Responsible Trading - Are there any laws on trading addiction

[slaman29]

Anyway, I give up on this thread. I wanted to ask a question and majority of users totally miss the point.

Obviously, this is because you can't state your question clearly, because your head is in a mess)

Yes, it is very obvious you are a signature spammer who posts unhelpful 1 line comments. Thank you for your 'contribution'. That was sarcastic, in case you think I could not state it clearly.

[tvplus006]

Thank you for your 'contribution'. That was sarcastic, in case you think I could not state it clearly.

You're a clueless spammer who ignores responses that disagree with. Have you ever heard of decentralization? Once again, I repeat the answer that was published earlier to your stupid question: no law will work if you cannot control its implementation, and as long as there are decentralized exchanges, it is impossible to prohibit anyone from trading on them. And this is the difference from casinos, which lack decentralization.

[Cryptomultiplier]

There isn't any laws on trading addiction, but there are regulations and laws that is in place to help protect individuals from compulsive activities that have become too frequent as regards trading.

Some of these regulatory bodies include the financial industry regulatory authority, FINRA, the securities and exchange commission, SEC, the consumer financial protection Bureau, CFPB and there is gambling regulations which help to limit gamblers from forming addictive habits that can be evident even during trading activities.

[Dewi Aries]

Honestly, I also don't know whether there are such laws in trading or not, but I agree with the idea that the rules should be set immediately, because it is true as you said that lately traders, especially those with low flying hours, often treat trading like gambling because it is based on a lack of understanding, inability to be responsible for decisions that have been taken and also greed.

On the other hand, that is also what has made many traders lately lose a lot of money instead of getting consistent profits, and in my opinion it seems like they are people who come because of fomo or for some reason like having problems in their financial situation in life that makes them learn in a hurry and in the end actually causes many new problems, so I think it is a good idea if for example the exchange implements such laws and regulations.

[Moreno233]

Hi everyone,

If anybody knows me, I frequently equate what people call 'trading' as actually them gambling. This doesn't mean I think trading=gambling, it just means that I think 99% of people who identify as traders are actually showing patterns of addiction. Chasing losses, depositing more than they can afford to lose, spending hours and hours on computer etc.

In gambling, there are laws that require casinos to check users for gambling addiction and to limit them, block them. Even there are self-exclusion programs.

But I don't know any such thing in trading. Never seen an exchange limit me, or other users. Never seen a platform advertise self-exclusion.

People commit suicide trading on Wall Street, losing life savings, double mortgage their houses, steal family money, borrow from loan sharks. It is literally what addicted gamblers do in Vegas.

Are there any laws for trading addiction? Should there be?

I have not seen any of such laws in trading but I do know that brokers do have comprehensive disclaimer and their TOS also made it clear that responsible trading is important and sole responsibility of the trader. I don't think brokers can close the account of a trader when he is losing so much unless such individual request the closure of such account. Besides, there is the option of account deactivation in most brokerages which solves the problem of addiction and similar to self-exclusion in gambling platforms. In both gambling and trading, the responsibilities of managing addictions rest solely with the individuals.

[Kelward]

The exchanges only limit you from using all of their features when you are not yet doing KYC. But when you do that, you can use all of their feature and start trading. You are the law who can control the addiction in trading so you must responsible in trading.

Firstly I must agree with everybody that doubts that there's any law or limitations on addicted traders, even the exchanges are not known to monitor trading addiction. This means that every trader is on his own when it comes to trading addiction,  you must control yourself as a trader in order not to become addicted. I believe that most people that crypto trading is their major or only source of income are more likely to become addicted to it because they will be desperate to make profit. I don't see much difference between an addicted gambler and an addicted trader, because they're both chasing loses, they can take a break and deal with their addictions.

[dunfida]

Hi everyone,

If anybody knows me, I frequently equate what people call 'trading' as actually them gambling. This doesn't mean I think trading=gambling, it just means that I think 99% of people who identify as traders are actually showing patterns of addiction. Chasing losses, depositing more than they can afford to lose, spending hours and hours on computer etc.

In gambling, there are laws that require casinos to check users for gambling addiction and to limit them, block them. Even there are self-exclusion programs.

But I don't know any such thing in trading. Never seen an exchange limit me, or other users. Never seen a platform advertise self-exclusion.

People commit suicide trading on Wall Street, losing life savings, double mortgage their houses, steal family money, borrow from loan sharks. It is literally what addicted gamblers do in Vegas.

Are there any laws for trading addiction? Should there be?

I have not seen any of such laws in trading but I do know that brokers do have comprehensive disclaimer and their TOS also made it clear that responsible trading is important and sole responsibility of the trader. I don't think brokers can close the account of a trader when he is losing so much unless such individual request the closure of such account. Besides, there is the option of account deactivation in most brokerages which solves the problem of addiction and similar to self-exclusion in gambling platforms. In both gambling and trading, the responsibilities of managing addictions rest solely with the individuals.

Just like on gambling platforms also on which you will really be able to see up those disclaimers and other FAQs or whatever that pertains limitation in regarding about the risks involved but usually those are really just that form of formality on which considering that platforms are really that wanting or liking into those people who do make out overtrades on which they do know that the more trading or gambling they would be doing then the more money that they will be making. It is really just that there are really those people who are really that not reading up these things and will really be that focusing on what they do really want to do.

Responsible trading is something that be standard on which you do limit out yourself on doing on whats excessive. Only that risks or invest into the amount on which you can afford to lose specially when you do deal up with this market. Never ever trying out to be that optimistic all the time because market is really that unpredictable and there's no way that you could assure on making profits because risks will really be always there. Trading could really be that addicted but of course its basing up into a certain individual since not all will be having on the same behavior when it comes on dealing things. There are still those who are really that good when it comes to control.

[slaman29]

I have not seen any of such laws in trading but I do know that brokers do have comprehensive disclaimer and their TOS also made it clear that responsible trading is important and sole responsibility of the trader. I don't think brokers can close the account of a trader when he is losing so much unless such individual request the closure of such account. Besides, there is the option of account deactivation in most brokerages which solves the problem of addiction and similar to self-exclusion in gambling platforms. In both gambling and trading, the responsibilities of managing addictions rest solely with the individuals.

Disclaimers are not the same as what I'm asking but finally someone answered sometthing related

Account deactivation is also not the same. When a player asks for exclusion, he is asking the service provider to keep his name and prevent him from ever playing again until he says so. This means usually even if he opens a new account, his identity is prevented from depositing.

In both gambling and trading, the responsibilities of managing addictions rest solely with the individuals.

As I pointed out, the law in some countries actually requires casinos to identify and manage addiction. So you're wrong here.

[bettercrypto]

Hi everyone,

If anybody knows me, I frequently equate what people call 'trading' as actually them gambling. This doesn't mean I think trading=gambling, it just means that I think 99% of people who identify as traders are actually showing patterns of addiction. Chasing losses, depositing more than they can afford to lose, spending hours and hours on computer etc.

In gambling, there are laws that require casinos to check users for gambling addiction and to limit them, block them. Even there are self-exclusion programs.

But I don't know any such thing in trading. Never seen an exchange limit me, or other users. Never seen a platform advertise self-exclusion.

People commit suicide trading on Wall Street, losing life savings, double mortgage their houses, steal family money, borrow from loan sharks. It is literally what addicted gamblers do in Vegas.

Are there any laws for trading addiction? Should there be?

I don't remember reading or watching anything that says there is a law for addicted traders. Except maybe if what you are trading is illegal drugs, then it is absolutely illegal
and there is a law for this in any country.

But for things like crypto trading, Stock, forex, I don't know of any laws against these if you become an addicted trader in the categories mentioned.