Hey, welcome to another fireside chat with no fire. And today I just wanna talk about I'll maybe do a little venting here and it's not a new topic, it's not a new thing of conversation, but you know with these fireside chats I can always just be a little bit less professional, stumble over my words more, but it has to do with gambling. Is trading gambling?
Is the stock market gambling? Is insert some sort of market out there, the future's market, the currency markets, the options market, I can't even believe I'm saying this anymore, but the cryptocurrency markets, are all those markets, is that just flat-out gambling? And a lot of people seem to think so.
And this really all kind of started for me and this wasn't the first time, but when it really hit home, I still remember I was talking to my mom on the phone and she was kind of not her normal peppy self, it sounded just like, I don't know, I think she might have something on her mind. And eventually it came out and she said, "You know, Clay, are you being safe?" Basically, "Are you being responsible Instadebit casino Canada?
"Are you being wise? "I mean, if you were just some single guy, "then, okay, that's different, but are you being wise? "You have a wife, you have kids." And I'm thinking, what? Am I being wise?
"Cause I talked to a guy at work "and after I told him kind of what you do "and how you invest in real estate "and you trade the markets, he said that, "oh, trading the stock market, that's gambling. "I mean, that is very risky thing to be doing. "There is a whole lot of gambling that goes into that." And it literally, I don't want to say freaked my mom out, but it was clearly on her mind in a big way where she flat-out addressed it with me and you could tell it was heavy on her shoulders. In some senses, that really irritated me because come on, we all like our moms, right?
We all love our moms. I don't want to see my mom all downcast like that, downtrodden because she thinks that I'm putting my wife and my kids all at risk because I'm out there just as a degenerate gambler because I trade the markets. I've done videos on this before but I just want to kind of, like I said, do a little venting and just kind of throw out a question. So maybe you are somebody that you're surrounded by others and you're telling them what you want to do. "Oh, that's just gambling."
"Oh, you know your uncle so and so? "Aunt such and such? "They tried that and they lost all their money "because it's just one big gamble." You know what, anything in life can be turned into a gamble. You want a real quick example? Cross the street with a blindfold on.
Don't look both ways, I guess you could look both ways cause you have a blindfold on, but also plug your ears, too. That way you can't cheat and listen for things. There you go. Crossing the street is a gamble in and of itself. How do you make crossing the street better? How do you improve the odds of that gamble?
Well, what are we taught as kids? Hey, look, there's no cars coming. My probabilities are in my favor that I'm not gonna get steamrolled by a semi truck.
And the same thing applies to trading the markets. And again, this all is coming from these are just a couple that I chose, but I just want to kind of so you have a frame of reference that, "Oh, Clay is just being a drama queen. "He's probably experienced one person in his life." No, let's go through a couple comments and then also I want to listen to an excerpt from a podcast that at the time of this recording of this video, I did the interview yesterday and it really just sunk in, it was a good time because I had planned to do this video anyways and then he made the comment which you're gonna hear here in just a second and it was just like, alright, confirmation, Clay, you definitely need to do this fireside chat. So let's just look at a couple different comments real quick and these are just a few of many that I've gotten on YouTube over the years. This person says, "Any form of day trading is gambling.
"No one can effectively time and beat the market. "Don't forget the short term capital gains, taxes as well. "Think of it this way, if it sounds "too good to be true, it probably is.
"If trading made people lots of money, "everyone would be doing it. "In the end, you don't profit much. "Markets are efficient."