Trading can be explained as the action of buying and selling financial instruments such as stocks, securities, futures, assets, and currencies.
A day trading addiction might be a real thing. Trading can be stressful and hard work, but it can turn into addiction too. Gaining an advantage by trading might bring excitement and an escape from reality and a person might even get excited about the future, possible income. When losing a huge sum of money, this can have a traumatic impact on somebody, especially if that loss affects important life events, such as paying for house rent, education, or family needs. This is how you can become addicted to trading, just like with online gambling. During the period of the pandemic, trading online has become even more popular. With the internet and online trading platforms, trading is easier and more comfortable than ever before.
BBC tells the story of a man who lost millions by trading cryptocurrencies. Now he is in treatment at the hospital in the UK, which treats people who have gambling issues. This trader even had struggles in his marriage and personal life because of trading addiction.
Many people on internet forums also tell about their trading addiction experience sharing how they spent thousands of their money not being able to stop and how years were needed to recover. One of the users even admitted that it took him 12 years and 50 burnt accounts before realizing that maybe they really had a trading addiction problem.
The signs of the addiction
There are some signs that show that you can be addicted to trading. First of all, you might lose interest in leisure and social activities and find yourself trading for pleasure and adrenaline. This might cause you to have high levels of anxiety, tension, stress and other mental health problems. People addicted to trading tend to take loans, sell all their property, spend the money saved for their kids’ education, bills, or other family needs and maybe even steal. The addicts usually bet higher and higher and make risky decisions. Online trading has become so simple, available, and comfortable which makes it easier to get addicted. Another sign of addiction is continually following the market activities, which is easier than ever, even from mobile devices.
Trading VS Gambling
As it is stated by specialists in various researches, people with cryptocurrency trading addiction show psychological habits similar to problem gamblers. People with addictive tendencies tend to be dependent on both trading and gambling.
Surprisingly, there is even the cryptocurrency addiction clinic at Castle Craig hospital in Scotland and the number of people it is treating is significantly increasing. The clinic was visited by hundreds of people for cryptocurrency addictions in previous years.
The trading and gambling have a lot in common.Both include excitement and risk of losing lots of money.Like investors, gamblers should also carefully estimate the amount of money they are going to spend. When talking about trading VS gambling we can mention that the main aim of both gambling and trading is reducing risk while increasing the gains. The difference can be the time factor - you can lose your whole assets in one casino game, while stock market trading is more long-term activity. Another difference is that the information on history is more accessible for trading investors, including financial ratios, reports, while you do not even know what happened a week ago, when joining a casino game.
Treatment for trading addicts
Stock markets are a risky bet and someone has to lose money, however, there can be a solution for trading addicts.
If you are addicted to the stock market, you should try to jeopardize your money. Stock trading demands a lot of experience and mental preparation. Most people do revenge trading to recover their loss and end up losing even more.
The trading addiction can end even in fatality. Last year, a US college student took his own life after thinking he had lost thousands of dollars in the stock market. So to avoid such mistakes, addicts need to accept that you have made a mistake and stay away from the market for a while.
There are many effective things the addicted person can do, for instance, deleting, blocking or removing accounts and devices that were being used for trading.They might also decide to have their money controlled by someone close to them. Additionally, self-care activities, such as exercise, reading and meditating can be helpful.