*Day Traders* are now calling gambling Addiction helplines!!

[Findingnemo]

When someone obsessed with trading everyday even if they are not making profits then its a sign of an addiction and its very normal among day traders because lot of companies give them apps to their smartphones and ask them to choose how the future movement will be but they call it as day trading.

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[Stedsm]

I won't compare this to gambling but the truth is, anything we are addicted to, and is done over-limit is not good at all, be it gambling or day-trading or put whatever you do too much of which the time should be utilised into something better. I won't say that you will become millionaire or billionaire through gambling or trading, but yeah you'll definitely lose lots of time that you can give to your family and the society. And if you become too much successful in either gambling, trading or both, then it's much of your luck that you get and you must understand that you are authorised to that money and now, you need to handle it with care.

[FanEagle]

I won't say that you will become millionaire or billionaire through gambling or trading, but yeah you'll definitely lose lots of time that you can give to your family and the society.

This must be a valid point and most people never think about. Unfortunately almost all the human are imagining/presuming like we are having unlimited amount of time but practically that is not true; we start realizing the importance of missing out or wasting time only when we start worrying about not doing something at right time (I have wasted more than $10k in commodity market by 2007 to 2009 and if I would have bought bitcoin for some 10% of that money then I would have been a billionaire right now; only a time machine might solve all these frustrations).

[Oilacris]

I won't compare this to gambling but the truth is, anything we are addicted to, and is done over-limit is not good at all, be it gambling or day-trading or put whatever you do too much of which the time should be utilised into something better. I won't say that you will become millionaire or billionaire through gambling or trading, but yeah you'll definitely lose lots of time that you can give to your family and the society. And if you become too much successful in either gambling, trading or both, then it's much of your luck that you get and you must understand that you are authorised to that money and now, you need to handle it with care.

Everything which is excessively done wouldnt really be nice or good no matter what kind of thing you are dealing with including trading.If you do overdo it then for sure there would be mistakes that will really be committed.

The difference on here is that trading is totally different with gambling no matter what angle you are trying to look at.It do only comes to a point to become a gambling when you dont know on what you are doing.

Addiction to it means that you are engaging that much which is bad on that case but doesnt mean that it would wrekt you up just like on what we are seeing in gambling.

[Betwrong]

~

It is obviously not enough, I do not know what he was saying but I can say based on what I have been doing so far I can say that it is definitely not something that would be horrible for people, it is definitely something that you would be able to profit from if you can have emotional control.

However it is definitely not enough, you need to be a good trader in order to make good returns as well, it takes a while to do that but you could do it nevertheless. I personally believe that I have emotional control but even with that I am not suddenly a good trader neither, I am a decent trader at best. So you need to learn how to trade very well on top of being able to control your emotions.

And yet being able to control your emotions is the key here. With that ability you will not lose a lot, at least.

To me it's still questionable whether we can learn how to be a good trader, poker player or sports bettor. I mean so good that we could make our living from those activities on the regular basis. So, the importance of self control shouldn't be underestimated. Yes, having it is not enough to make money, but it's necessary to have it for not accidentally losing all you have.

[jaberwock]

we start realizing the importance of missing out or wasting time only when we start worrying about not doing something at right time

Yeah, both traders and gamblers never realize the importance of value of time; I do hear most gamblers are into gambling just to kill the boredom; when people imagine that they have excess amount of time then how we could teach them the importance of time?

Traders do hesitate the make use of stop-loss orders which enforce them to wait for more time to get back the market into their direction; but the prime purpose of stop-loss order is to save the time by exiting at minimum losses but most traders never realize this fact as well.

the importance of self control shouldn't be underestimated. Yes, having it is not enough to make money, but it's necessary to have it for not accidentally losing all you have.

Yeah, self-control is highly interlinked with risk management. Being discipline may not help in actual trading but may help to take timely decision. It means those highly skilled traders are still losing money just because of lack of self-control; our high level analytical skills will get voided if we do not have self-control.

[Betwrong]

the importance of self control shouldn't be underestimated. Yes, having it is not enough to make money, but it's necessary to have it for not accidentally losing all you have.

Yeah, self-control is highly interlinked with risk management. Being discipline may not help in actual trading but may help to take timely decision. It means those highly skilled traders are still losing money just because of lack of self-control; our high level analytical skills will get voided if we do not have self-control.

Idk, I think there are fields where you can be highly skilled and earn good money with that, like coding, or UI designing, but I don't think that crypto trading is one of them. They say half jokingly: "TA is astrology for men". Well, I wouldn't go so far to say that TA is similar to astrology, because astrology is total BS. BUT there is still too much uncertainty there to think that being highly skilled and with good self control you can earn on a regular basis with trading activity.

[Victorycoin]

Self control works silently behind every step of the path of life if self is controlled then you will see that decision making is easier and of decision is also profitable you do not want to be frustrated if you cannot get the right pitch so invest in a good capo must move forward at risk. From gambling addiction it would be better to engage in trading or other activities emotions are part of our personality if we continue to express our emotions uncontrollably and cause embarrassment to others it will affect our personality.

[redsun114]

I believe that if you are "addicted" to trading then you should be learning it and getting better at it. I mean the reason why gambling addiction is something that is dangerous because it is something you are 100% guaranteed to lose because of the house edge if you keep gambling, any drug that kills you is a bad one because it literally kills you, anything that is addiction and that hurts you is a bad thing basically.

However the reality is that trading is not inherently something that is horrible, I mean you could be great at it if you learn how to do it which means that you are going to be making a great profit and making a profession out it if you are doing it properly. This is why I am not sure if it is same as other addictions.

[qwertyup23]

My question is : *How far is day trading from Gambling according to you?*
Is that a valid comparison?? Are we soon going to consider the day trading *gambling?*

Both involve risk but the nature of risking their money is different.

In gambling, mostly rely on luck in order to profit from every round. There is no thinking required since you either push slots and pray; or you play card games that both require some level of thinking and luck.

In trading, a person is required to analyze both the internal and external factors of an investment in order to arrive at a decision whether to purchase or not. Traders also rely on their experience whether to purchase a certain investment or to sell their current investments. Though both rely on luck, trading cryptocurrencies is considered to be more technical since you can lower your risks of losing your investments.

[beerlover]

There are too many people who think that they could change their lives with crypto and they end up not doing something like that and it hurts them a lot as well. People should realize that they will not be making a lot of profit with the crypto income and trade if they are just rushing into making that type of money. I mean let's be honest with each other, if you get into crypto then your life will be better if you are willing to wait for years.

However, if you are in and you think that you could make a super amount of profit very quickly and suddenly get rich then you are going to get poorer instead of richer. There are some idiots that pay the scam projects all their life saving and they end up losing all of that and you should be really not doing that, bitcoin and eth and some few other coins are great, maybe 100 max, but people put money into stuff that are not even listed in CMC and then hope that they would get richer.

[arbifahrozy]

I think it is quit nice and explaining article and a great way for these day trader as gambling addictions helplines will help them a lot, So when they think that they are in a way of gambling than they should done it using the addiction helpline. What else the people think about the day traders, but it may helps them.

[Stedsm]

--snip--
(I have wasted more than $10k in commodity market by 2007 to 2009 and if I would have bought bitcoin for some 10% of that money then I would have been a billionaire right now; only a time machine might solve all these frustrations).

Even I was asked to put in the exact amount you're talking about, i.e.; $1k (INR 50k at that time). During 2011, I was asked by a friend who wanted to sell his 10k BTC at just INR 5 per BTC (which is roughly $0.1). But my dad thought that this is a scam, ponzi and whatnot and he denied while I tried my level best to make him believe in this. No matter what we do, we will always have something to regret about, and even in trading, if we would have longed BTC at $3500 in futures at even 10x leverage with just $1k, we would have made a fortune after BTC making an ATH of $65 grand.

[Betwrong]

--snip--
(I have wasted more than $10k in commodity market by 2007 to 2009 and if I would have bought bitcoin for some 10% of that money then I would have been a billionaire right now; only a time machine might solve all these frustrations).

Even I was asked to put in the exact amount you're talking about, i.e.; $1k (INR 50k at that time). During 2011, I was asked by a friend who wanted to sell his 10k BTC at just INR 5 per BTC (which is roughly $0.1). But my dad thought that this is a scam, ponzi and whatnot and he denied while I tried my level best to make him believe in this. No matter what we do, we will always have something to regret about, and even in trading, if we would have longed BTC at $3500 in futures at even 10x leverage with just $1k, we would have made a fortune after BTC making an ATH of $65 grand.

Guys, these stories are very similar to something like this: "I rolled 99.99 on a dice site the other day, but I bet with $0.001 only, and won 10 bucks. If I'd bet $30, which were on my balance at the time, I'd win almost $300k!"

See? That's why they say crytpo trading is very similar to gambling, and that's why some day traders are now calling those helplines. Be careful.

[isaac_clarke22]

~

I would not mind actually, but maybe I can see it that the bad habits are like something that they would not love to be called at or be called down for. Good thing I did not addicted to gambling at all nor the day trading, judging my first day in Binance while scraping up tutorials from Youtube.

[bitgolden]

Guys, these stories are very similar to something like this: "I rolled 99.99 on a dice site the other day, but I bet with $0.001 only, and won 10 bucks. If I'd bet $30, which were on my balance at the time, I'd win almost $300k!"

See? That's why they say crytpo trading is very similar to gambling, and that's why some day traders are now calling those helplines. Be careful.

I would say that it is a lot similar than different, but it is not exactly the same neither. When you are gambling the house edge GUARANTEES that you are going to lose all of your money, it is literally guaranteed that the more you gamble the more you will lose and that is exactly why casino business is a great business because there is a guarantee that your casino will make a profit in the long term. Sure there are gamblers who win like that sometimes, but do you know what happens to those people in the end? They lose all of that money as well. I have seen someone who turned 300k into 6.5 million dollars in a few days and then lose that 300k and then another 300k on top of that in the long run.

The trading world is not like that and I would say that there is a good chance you could keep on making a profit for the long term and that is the great thing about trading, there is no guarantee to win but there is no guarantee to lose either.

[Betwrong]

Guys, these stories are very similar to something like this: "I rolled 99.99 on a dice site the other day, but I bet with $0.001 only, and won 10 bucks. If I'd bet $30, which were on my balance at the time, I'd win almost $300k!"

See? That's why they say crytpo trading is very similar to gambling, and that's why some day traders are now calling those helplines. Be careful.

I would say that it is a lot similar than different, but it is not exactly the same neither. When you are gambling the house edge GUARANTEES that you are going to lose all of your money, it is literally guaranteed that the more you gamble the more you will lose and that is exactly why casino business is a great business because there is a guarantee that your casino will make a profit in the long term. Sure there are gamblers who win like that sometimes, but do you know what happens to those people in the end? They lose all of that money as well. I have seen someone who turned 300k into 6.5 million dollars in a few days and then lose that 300k and then another 300k on top of that in the long run.

Nope, that's not guaranteed, and if it were, no one would play in casinos, neither in land-based nor in online ones.

The only thing that is guaranteed, provided that many millions bets made, is that all the players altogether will lose something around the house edge to casino. That's how casinos stay afloat, not because they rip off all their customers of all their money.

~
The trading world is not like that and I would say that there is a good chance you could keep on making a profit for the long term and that is the great thing about trading, there is no guarantee to win but there is no guarantee to lose either.

Trading is not purely luck based, that's what I agree with. But there are partially skill-based games too.

[bitgolden]

Guys, these stories are very similar to something like this: "I rolled 99.99 on a dice site the other day, but I bet with $0.001 only, and won 10 bucks. If I'd bet $30, which were on my balance at the time, I'd win almost $300k!"

See? That's why they say crytpo trading is very similar to gambling, and that's why some day traders are now calling those helplines. Be careful.

I would say that it is a lot similar than different, but it is not exactly the same neither. When you are gambling the house edge GUARANTEES that you are going to lose all of your money, it is literally guaranteed that the more you gamble the more you will lose and that is exactly why casino business is a great business because there is a guarantee that your casino will make a profit in the long term. Sure there are gamblers who win like that sometimes, but do you know what happens to those people in the end? They lose all of that money as well. I have seen someone who turned 300k into 6.5 million dollars in a few days and then lose that 300k and then another 300k on top of that in the long run.

Nope, that's not guaranteed, and if it were, no one would play in casinos, neither in land-based nor in online ones.

The only thing that is guaranteed, provided that many millions bets made, is that all the players altogether will lose something around the house edge to casino. That's how casinos stay afloat, not because they rip off all their customers of all their money.

If you are not aware of this, then I am sorry to break it to you But you are guaranteed to lose all of your money depending on how long you play. That is literally what the house edge is there for. The difference is that you could start with 1 dollar, turn it into a million dollars and then quit, that would mean that you turned 1 dollar into 1 million dollars and got out. This is possible, and you can do that, BUT if you turn 1 dollars into 1 million dollars and then keep gambling then you will end up losing it all as well.

There is zero possibility that you could keep on gambling forever and not lose your money, it is mathematically impossible. Yes it is correct that the "average" is the house edge, but the reason for that is the fact that eventually even the winners end up losing all their wins one day. The only way to profit is to get out before you start losing.

[Fatunad]

Guys, these stories are very similar to something like this: "I rolled 99.99 on a dice site the other day, but I bet with $0.001 only, and won 10 bucks. If I'd bet $30, which were on my balance at the time, I'd win almost $300k!"

See? That's why they say crytpo trading is very similar to gambling, and that's why some day traders are now calling those helplines. Be careful.

I would say that it is a lot similar than different, but it is not exactly the same neither. When you are gambling the house edge GUARANTEES that you are going to lose all of your money, it is literally guaranteed that the more you gamble the more you will lose and that is exactly why casino business is a great business because there is a guarantee that your casino will make a profit in the long term. Sure there are gamblers who win like that sometimes, but do you know what happens to those people in the end? They lose all of that money as well. I have seen someone who turned 300k into 6.5 million dollars in a few days and then lose that 300k and then another 300k on top of that in the long run.

Nope, that's not guaranteed, and if it were, no one would play in casinos, neither in land-based nor in online ones.

The only thing that is guaranteed, provided that many millions bets made, is that all the players altogether will lose something around the house edge to casino. That's how casinos stay afloat, not because they rip off all their customers of all their money.

If you are not aware of this, then I am sorry to break it to you But you are guaranteed to lose all of your money depending on how long you play. That is literally what the house edge is there for. The difference is that you could start with 1 dollar, turn it into a million dollars and then quit, that would mean that you turned 1 dollar into 1 million dollars and got out. This is possible, and you can do that, BUT if you turn 1 dollars into 1 million dollars and then keep gambling then you will end up losing it all as well.

There is zero possibility that you could keep on gambling forever and not lose your money, it is mathematically impossible. Yes it is correct that the "average" is the house edge, but the reason for that is the fact that eventually even the winners end up losing all their wins one day. The only way to profit is to get out before you start losing.

But how you would consider out on when to get out? It is just too impossible for us to believe on that we will stop completely midway or when we are already in profits.It cant really be just avoided
that we would really be having those thoughts that we might win even more if we do tend to bet up more which most likely the case where people do end up on giving back those winnings
in the casino and this is where you do start on taking up some blames whether you do say that the casino was rigged or simply you cant just resist.
Day trading as an addiction? I do much prefer on this kind of addiction rather than sticking with gambling.

[Betwrong]

~

If you are not aware of this, then I am sorry to break it to you But you are guaranteed to lose all of your money depending on how long you play. That is literally what the house edge is there for. The difference is that you could start with 1 dollar, turn it into a million dollars and then quit, that would mean that you turned 1 dollar into 1 million dollars and got out. This is possible, and you can do that, BUT if you turn 1 dollars into 1 million dollars and then keep gambling then you will end up losing it all as well.

There is zero possibility that you could keep on gambling forever and not lose your money, it is mathematically impossible. ~

There is zero possibility that a construction, whether it's a bridge or a building, will last forever. Maybe some people would disagree with this, but not me. There's zero possibility that the Earth will last forever, and the Sun too. But how's this information can be helpful in our everyday lives? Not much. What's helpful is some info about probability of losing everything during our lifetime(with gambling), or several lifespans, with bridge or building.

And if you are saying that a gambler is guaranteed to lose all of his/her money eventually, if they gamble repeatedly, within their lifetime, then I strongly disagree with you.