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Societe Generale rogue trader scandal

What a surprise. Inside an ultra-greedy bank, one of its traders gets way in above his head and loses the firm £3.65 billion, far surpassing the Nick Leeson effort in the early 90s with Barings Bank. The only thing that surprises me about this is that there are not more cases of this. People with addictions can be found in all walks of life. Too many people with addictive personalities get into gambling when it really is something they should steer well clear of. And all financial trading is is another form of gambling....

This trader has speculated, got it wrong, cooked the books to cover his tracks while he gambled more to solve the problem. And then the hole he dug in the first place got worse...and worse... and worse. The biggest mistake people make when betting is trying to chase losses - all it will do is send you to the poor house mighty quickly.

Discipline is the most important trait for betting. Sometimes it just isn't your day - recognise it early and stop for the day. Walk the dog, go for a run, go to the movies, do anything but get away from the TV and the computer so you don't get back online and try to win back what you have lost. There's always another day, another race, another game....
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