Which trading has highest risk?

I'm curious to know, which type of trading carries the highest risk? Is it trading in traditional stock markets, where fluctuations can be significant but are often bound by regulations? Or is it perhaps trading in cryptocurrencies, which are known for their volatile nature and lack of centralized control? It's a complex question, given the various factors that can contribute to risk, including market sentiment, liquidity, and even geopolitical events. So, which form of trading would you say poses the greatest challenge to traders looking to mitigate their risk exposure?