Is investing in the stock market a form of gambling
But they are more likely to become poor. And compulsive trading could turn you into a gambling addict, researchers say. Although many people agree that obsessive stock trading — often called day trading — is a form of gambling, most consider it harmless.
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What they fail to understand is that such investors share most of the same attributes as problem gamblers, says Keith Whyte, executive director of the National Council on Problem Gambling.
Both have let their desire for a steady jolt of adrenaline spiral into a disease, he says. Paul Good, a clinical psychologist in San Francisco, offers 11 warning signs that an investor might actually be a gambler in disguise.
Exhibiting just five of these signs suggests you could have a gambling problem:. One major difference between compulsive investors and chronic gamblers is the age in which the disease is most prevalent, says Dr.
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Carlos Blanco, a psychiatrist who heads the Gambling Disorders Clinic at Columbia University, which sees a lot of Wall Street patients. Chronic gamblers are typically in their late teens and early 20s, while those who immerse themselves in the stock market to the point of excess are typically in their 30s and 40s, Blanco says.
If you or someone you know suffers from this form of gambling addiction, the self-help group Gamblers Anonymous says total abstinence is required — just as it is for those addicted to alcohol or drugs. The more distance there is between the investments and the compulsive gambler, the stronger the recovery will be. Variable insurance products offered through EFLS and EF Legacy Insurance Agency LLC in California, license no.
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Investing Vs. Gambling: Where Is Your Money Safer?
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The Most Dangerous Form of Investing It could turn you into a problem gambler before you realize it August 01, by Ric Edelman. Edelman Financial Offices SEE ALL LOCATIONS.
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