The Wisdom Hidden in "r/wallstreetbets"
"r/wallstreetbets": An Anecdote for Life I have a friend who lost tens of thousands of dollars day trading. He would spend his days option trading at more than 2:1 leverage, shorting stocks, trading cryptocurrency and perusing through Forex. He found himself in the r/wallstreetbets lifestyle, attempting to gain financial independence through high-risk, high reward strategies.... only, they were not strategies. My friend would spend twenty minutes to an hour, combing through Reddit, TikTok, and various forums in search of the next meme stock, biotech lab to short, or altcoin that promised him outrageous returns. He fell prey to the venom that is self-pride and the confirmation bias of wealth influencers who "teach" trading courses. He would make thousands of dollars in the span of hours, and then subsequently lose all of his gain in the same day. Some days his portfolio would be up, but most days he would funnel money into his portfolio in an attempt to r...