I think there's a huge difference between risking bankruptcy and risking your freedom. I mean, even leaving aside the traders who trade other people's money, even if it's your cash, once you were rich, even if you go bankrupt, you are still better off than tha vast majority of Americans, just due to your contacts and education. I mean, the difference between being a rich trader and being a mediocre IT dude are way smaller, say, than the differences between being a mediocre IT dude and being in jail.

(I actually know a few guys who went the failed trader -> IT dude route)