Handyman
Hug someone you care about...
Its more than just lack of patience, it is a fundamental misunderstanding how things work. Just because a player wins the WSOP who happens to be an online player doesn't mean ANY online player can do so. It takes a lot of money at your disposal and a LOT of time to be that good. (I had a buddy who lost his shirt online gaming) Leaving aside that the online poker sites were very predatory, the prevailing idea that any shlub could play in his house and become a champion was intoxicating...and completely naïve. There are going to be better players than you. Even worse bad players can win a hand of poker. (I won a cheapo tournament once and I am a mediocre AT BEST player) The video game nature makes it feel like you are playing a computer game against similar people but for all you know you are at a table with professionals who have been playing for years and you give away the option of being able to read a table since you can't actually see the player in front of you. The higher the value of the game or tournament and the variety of levels of player means it is less likely it is you will come out on top. The ease of being able to add to your account is like popping speed while drinking a double expresso. No more having to take out cash you can just hit ok and the money shows up! Next thing you know you lost your rent...
People like the guy "Omar" in the article (I am only halfway through but I want to highlight him) are the problem imho not WSB. (they are a different type of problem which I will discuss) He barely understands what he is doing. He is obviously not researching into the type of trading he is doing, the value of the stock or option he is taking or the massive amount of risk involved. He is the type you were describing the other day. He is young, lazy and stupid. He is going to do something stupid in some capacity because, again, he isn't paying attention or putting in the time. (the curse of being young) He thinks he is playing the same game with the same rules as the Dude Bros are. He isn't. Many of them can take the loss and not wipe out their bankrolls. They also have more of a knowledge base on how the market works. Just because they talk the same as you and use the same memes doesn't mean you are the same. They aren't that much different than the people they demonize, they just choose to work amongst themselves. I know people with MBAs who would have trouble discussion options trading and short squeezes...if you aren't educated in how finance and the market works you shouldn't even be part of the conversation.
The Dude Bros are a combination of dealers and con-men when it comes to how they deal with people like "Omar". Many of their risky and volatile moves require uninitiated people like him to be a part of it. They make it seem like the risk is worth the reward because they never truly explain the risk but talk about the massive amounts of gains that could happen. Who wouldn't risk a few grand for a chance at generational wealth? People play the lottery every day and there is a better chance this scheme works! (is the type of rationale they use) You feel like you are part of a community, everyone on a quest for treasure. Meanwhile like every great ponzi scheme only the people who are in charge of the game are really making any money. That is why they can't let anyone dump the stock in numbers that would actually let people like Omar get rich. Doing so would kill their better position. Omar needs to lose his shirt for the Dude Bros to maximize their money. That is why the Dude Bros are acting like this is a sacred quest...we have seen the things people will do if they feel they are part of a righteous cause. People still send Q frauds money...
This is where cynicism is always your best friend. Get rich quick schemes are fun but there is a reason why they are schemes and no one ever seems to be rich who deal with them. Never bet your whole bankroll, and never expect that every choice you make is going to be the right one. Put the time and effort into learning. Knowledge is power. The odds are never going to be in your favor but there are ways to bring them better in your favor. Then get out when you get to a solid point. This shouldn't be a contest of who is most loyal and who gets the highest return, it should be about what is enough money for you to get your value out of the risk you took. Cash out and be happy. And for God's sakes if you have a bunch of people you hardly know in much stronger positions telling you to keep going question why they want that. No one is that altruistic...and even a rudimentary understanding of the scheme they are running would tell you they are acting in just as bad a faith as the hedge funds are when they go on tv to talk down a stock they are shorting. Just because these guys think your memes are funny doesn't mean they aren't in it for themselves. They aren't going to pay your mortgage when you lose everything.
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