponzi scheme controlled by an elite club, and You ain't in it.
@@got2bharmony You don't know about compound interest. If you invest each month for 20 years into the S&P 500 you will be rich in 20 years. I know that isn't fast but the alternative is working until death, there is no pension for young people today
Thanks for this really informative discussion of the relationship between gambling addiction and diy trading, very interesting. I too know of a few people who have fallen for “get rich quick” schemes and come badly un-stuck! Ironically, I’ve been watching this on RUclips, punctuated by numerous adverts for online trading sites!! Keep up the good work Gary, you’re a bloody hero in my opinion. Well done for using your experience and legitimacy as a professional economist and trader to hopefully carry more influence than most so-called experts, especially in the media and indeed government!! I am advising my friends to heed your warnings about the state of our country going forward, and I have certainly witnessed the trends you have outlined over a long time now, this is just the penultimate stage of the process initiated in 1979………you’d think that by now the general population would have realised they seriously ****ed-up by keeping the same lot in power for most of that period. I also agree with your assessment that none of the major political parties in Britain are likely to do what’s required to make a real difference, anytime soon! Lots of excuses, but they really need to start bloody listening now. Best of luck to you.
Great video Gary and Matt. I’m only half way through it at the moment, but I’m currently reading a book by Symeon Brown about influencers and the attempt to monetise that influence - ‘Get Rich or Lie Trying’. This touches on many of the same themes
Knocked this one out the park, Bruv 👊🏾 Two things - please stop saying that you were a professional trader; we know, we're here. Do a one and done. You don't need to keep justifying your relevance. People can Google you if they doubt you that much. Two, this was a nice convo, but it meandered and repeated itself in parts. A little structure goes a long way. Keep banging them out 👍🏾
Thanks for this advice, I think you are right actually. This was my first time being interviewER rather than interviewEE and I think I learnt that I probably need to do a bit more preparation to keep the conversation flowing smoothly. Matt was a great guest though and I'll learn for next time.
This is only my opinion. I would argue it is a good thing he keeps repeating he was a professional trader because its the biggest indicator that wealth and the ability to buy power has not got to his head. Its what we call in the UK a chip on his shoulder and I am personally glad to see it in this instance. Its also understandable because he's clearly smarter and more driven than than 99.9% because he has the wealth to distract himself from all the depressing realities of life yet he chooses to try and tackle them head on. What a masochist.
@@Oldmanpeace I hear you. In truth it's more the delivery, I'm concerned about more than anything else. But much of that can be covered in the write up. When you watch a Joe Rogan pod/vid - he doesn't have to state that he's Earth's highest paid podcaster - it begins to speak for itself. Either way, he's building and growing so more power to him 👍🏾
@@garyseconomics To be fair on you Gary, the show is gradually getting slicker (I am commenting 7 months after this show went out) and I can see that you and the film crew are gradually learning the craft (which is really encouraging to see!). One thing to consider is going on a communication course, I have been on three myself over the years and they have all paid me back in spades every day thus far. I started off as a purely technical guy working behind a screen with numbers to a consultant who chairs meetings, steers clients, presents on gnarly topics, probably a similar trajectory to yourself (albiet my audiences are 5 to 50 people in a room - not youtube). Being a naurally freindly/garralous person you might think "why would I need that?" but just like in sport a little coaching can help you make the best of what you already have. I can see one of my own tendancies in your performance here: once you get excited about something you REALLY want to talk about it and explore a given subject up to its boundaries. I totally get that, however it can drown out the other person in the conversation if you lose sight of yourself doing that. One technique I employ is to think about what I am saying as if it were a newspaper article: I say the headlines first, pause and let them land with the other person. Then I say the introduction paragraph (set the scene and the premise), let the other person respond. After I have made my key points and got the key message across, then I might gradually unroll the "why" I reached those conclusions, introducing one "why" at a time. You might find a different analogy works better for you, this example is just food for thought. Breaking it down this way is easier for the interviewee to digest and easier for a youtube audience to take in. That said, the show content, and quality of what you and your geusts are saying is top-notch though, it really is something that people need to know and your approach is absolutely the right one. Some polishing is whats needed not a major re-think. Can't wait to see what you come up with next, good on you for taking this challenge on Gary, if I had made my millions I would want to do something useful with my time too and if this channel isnt useful then I dont know what is!!
It was really helpful video. i am forex day trader and always make a win day to lose day by over trading. now i know that i was gambling. Today morning i was thinking what should I do to Stop this circle then i came to see your video in RUclips accidentally. although English is not my mother language and i may understood about 70% of what you said but it was so informative and helpful.🙏
Excellent chat . I'm learning and understanding more about wealth vs money and the whole machinery with every video. Crypto and gambling is a pox on society, particularly in the lower-middle class. Gary: Have you thought considered doing a video on loot boxes/skins/mobile gaming and it's effects on both adults and children? And the easy lead in to gambling and "internet point" assets?
As someone who's always slightly behind the curve due to being a bit risk averse, I often think "did I miss the boat on crypto"? But, then I think if every man and their dog is offering a course on how to get rich like they did (by selling courses!), something doesn't smell right. Ditto the above for NFTs.
Scared money doesn’t make money. Whether it’s trading, investing, or starting a business, it’s all risk. Or you can sit on depreciating $ bills. I definitely agree with you on crypto and gold. I also like silver and copper.
Ponzinomics! Great video. Only one caveat Gary, I also work in the City (have been for 20 years) and in my honest and anonymous opinion, the Equity markets are also fundamentally rigged, especially in the HFT World. There is no way, only physical commodities have a modicum of value, everything else become speculative.
Trading really isn’t rocket science in reality, price can either go up or down. What makes it difficult is a failure in having an edge in securing your profits and managing your drawdowns/losses. Most people don’t realise that they don’t have a successful edge and that’s why they lose in the long run Others fail to execute their edge - psychologically flawed Who says trading is impossible to win long term? Quant Traders literally automate their trading systems for whatever time frames - from tick charts to longer term swing trading to investing. Just because you can’t do it don’t discourage others imo. Just tell them honestly that it is extremely difficult but it’s not impossible as you have previously done it successfully and from what I can see you both have two arms, two legs and a head on your shoulders just like me.
Also, betting that rates will stay at 0% post financial crisis for consecutive years sounds like a massive gamble to me personally. You just took no risk and is probably why you’ve stopped trading since then. Because you got lucky and now your set for life.
Looking at charts tells you more about the markets than fundamentals for the simple reason that there are an infinite number of factors that can affect a particular financial asset. All these can’t be accounted for, whereas, where buyers previously bought from and considered cheap will always be reflected on a chart.
He speaks as if he knows something that isn’t printed on the charts and requires 2 economic degrees, insider info, and how he keeps comparing himself to Usain Bolt … I think he saw people come out of nowhere in the last 4 years and make a killing from the markets just by studying the charts, and it probably annoyed his ego a little …
35 years ago I worked in the City at Big Bang. Some of the traders I knew were self confessed gambling addicts. Always thought it was like an alcoholic owning a pub. They were good traders but not the best...
Pleased to see that someone who no doubt appeals to the younger investor has a realistic view of crypto. It's refreshing, and like you, I do get why the younger 'investor' is drawn into the dream, when they perhaps have little chance of doing as well or better than the often quoted 'boomers'. Hopefully they are listening, and try a more traditional approach to investment.
Bitcoin hit 100k today. I decided to just buy gold. Spent last several hours to register in different online broker services only to find out that those only work through swift which takes 40$ per transfer. In my country that's way too much money.
"at one point the best trader in the world" what you mean to really say is you got lucky at one point. Being the best isnt something that happens at one point it is something you do consistently all through out your life.
Gary Thanks all your efforts preparing these videos, It is so refreshing to hear your practical common sense, Please can you think about setting up a financial service where we can invest in a fund which will in turn invest in property, So that the time it takes us to save up a deposit for a property of our own, our savings can be put to work in a property fund, So if we save say £50 k, over a period 3 years, That investment in a property fund may be worth £55 or 60 k by the time we need to put it down on a property
I learned long ago that the traders make the money - only they and the rich can risk shorts, and you have to make profit in both directions to win. If I don't have enough saved, no amount of gambling is safe, and without the massive info needed, it's a crap shoot. Best to stash what you can in gold coins. Portable, easily turned to cash wherever you land.
I think you should have let Matt speak more, you kept sort of interupting. Some times you need to give others space even if your passionate and have thing's you think are important. Thanks for the video again, very Important conversation's.
The difference between a trader and a gambler is whether you win long term. You can’t differentiate a trader from a gambler. You also can’t buy a house in your lifetime earning 5-10% a year
It sounded more like you were the interviewee over half the time. But valid points you made all through. Just felt like you were lecturing the guy you invited, which looked rather weird.
I enjoy so many of your videos. Bitcoin is a real working network. There are of course scams but you have to admit bitcoin is a new thing in history. It doesn’t seem like you have taken the time to look. Seems to me bitcoin specifically is a working model for a problem very smart people have been trying to solve for decades. Digital scarcity and a permanent, open, publicly auditable ledger. I don’t want to make mistakes and I don’t trade. Writing the whole thing off as a scam, seems too much.
You call your trades bets for a reason. You're putting money into a random system in hopes of guessing right and getting more out. That has a name, and it's not investment.
I have to admit that I invest in crypto but thinking of long-term just to diversify my investment portfolio. I just PCA per month while combining with savings, ETFs and ISAs. I know there are risks but I am okay with that as I am thinking for the long term. Thanks for the video and just speaking about what you believe in. Keep up the good work.
In short. If you're trading with other people's money, and have a salary etc. for doing so, you're a trader. If you're losing your own money and only the bank knows, you should.."stop it. Get some help. -MJ
Hey Gary, just found your channel. Really interesting points. Re crypto, do you think there is a credible case for money which is independent of government/central bank control and the inequality it perpetuates?
Money is inherently political, tho. It is one of the functions of a state and a means of exerting control and power. From the perspective of that state it's not something they would want to cede control of.
Remove the word money for a second. Something so necessary for daily life, how would you feel it being decentralised outside the government laws, imagine it’s water. Aren’t we going to see what’s happening currently happening of extreme abuse by wealthy people?
Generally speaking, you're definitely right about crypto. However, the only exception (in my opinion only) is bitcoin. I really think its here for the longterm. When you look at the way its derived and that there's only ever going to be a finite amount made, along with the 4 year halvings to combat inflation...its sturdy (as far as it can be). However, despite that, I still wont buy it directly but only invest in the listed companies that mine bitcoin. To me it's like investing in Shell/BP instead of buying barrels of oil. Crypto is so risky but I reckon btc is worth the risk.
Gary, are you aware that one of the adverts shown during this video was for an ISA offering a free £50 voucher for online trading?! Exactly what you mentioned and criticised in your video!
Picking up on one comment, "there's no mathematical way to win at blackjack", I think that's wrong. Famously, blackjack is the one casino game that is beatable. (Or at least used to be, I'm not recommending anyone try it nowadays. Apparently the casinos have changed the rules to make it harder, and they ban people who are good enough at card-counting.) See the 1960's book "Beat the Dealer" by Ed Thorp. I agree with the overall point that was being made about casino games, it's just unfortunate that Blackjack was included as an example.
Yes if you count cards you can beat in-person blackjack, but you can’t do that online. And without doing so there’s a 0.5% house edge even if you play with perfect strategy
Day trading definitely is a sort of gambling but another strategies such as swing trading or positional trading is much different as you can consider as an investment .
Yeah, he is like all the economists out there that keep talking shit about Bitcoin and they don't bother to ask a computer scientist to understand. He keeps trying to convince people that he knows what he is talking about because his bets are better than the best economists, but fails to acknowledge that he has been consistently failing in his predictions for Bitcoin for years.
I don't know if this is true. He said if people really believe in it they wouldn't worry about the price action short term. It's actually more pertinent now than it was then. Crypto trading is gambling, crypto investing is different like any form of investment. What he said about investing in some crap coin marketed on RUclips or x holds true. I bought ada at 4c because I read about it and liked the long term use case, I invested a tiny amount of my capital, but I could see the purpose. I get bitcoin, but think of all the people who are buying in right now thinking they are gonna make a quick 100%, whilst ignoring the fact it's ripped 600% already.
Most "professionals" are not really that smart. Most bank traders make money by front running their clients, and forming cartels with other banks in market manipulation. Very few actually beat the market through forecasting the economy or other fundamental factors. Im sure Gary will agree.
People get emotionally invested in crypto because they think it's the only coin that is not controlled by governments. No. They are controlled by the corporations that control the governments. The fools.
Discovered your channel through Lad Bible. I am really enjoying your content. However, I would appreciate it if you could allow your guests to finish their point before interrupting them, even though this content is 2 years old.
‘Trading’ is gambling. ‘Professional traders’ are gambling with an edge. If you can ‘lose’ as well as ‘win’, which is possible on EVERY ‘trade’ then it’s a gamble.
Trading is and allways will be a form of gambling. The difference is, the people who are regularly profitable at it have learned a set of skills which give them an edge. The most important skills are money management and psychology, then technical and financial analysis comes in, but the most important are the first 2. The purpose of trading is making money -consistently- that's the magic word. Crypto is just one vehicle, there are tons, some people like fx better, the important thing is not to get emotionally involved. A day trader is not a swing trader and is not an investor, it is important to learn and understand how each different modality makes money - consistently - and exploit that. The UK treats spread betting as gambling for tax purposes, so for someone who learns how to trade that is a huge advantage
I think the big thing about people getting defensive when you critique crypto is not the fact they don't like to be told its a "bad bet" but its more they don't like the realisation that they've essentially been scammed. They've been convinced their risky bet is a sure thing when its not! There's also alot of rich people saying I became rich by taking risks. I took a million risks, and I got there in the end. But luck has is a huge part of it. They also say. "I can do it so you can do it too".
For anyone struggling with addiction to fruit machines or bookies etc you can overcome this and get to a point where you can eventually walk past a fruit machine without playing it and walk past a bookies without going in Dont gamble it isnt worth it A gambler always remembers their big wins not the tens of thousands they lost Bookies back the 4th place Bookies make billions from punters that lose money Day trading is very risky but can be profitable if a person understands the candlestick sequences but Approx 90% of day traders lose money
Ive actually made money shorting the FTSE. About 3 grand. £1O per point. Naughty and I wouldnt reccommend it as you have to watch it go down aswell as up. Pretty emotional.
People generally find it difficult to admit mistakes, even more so with costly ones. We're seeing a lot of this with crypto. Either people proselytising in the hope that their crashed coin investments will recover and some of them in the full knowledge that they only way they'll be able to cash out at a profit is if they can talk the price up.
the first time gambling was legitimised was when they changed or the law on advertising gambling - when the lottery started - it could be you - now gambling ads are on every day
As Gary says, the difference between an investor and gambler is time horizon. If your time horizon is > 30 days, ideally >90-180 days you're investing. Even then, you are competing against people like Gary; PhDs in Mathematics and Physics; and systems that have millions invested in them. Those sytems include lobbying politicians to fund government contracts and create anticompetiive regulations as well as AI systems that ingest TBs of data every minute. To win against these systems you have to have identified a flaw or misunderstanding of the incentives that are assumed.
Gold is also now largely bought for the sole purpose of the price rising in the future, whilst industrial and jewellery demand is falling. This is the very defintion of a bubble.
@iansymonds6127 yes there is inflation. But with gold you have to compare the price of gold with the marginal cost of producing gold. At the moment the price of gold is well above the marginal cost of production, which tells me the supply of gold will increase. If jewellery and industrial demand for gold falls, so the speculative buying of gold will need to continually increase otherwise there will be excess supply and a fall in gold prices.
Interesting discussion about Crypto. However I don't believe it's pie in the sky as the WEF talk about it. The Federal Bank (America) also has a crypto currency. What I do know is Governments/Corporations etc will be in charge of this and not a group of tech savvy people creating their own Ponzi Scheme.
Now that you have had 12 months of reflection, what do you think about Crypto V gov issued CBDC's? Does sound like digital value of exchange is here to stay, no?
Hi Gary :) your long term investment advice rings true but we have to decomodify housing or we (given a lot of people are generation fucked) people 'investing' in housing means we are even fuckter each year , i know you said a house to live in but i hope you can see linking it to investment, seeing it as an investment is just more ponsie, isn't it ?
Absolutely this. The commodification of land and housing can be linked to why we're gambling on crypto currency today. I'm fine with investing on stock market or gold etc if we must, but it seems deeply unethical to keep the housing Ponzi going. Owning an extra house you don't need, with the aim to profit of someone else's need, impacts all of society. I don't blame individuals, as it's the current game. But I blame those who devise the game. We need to legislate to de-commodify housing (across the world ideally)
what happens when the final bitcoin is allocated?? why would the miners who run the ledgers or database for bitcoin carry on??? surely bitcoin will then become redundant
anyone think that if your job is to see the nagative in. gambling and see it all the time shouldnt make the rules? its like policeman see the worst in people all the time and have that mind set
I don't know I take 1 - 2 trades per day on the JP225 and of course I take Ls but simple Stop loss prevents any huge losses, I only 1% or less a high risk aggressive trade for me would be 5% risk. You don't need a huge account to top up your wages and live comfortably pretty much where ever you want .....of course I work in an industry that is desk based and provides the opportunity for me to focus and not be emotional so I guess it still kinda adds to his point in a way because I'm trading the daily candle using monthly and weekly charts for context so compared to most I'm looking at more of a long term view of the price because I'm riding higher time frame trends
Had a financial adviser lose 90% of my investments in shares/ISAs so it can be just as risky. After years studying I have 85-15% W-L ratio trading forex though so it’s horses for courses.
I think you might be conflating two very different things here. Bitcoin (which is a scarce resource, very similar to gold) and altcoins, that anyone can create from thin air.
@@pandora8478 Bitcoin is useful as a fixed-supply commodity divisible up to eight decimal places. Nothing else in the world can do that. Not even gold, if you want to send it around or use it for payment, it can't be easily divvied up.
10:39 it's the age of lure of the get rich quick but crypto has it's uses which have been demonstrated. The long terms use cases are there but only the future will tell but people 'have' made money.
@@SmartfoolGB people have made money because others have lost it by buying in late speculating on crypto. The use cases are mostly speculative or niche. Making money in crypto is relying on the greater fool theory.
Been saying for at least 3 years crypto is the new ladbrokes. Former gambler. Working men ,regular tradesmen and labourers ect open your eyes . The bookies is rigged against you . Crypto- do you actually know anyone that has profited !!! Personally i think the odds are worse than the bookiies and the risk higher. Most people walk out the bookies poorer except occasionally. Occasionally making a profit doesn't cut it period. Leave trading and Gambling to the professionals
Gary great video, love your content in general, but you got a habit of, starting so many sentences with "I former professional trader", u might be addicted to saying that. Lol
Typical: RUclips would advertise crypto in a video talking about what a scam crypto is! It should be ILLEGAL to run ads that have not been watched and fact-checked by a human.
Some incorrect statements here - some professionals can win at blackjack - until the casinos ban them. Lot of people own crypto for the long term - the whole origin of HODLer. I don't think crypto is a scam tho most of it is. I know from harsh experience that I can't win at horse racing. I think if you are cautious and follow guys like Bob Loukas you can definitely win at bitcoin ownership.
I got 4-5 ads whilst watching this video and *every* one was an ad for Forex trading or ‘investing’. Shows just how blunt (or shameless, depending on what you think) the programming of the algorithm on social media platforms is.
Turns out AI is not as smart as they think!!
I have fancy YT for this exact reason.
Wait. 2 years. Buy Gold
Ad campaigns can be pretty fine-tuned. I wouldn't be surprised if it were shamelessly targeting people who are trying to quit gambling.
Just started watching this, but good to see people embracing the etiquette of taking shoes off inside the house. Basic hygiene! Thank you!!
Gary has definitely been around COP 😂
Are you aware of the amount of bacteria that is on you feet & socks once you have worn you shoes for an hour or 2? You are just picking which bacteria you are choosing to put on your floor. Cleaning your floors regularly is your best option. It's best to not be a hypochondriac about it. If we were to eliminate all bacteria in our homes, we would get deathly ill everytime we left the house.
@williamallen7836 let's not trivialise. It's not just about bacteria it's actual dirt
Everyone should clean floors that's not the point. The dirt and bacteria of things you might step on is far worse than your feet having been inside the shoes. But yes you should always wear socks with shoes and take socks off with your shoes
@@mumitm8212 If I took my shoes off you would BEG me to put them back on !
@@williamallen7836while our feet and socks can have certain bacteria; especially those associated with athlete's foot, but especially the soles of our shoes will have bacteria from urine, feces, vomit, decomposing food and garbage, some large enough to see, but more often too small for us to see. Even what looks like a clean kitchen can have ecoli and other bacteria, on surfaces in the fridge, etc, due to sponges, dish towels, etc, that are moist, have food residue, etc. just look how folks unknowingly.xross contaminate from using the same knife and cutting board to cut meat and produce.
This said; to sterile an environment can awaken our immune system.
"The People's Economist" ftw! Tradespotting has a video on this exact topic too. Super thankful for you wealthy, young Brits/Scots helping us uninformed, millennial Americans learn about finance and economics. Thanks so much!
When I started my working life I was employed in a restaurant. Every evening a man used to come in for dinner. He ran a local betting shop. I used to say to my colleagues they have the pleasure and challenge of serving him. To top that they have the satisfaction of paying for his dinner. They all told me they win more than they lose. My answer was if the bookmaker didn't win he wouldn't be able to afford to eat here. Even worse some of them got into debt. Its addiction.
Don't worry about the haters on ur utube channel, there's an old utube saying "if you got some haters on ur comments section? Then your channel is getting bigger. Much respect to what you doing with ur channel (I went to crap school so sorry about my gammer) 🇬🇧🖖
I remember when the National Lottery was launched, I heard it described as a "tax on desperation" this made perfect sense to me, but I watched as a good friend played it twice a week, convinced they would win and having their hopes dashed each time they didn't win, I think that now there are more people more desperate, and just as the National Lottery held out the hope that an ordinary person could achieve financial security for a small outlay, the illusion of the person who is a naturally gifted trader who beats the big boys is just as beguiling to many as the gulf between rich and poor expands, leaving many stranded on the side where they will be unable to own their home or escape debt.
Speak for yourself. I won the Euromillions - heating on full blast all day. Haha.
Haha! „Tax on desperation” - good one 👍
"If you win, you'll just give it all back anyways"
Damn. That got me.
Not entirely true but is a lot of the time
I've followed both you and Matt for some time, so this is the most ambitious crossover in history, you love to see it
An interview regarding all the things I’ve seen and watched over the last 15-20 years. A conversation that needs to be heard. Canaries in the coal mines chirping everywhere!
Good conversation, Gary.
Eating healthily - salads daily - sorted my trading anxiety overnight. It was also the missing link in overcoming my longterm addiction.
I've not had a hint of depression since, but have had my biggest win recently. Yet the trading gurus won't tell you this simple truth because they'd be out of a job.
There's a rare breed that can somersault a BMX 4 times. Who says we can't be the equivalent in trading if we do the work? Day trading is hard and people give up, but after studying gold for two years, it's scary how accurate you become.
Respect to Gary for smashing it the hedge fund way, but there are the equivalent day traders. Everyone thinks their way is the best in all walks of life. Truth is we all have different skills and methods.
Ngl the title kinda scared me and for a moment I thought Gary MIGHT have been selling out for some random coin - glad to see this was an informative/cautionary video
Did you know that nurses in the UK working 12 hours shifts who can't afford any property have to pay for their own parking at work . Executives at the same hospital get paid over £150,000 and have a zero risk job.
*Negative risk with all the bonuses they get for holding off bad press for poor decisions, and the golden parachutes they get if it all goes to hell. Imagine that...
Unfortunately, jobs that really give to society do not pay enough to live unless you have wealthy and generous parents who can provide financial support. Even as a doctor, the pay is only good 5 years or so after medical school, and without wealthy parents you'd be more than 100K in debt by the time you are earning.
Trying to get rich by investments is nothing more than gambling if you don't have insider information and like gambling you're more likely to lose than win unless you are privy to insider knowledge. Gary will have been successful because he's well educated, bright and will have had hot off the press data to support his Fx decisions. If you're not in that sort of situation, getting into Fx trading would be pure gambling.
The saddest thing about the financial world is that it produces nothing of value. It's a zero sum game, with every gain matched by a loss. The original purpose and value of banks and other financial functions is largely lost. It's a massive ponzi scheme controlled by an elite club, and You ain't in it.
Executives get a lot of perks incl free parking, free health insurance, etc.
@@got2bharmony You don't know about compound interest. If you invest each month for 20 years into the S&P 500 you will be rich in 20 years.
I know that isn't fast but the alternative is working until death, there is no pension for young people today
Great video. You covered the topic well. I worked in casinos for 25 years and there's definitely a crossover.
One of my favorite pastimes is trolling crypto shills on Reddit. It ain’t much, but it’s honest work. Don’t be someone else’s exit strategy
Keep doing that for 20 years bro, Bitcoin will fail one day I'm sure
Ironically the ads in this video are for match betting.
Algorithm at work. No doubt my (anti) Crypto video has adverts for crypto!
@@garyseconomics its the learn to trade ads that keep popping up for me 🤣
I guess RUclips just listened and make an oversimplified assumption. I don't think their AI is anything to fear just yet. 🤣
Ads are targeted to you…
Sandwiching content with ads that sell the opposite idea of the content you watched, is definitely a strategy
Thanks for this really informative discussion of the relationship between gambling addiction and diy trading, very interesting. I too know of a few people who have fallen for “get rich quick” schemes and come badly un-stuck! Ironically, I’ve been watching this on RUclips, punctuated by numerous adverts for online trading sites!!
Keep up the good work Gary, you’re a bloody hero in my opinion. Well done for using your experience and legitimacy as a professional economist and trader to hopefully carry more influence than most so-called experts, especially in the media and indeed government!!
I am advising my friends to heed your warnings about the state of our country going forward, and I have certainly witnessed the trends you have outlined over a long time now, this is just the penultimate stage of the process initiated in 1979………you’d think that by now the general population would have realised they seriously ****ed-up by keeping the same lot in power for most of that period. I also agree with your assessment that none of the major political parties in Britain are likely to do what’s required to make a real difference, anytime soon! Lots of excuses, but they really need to start bloody listening now.
Best of luck to you.
Great video Gary and Matt. I’m only half way through it at the moment, but I’m currently reading a book by Symeon Brown about influencers and the attempt to monetise that influence - ‘Get Rich or Lie Trying’. This touches on many of the same themes
I’m been following Gary for a while now he’s awesome
Thank you , i really needed this info 🙏
Thank you for such wise advice. Let's hope those susceptible to gambling addiction listen to this and not the charlatans pushing this evil disease.
Knocked this one out the park, Bruv 👊🏾
Two things - please stop saying that you were a professional trader; we know, we're here. Do a one and done. You don't need to keep justifying your relevance. People can Google you if they doubt you that much.
Two, this was a nice convo, but it meandered and repeated itself in parts. A little structure goes a long way.
Keep banging them out 👍🏾
Thanks for this advice, I think you are right actually. This was my first time being interviewER rather than interviewEE and I think I learnt that I probably need to do a bit more preparation to keep the conversation flowing smoothly. Matt was a great guest though and I'll learn for next time.
This is only my opinion. I would argue it is a good thing he keeps repeating he was a professional trader because its the biggest indicator that wealth and the ability to buy power has not got to his head. Its what we call in the UK a chip on his shoulder and I am personally glad to see it in this instance. Its also understandable because he's clearly smarter and more driven than than 99.9% because he has the wealth to distract himself from all the depressing realities of life yet he chooses to try and tackle them head on. What a masochist.
@@Oldmanpeace I hear you.
In truth it's more the delivery, I'm concerned about more than anything else. But much of that can be covered in the write up.
When you watch a Joe Rogan pod/vid - he doesn't have to state that he's Earth's highest paid podcaster - it begins to speak for itself.
Either way, he's building and growing so more power to him 👍🏾
@@Oldmanpeace i second that
@@garyseconomics To be fair on you Gary, the show is gradually getting slicker (I am commenting 7 months after this show went out) and I can see that you and the film crew are gradually learning the craft (which is really encouraging to see!). One thing to consider is going on a communication course, I have been on three myself over the years and they have all paid me back in spades every day thus far. I started off as a purely technical guy working behind a screen with numbers to a consultant who chairs meetings, steers clients, presents on gnarly topics, probably a similar trajectory to yourself (albiet my audiences are 5 to 50 people in a room - not youtube). Being a naurally freindly/garralous person you might think "why would I need that?" but just like in sport a little coaching can help you make the best of what you already have.
I can see one of my own tendancies in your performance here: once you get excited about something you REALLY want to talk about it and explore a given subject up to its boundaries. I totally get that, however it can drown out the other person in the conversation if you lose sight of yourself doing that. One technique I employ is to think about what I am saying as if it were a newspaper article: I say the headlines first, pause and let them land with the other person. Then I say the introduction paragraph (set the scene and the premise), let the other person respond. After I have made my key points and got the key message across, then I might gradually unroll the "why" I reached those conclusions, introducing one "why" at a time. You might find a different analogy works better for you, this example is just food for thought.
Breaking it down this way is easier for the interviewee to digest and easier for a youtube audience to take in. That said, the show content, and quality of what you and your geusts are saying is top-notch though, it really is something that people need to know and your approach is absolutely the right one. Some polishing is whats needed not a major re-think. Can't wait to see what you come up with next, good on you for taking this challenge on Gary, if I had made my millions I would want to do something useful with my time too and if this channel isnt useful then I dont know what is!!
You're soo right!
People put more on winners.
Then get totally wrekt!!
This is soo true! Thank you for creating this!
It was really helpful video. i am forex day trader and always make a win day to lose day by over trading. now i know that i was gambling. Today morning i was thinking what should I do to Stop this circle then i came to see your video in RUclips accidentally. although English is not my mother language and i may understood about 70% of what you said but it was so informative and helpful.🙏
I love this channel.
Excellent chat . I'm learning and understanding more about wealth vs money and the whole machinery with every video. Crypto and gambling is a pox on society, particularly in the lower-middle class.
Gary: Have you thought considered doing a video on loot boxes/skins/mobile gaming and it's effects on both adults and children? And the easy lead in to gambling and "internet point" assets?
As someone who's always slightly behind the curve due to being a bit risk averse, I often think "did I miss the boat on crypto"? But, then I think if every man and their dog is offering a course on how to get rich like they did (by selling courses!), something doesn't smell right. Ditto the above for NFTs.
Scared money doesn’t make money. Whether it’s trading, investing, or starting a business, it’s all risk. Or you can sit on depreciating $ bills. I definitely agree with you on crypto and gold. I also like silver and copper.
Ponzinomics! Great video. Only one caveat Gary, I also work in the City (have been for 20 years) and in my honest and anonymous opinion, the Equity markets are also fundamentally rigged, especially in the HFT World. There is no way, only physical commodities have a modicum of value, everything else become speculative.
Informative. You are doing a fine job. You may have to write another book.
GFY Gary. I stacked bitcoin the whole time since this video posted.
Lol down 20% in 6 months. Womp womp
@@sourhippo wow you’re actually an idiot
Trading really isn’t rocket science in reality, price can either go up or down. What makes it difficult is a failure in having an edge in securing your profits and managing your drawdowns/losses.
Most people don’t realise that they don’t have a successful edge and that’s why they lose in the long run
Others fail to execute their edge - psychologically flawed
Who says trading is impossible to win long term?
Quant Traders literally automate their trading systems for whatever time frames - from tick charts to longer term swing trading to investing.
Just because you can’t do it don’t discourage others imo.
Just tell them honestly that it is extremely difficult but it’s not impossible as you have previously done it successfully and from what I can see you both have two arms, two legs and a head on your shoulders just like me.
Also, betting that rates will stay at 0% post financial crisis for consecutive years sounds like a massive gamble to me personally. You just took no risk and is probably why you’ve stopped trading since then. Because you got lucky and now your set for life.
Looking at charts tells you more about the markets than fundamentals for the simple reason that there are an infinite number of factors that can affect a particular financial asset. All these can’t be accounted for, whereas, where buyers previously bought from and considered cheap will always be reflected on a chart.
He talks about owning assets then says don’t buy or sell stocks in the same sentence.🤦♂️
He speaks as if he knows something that isn’t printed on the charts and requires 2 economic degrees, insider info, and how he keeps comparing himself to Usain Bolt … I think he saw people come out of nowhere in the last 4 years and make a killing from the markets just by studying the charts, and it probably annoyed his ego a little …
The number of ad's I got during this for trading platforms and MLM's. Not sure if that is scary or just sad. TY for your work
35 years ago I worked in the City at Big Bang. Some of the traders I knew were self confessed gambling addicts. Always thought it was like an alcoholic owning a pub. They were good traders but not the best...
Trading is not zero sum because money continually leaves the game to frictional costs. However, yes, your points are all good ❤
Pleased to see that someone who no doubt appeals to the younger investor has a realistic view of crypto. It's refreshing, and like you, I do get why the younger 'investor' is drawn into the dream, when they perhaps have little chance of doing as well or better than the often quoted 'boomers'.
Hopefully they are listening, and try a more traditional approach to investment.
Bitcoin hit 100k today. I decided to just buy gold. Spent last several hours to register in different online broker services only to find out that those only work through swift which takes 40$ per transfer. In my country that's way too much money.
"at one point the best trader in the world" what you mean to really say is you got lucky at one point. Being the best isnt something that happens at one point it is something you do consistently all through out your life.
He is pretty full of himself.
Gary
Thanks all your efforts preparing these videos,
It is so refreshing to hear your practical common sense,
Please can you think about setting up a financial service where we can invest in a fund which will in turn invest in property,
So that the time it takes us to save up a deposit for a property of our own, our savings can be put to work in a property fund,
So if we save say £50 k, over a period 3 years,
That investment in a property fund may be worth £55 or 60 k by the time we need to put it down on a property
I learned long ago that the traders make the money - only they and the rich can risk shorts, and you have to make profit in both directions to win. If I don't have enough saved, no amount of gambling is safe, and without the massive info needed, it's a crap shoot. Best to stash what you can in gold coins. Portable, easily turned to cash wherever you land.
A realistic discussion!
I think you should have let Matt speak more, you kept sort of interupting. Some times you need to give others space even if your passionate and have thing's you think are important. Thanks for the video again, very Important conversation's.
The difference between a trader and a gambler is whether you win long term. You can’t differentiate a trader from a gambler.
You also can’t buy a house in your lifetime earning 5-10% a year
Not true, it is not the profit that makes you a trader but the formula. A gambler can win but a trader aims to having a winning formula.
xauusd lol... i needed this. thank you
It sounded more like you were the interviewee over half the time. But valid points you made all through.
Just felt like you were lecturing the guy you invited, which looked rather weird.
RUclips is trying to stop people from watching Gary they putting 1 minute ads on that you can't skip
Strange-I’m not seeing any ads at all on #Gary’seconomics
I enjoy so many of your videos. Bitcoin is a real working network. There are of course scams but you have to admit bitcoin is a new thing in history. It doesn’t seem like you have taken the time to look. Seems to me bitcoin specifically is a working model for a problem very smart people have been trying to solve for decades. Digital scarcity and a permanent, open, publicly auditable ledger.
I don’t want to make mistakes and I don’t trade. Writing the whole thing off as a scam, seems too much.
You call your trades bets for a reason. You're putting money into a random system in hopes of guessing right and getting more out. That has a name, and it's not investment.
I have to admit that I invest in crypto but thinking of long-term just to diversify my investment portfolio.
I just PCA per month while combining with savings, ETFs and ISAs.
I know there are risks but I am okay with that as I am thinking for the long term.
Thanks for the video and just speaking about what you believe in. Keep up the good work.
I’m on IG whilst watching.
Retail investors are left holding the bag. Every time.
In short. If you're trading with other people's money, and have a salary etc. for doing so, you're a trader.
If you're losing your own money and only the bank knows, you should.."stop it. Get some help.
-MJ
Hey Gary, just found your channel. Really interesting points. Re crypto, do you think there is a credible case for money which is independent of government/central bank control and the inequality it perpetuates?
Money is inherently political, tho. It is one of the functions of a state and a means of exerting control and power. From the perspective of that state it's not something they would want to cede control of.
Remove the word money for a second. Something so necessary for daily life, how would you feel it being decentralised outside the government laws, imagine it’s water. Aren’t we going to see what’s happening currently happening of extreme abuse by wealthy people?
Generally speaking, you're definitely right about crypto. However, the only exception (in my opinion only) is bitcoin. I really think its here for the longterm. When you look at the way its derived and that there's only ever going to be a finite amount made, along with the 4 year halvings to combat inflation...its sturdy (as far as it can be). However, despite that, I still wont buy it directly but only invest in the listed companies that mine bitcoin. To me it's like investing in Shell/BP instead of buying barrels of oil. Crypto is so risky but I reckon btc is worth the risk.
Gary, are you aware that one of the adverts shown during this video was for an ISA offering a free £50 voucher for online trading?! Exactly what you mentioned and criticised in your video!
Hmmm ... slots , horses , match betting are random .
Is trading using a chart random if you have put the hours into learning the fundamental skill ?
You can also make charts for the slots...
Picking up on one comment, "there's no mathematical way to win at blackjack", I think that's wrong. Famously, blackjack is the one casino game that is beatable. (Or at least used to be, I'm not recommending anyone try it nowadays. Apparently the casinos have changed the rules to make it harder, and they ban people who are good enough at card-counting.) See the 1960's book "Beat the Dealer" by Ed Thorp. I agree with the overall point that was being made about casino games, it's just unfortunate that Blackjack was included as an example.
Yes if you count cards you can beat in-person blackjack, but you can’t do that online. And without doing so there’s a 0.5% house edge even if you play with perfect strategy
Then there's poker, where you take other punters' money, which you can actually get good at and win
Day trading definitely is a sort of gambling but another strategies such as swing trading or positional trading is much different as you can consider as an investment .
Gary, what do you think about crypto now after the SEC approved spot bitcoin ETFs?
Yeah, he is like all the economists out there that keep talking shit about Bitcoin and they don't bother to ask a computer scientist to understand. He keeps trying to convince people that he knows what he is talking about because his bets are better than the best economists, but fails to acknowledge that he has been consistently failing in his predictions for Bitcoin for years.
I don't know if this is true. He said if people really believe in it they wouldn't worry about the price action short term. It's actually more pertinent now than it was then. Crypto trading is gambling, crypto investing is different like any form of investment. What he said about investing in some crap coin marketed on RUclips or x holds true. I bought ada at 4c because I read about it and liked the long term use case, I invested a tiny amount of my capital, but I could see the purpose. I get bitcoin, but think of all the people who are buying in right now thinking they are gonna make a quick 100%, whilst ignoring the fact it's ripped 600% already.
Most "professionals" are not really that smart. Most bank traders make money by front running their clients, and forming cartels with other banks in market manipulation. Very few actually beat the market through forecasting the economy or other fundamental factors. Im sure Gary will agree.
People get emotionally invested in crypto because they think it's the only coin that is not controlled by governments. No. They are controlled by the corporations that control the governments. The fools.
A good book which backs up Gary's thoughts on trading is Investing Demystified by Lars Kroijer
Problem gamblers, subconsciously, are in love with the pain of losing. People cannot be 'protected' from their own psychology.
Agreed.
Discovered your channel through Lad Bible. I am really enjoying your content. However, I would appreciate it if you could allow your guests to finish their point before interrupting them, even though this content is 2 years old.
My goodness I've seen so many trader ads
whats the cheapest /best way to buy 'gold'? which company?
‘Trading’ is gambling. ‘Professional traders’ are gambling with an edge. If you can ‘lose’ as well as ‘win’, which is possible on EVERY ‘trade’ then it’s a gamble.
Trading is and allways will be a form of gambling. The difference is, the people who are regularly profitable at it have learned a set of skills which give them an edge. The most important skills are money management and psychology, then technical and financial analysis comes in, but the most important are the first 2. The purpose of trading is making money -consistently- that's the magic word. Crypto is just one vehicle, there are tons, some people like fx better, the important thing is not to get emotionally involved. A day trader is not a swing trader and is not an investor, it is important to learn and understand how each different modality makes money - consistently - and exploit that. The UK treats spread betting as gambling for tax purposes, so for someone who learns how to trade that is a huge advantage
I think the big thing about people getting defensive when you critique crypto is not the fact they don't like to be told its a "bad bet" but its more they don't like the realisation that they've essentially been scammed. They've been convinced their risky bet is a sure thing when its not!
There's also alot of rich people saying I became rich by taking risks. I took a million risks, and I got there in the end. But luck has is a huge part of it. They also say. "I can do it so you can do it too".
For anyone struggling with addiction to fruit machines or bookies etc you can overcome this and get to a point where you can eventually walk past a fruit machine without playing it and walk past a bookies without going in
Dont gamble it isnt worth it
A gambler always remembers their big wins not the tens of thousands they lost
Bookies back the 4th place
Bookies make billions from punters that lose money
Day trading is very risky but can be profitable if a person understands the candlestick sequences but
Approx 90% of day traders lose money
Ive actually made money shorting the FTSE. About 3 grand. £1O per point. Naughty and I wouldnt reccommend it as you have to watch it go down aswell as up. Pretty emotional.
Jesus, I would not have the stomach for that. Glad it went well for you though.
This conversation roughly two years old now. I'd be interested what Gary's opinion on crypto is now?
The market can stay irrational longer than he can stay solvent 😂
We are waiting new videos garry! Please mannn! Where the hell are you?
People generally find it difficult to admit mistakes, even more so with costly ones. We're seeing a lot of this with crypto. Either people proselytising in the hope that their crashed coin investments will recover and some of them in the full knowledge that they only way they'll be able to cash out at a profit is if they can talk the price up.
Ok you explained later in the video the tips you gave and how they lost money, my apologies.
Currently putting in a reasonable affordable amount into various ETFs each month. Would you consider this low medium or high risk? All new to me
the first time gambling was legitimised was when they changed or the law on advertising gambling - when the lottery started - it could be you - now gambling ads are on every day
As Gary says, the difference between an investor and gambler is time horizon. If your time horizon is > 30 days, ideally >90-180 days you're investing. Even then, you are competing against people like Gary; PhDs in Mathematics and Physics; and systems that have millions invested in them. Those sytems include lobbying politicians to fund government contracts and create anticompetiive regulations as well as AI systems that ingest TBs of data every minute.
To win against these systems you have to have identified a flaw or misunderstanding of the incentives that are assumed.
Putting your money into BANKS is a waste of Money. That is why CRYPTO has a platform.
Gold is also now largely bought for the sole purpose of the price rising in the future, whilst industrial and jewellery demand is falling. This is the very defintion of a bubble.
@@OM-nq9dd no. Fiat money is falling…….
@iansymonds6127 yes there is inflation. But with gold you have to compare the price of gold with the marginal cost of producing gold. At the moment the price of gold is well above the marginal cost of production, which tells me the supply of gold will increase. If jewellery and industrial demand for gold falls, so the speculative buying of gold will need to continually increase otherwise there will be excess supply and a fall in gold prices.
Interesting discussion about Crypto. However I don't believe it's pie in the sky as the WEF talk about it. The Federal Bank (America) also has a crypto currency. What I do know is Governments/Corporations etc will be in charge of this and not a group of tech savvy people creating their own Ponzi Scheme.
Now that you have had 12 months of reflection, what do you think about Crypto V gov issued CBDC's? Does sound like digital value of exchange is here to stay, no?
Hi Gary :) your long term investment advice rings true but we have to decomodify housing or we (given a lot of people are generation fucked) people 'investing' in housing means we are even fuckter each year , i know you said a house to live in but i hope you can see linking it to investment, seeing it as an investment is just more ponsie, isn't it ?
Absolutely this. The commodification of land and housing can be linked to why we're gambling on crypto currency today.
I'm fine with investing on stock market or gold etc if we must, but it seems deeply unethical to keep the housing Ponzi going. Owning an extra house you don't need, with the aim to profit of someone else's need, impacts all of society. I don't blame individuals, as it's the current game. But I blame those who devise the game. We need to legislate to de-commodify housing (across the world ideally)
What do you think about black rock buying bitcoin? And a bitcoin etf?
So we should ban people driving and crossing the street? Basically, those two points harm way more people than gambling.
what happens when the final bitcoin is allocated?? why would the miners who run the ledgers or database for bitcoin carry on??? surely bitcoin will then become redundant
You think until the year 2140 we will not have a solution?
anyone think that if your job is to see the nagative in. gambling and see it all the time shouldnt make the rules? its like policeman see the worst in people all the time and have that mind set
Agreed it is important to look at the intent behind the things people say.
Touches his face ALOT
I don't know I take 1 - 2 trades per day on the JP225 and of course I take Ls but simple Stop loss prevents any huge losses, I only 1% or less a high risk aggressive trade for me would be 5% risk. You don't need a huge account to top up your wages and live comfortably pretty much where ever you want .....of course I work in an industry that is desk based and provides the opportunity for me to focus and not be emotional so I guess it still kinda adds to his point in a way because I'm trading the daily candle using monthly and weekly charts for context so compared to most I'm looking at more of a long term view of the price because I'm riding higher time frame trends
Had a financial adviser lose 90% of my investments in shares/ISAs so it can be just as risky. After years studying I have 85-15% W-L ratio trading forex though so it’s horses for courses.
I think you might be conflating two very different things here. Bitcoin (which is a scarce resource, very similar to gold) and altcoins, that anyone can create from thin air.
Bitcoin has no use, but gold does.
@@pandora8478 Bitcoin is useful as a fixed-supply commodity divisible up to eight decimal places. Nothing else in the world can do that. Not even gold, if you want to send it around or use it for payment, it can't be easily divvied up.
Excellent content
We should all decide a week where everyone stops going to work. That would create a panic for the governments and the wealthy. Even for a day!
It would create a panic for the families of those not working too 😂
10:39 it's the age of lure of the get rich quick but crypto has it's uses which have been demonstrated. The long terms use cases are there but only the future will tell but people 'have' made money.
@@SmartfoolGB people have made money because others have lost it by buying in late speculating on crypto. The use cases are mostly speculative or niche. Making money in crypto is relying on the greater fool theory.
Been saying for at least 3 years crypto is the new ladbrokes.
Former gambler.
Working men ,regular tradesmen and labourers ect open your eyes . The bookies is rigged against you .
Crypto- do you actually know anyone that has profited !!!
Personally i think the odds are worse than the bookiies and the risk higher.
Most people walk out the bookies poorer except occasionally.
Occasionally making a profit doesn't cut it period.
Leave trading and Gambling to the professionals
Gary great video, love your content in general, but you got a habit of, starting so many sentences with "I former professional trader", u might be addicted to saying that. Lol
Typical: RUclips would advertise crypto in a video talking about what a scam crypto is! It should be ILLEGAL to run ads that have not been watched and fact-checked by a human.
The secret to stable wealth is to cost dollar average into the global market.
If I was Musk et al then crypto wouldn’t be a risk. Anyone else, wouldn’t touch it personally.
Some incorrect statements here - some professionals can win at blackjack - until the casinos ban them. Lot of people own crypto for the long term - the whole origin of HODLer. I don't think crypto is a scam tho most of it is. I know from harsh experience that I can't win at horse racing. I think if you are cautious and follow guys like Bob Loukas you can definitely win at bitcoin ownership.
What was your experience with horse racing?
It sounds like a new version of the old pyramid scams.