Addiction to trading, Self exclusion possible?

[Arenga pinnata]

I was thinking about how much people say they are addicted to trading just like gamblers say they are addicted to gambling and a lot of people call trading gambling, true they have similarities.

So I imagine this platforms that give access to trading like brokers, will not be advisable for them to have a self exclusion option for the platform so that their users will not have to become addicted into trading because I see people complaining that they have freezes the trading applications on their mobile devices but can't still stop trading even when they are losing so they keep losing and go bankrupt.

what do you guys think about this?

The exchange I use, like Binance, also seems to have this feature. But I’ve never used this feature or anything like it. Because, in my opinion, if someone is truly addicted to trading and acts impulsively, they won’t be able to control themselves at all, even if a special feature like this is provided. They’ll only try to limit themselves for a week at first, but a day later they’ll change their mind and find a way to start trading again by logging into another platform.

Emotional management is something we must develop on our own. And clearly, we must be aware of our own limits. Personally, I restrict myself from day trading because I know that, emotionally and mentally, I’m simply not cut out for it. I’m always good at opening the first, second, and third positions, but after that, I’ll just end up taking losses and blowing through all the profits I made on those first three positions. That makes the whole thing feel pointless and like a waste of time. So I’ve switched to focusing solely on swing trading with weekly or monthly timeframes. Even though I don’t always succeed, it’s much healthier for my mental and emotional well-being.

[bangjoe]

Basically it does not help because we have many options where to trade just like gambling places will be very many places open to do so, so everything will return to each self whether able to control themselves or not, because any form of addiction it will only self-destruct.

I would rather not close the account, but it's better not to open an account at all when we are not ready in terms of personality fundamentals in managing ourselves, especially calculating risks.

You could just open a demo trading account to know if you are disciplined enough, although since this doesn't have to do with trading with real money it might be difficult to know if you are really going make mistakes or would be disciplined enough to trade but it an extent it would go a long way to test how effective your trading strategies can be. Understanding risk management and financial discipline is important before you think of trading the live market but if you avoid opening an account you can use a demo account.

Honestly I have often done it before, and what most makes people forget is that using a demo account our emotionality is much calmer, no matter how much money is traded because it is not real money, the strategy used is much more effective because seeing volatility like there is no pressure whatsoever on your mentality, in the implementation of strategy experiments can be done. it's just that in real trading not only the strategy is tested, but our mentality and emotions will be tested from starting to make decisions, admit defeat and also maintain sanity, this is much more complicated than calculating and recognizing candles and patterns that you have memorized.

[PERtua]

The most helpful feature I could think of is a lock that can't be immediately undone after someone has turned off their account. Not just the ability for people to turn off their accounts. A person seeking losses may reopen an account or switch to a different exchange in just a matter of minutes. They could help break that cycle with a mandatory waiting period. Set loss limits and leverage restrictions. These tools can certainly't stop somebody from using another system. Particularly in crypto. But they can provide you with a moment to think. The true measure comes down to how easy it is to implement such protections and how hard they can be fought.

[5W-KILO]

There are already trading sites that have this  but the term they used is Cooling-off.

Some exchanges that has it are

Bybit
Binance

Either it's called cooling-off or self exclusion i find it disgusting that grown up men are needing this to survive away from something they started themselves, imagine waking up and using your energy up on a job to get paid and you can't control where you spending them?

Some people have lost what it takes to be in control of their own lives, when you engage in anything with most of your time and focus you will get off the rail one day, because you are overdoing it..

[Bright0515]

As pharmacist, I may suggest you to seek also some real help in your personal life - likewise seeking a doctor and not trying to fix online in a forum. 
There are the same mechanism in your brain that could trigger the desire to play and gamble.

Probably you would go to fall for another of these addictive things... It could be called a "cross addiction".
Even if you can avoid to playing in such excessive way, you will never get out of "addiction" problems.

I think trading isn't really an addiction problem per se or one that involves any medical condition, a trader might be consistent with trading and incurring losses, this might be tagged to be an addiction issue but that is not really the case. It is funny that when a trader is making profit consistently people don't really see that to be trading addiction. Trading isn't really gambling and I don't think that there's such thing as a trading addict.

[Powerjumboo]

I was thinking about how much people say they are addicted to trading just like gamblers say they are addicted to gambling and a lot of people call trading gambling, true they have similarities. 

The similarities between trading and gambling is that they both involve taking risks but in terms of the results gotten from them trading is actually better because you can cut down the risks involved and trade calculatively to reduce losses, this is far better than gambling. I don't think there's a thing such as trading addiction because trading is something one must engage in consistently to master but this doesn't mean that they are addicted to it.

Although there are similarities between trading and gambling, there is not much difference, because trading can be used to make money with good skills and strategies, but gambling is really a game of luck where you can make a profit or a loss. But of course there is also a thing called trading addiction, because many people become addicted to futures trading. Now if you do not believe in trading addiction, then there is nothing you can do about it, but of course, if you are addicted to trading

[Mate2237]

I was thinking about how much people say they are addicted to trading just like gamblers say they are addicted to gambling and a lot of people call trading gambling, true they have similarities.

There is a similarity between trading and gambling and that's the fact that you need to take risks but the differences between them outweighs the similarities. In trading it is possible to reduce the risks unlike gambling that is just about getting lucky. When traders say that they are addicted to trading it doesn't really make any sense to me because there's no thing as trading addiction. What's the difference between someone that is addicted to trading and someone that is just consistent? That's where people get it mixed up.

So I imagine this platforms that give access to trading like brokers, will not be advisable for them to have a self exclusion option for the platform so that their users will not have to become addicted into trading because I see people complaining that they have freezes the trading applications on their mobile devices but can't still stop trading even when they are losing so they keep losing and go bankrupt.

Well, you can save yourself the stress of going through all these and just avoid trading if you know that you are the type that cannot exercise self control and discipline. Or better still use a demo account, this is also going to help you manage your emotions while you also learn more in the process.

[Xackie]

I think trading isn't really an addiction problem per se or one that involves any medical condition, a trader might be consistent with trading and incurring losses, this might be tagged to be an addiction issue but that is not really the case. It is funny that when a trader is making profit consistently people don't really see that to be trading addiction. Trading isn't really gambling and I don't think that there's such thing as a trading addict.

No , I think you are misunderstanding what addiction is. Addiction is not about making profit or loses but it's when you lose control over trading activities. For example someone who is trading without limit (over trade even after making profit) , chasing losses, sometimes even use their important funds to recover their losses and neglects important responsibilities just to monitor the market may be developing an addictive habit. Some people become restless when they are not trading.  Sometimes addiction could make you to borrow money or even sell some of your properties to trade believing that you could make money out of even when your experience countless of losses. The major issue is not about whether a person  making some profit or loss, but the real concern is if the  trading is controlling their decisions and affecting their life.

[panjul07]

There are already trading sites that have this  but the term they used is Cooling-off.

Some exchanges that has it are

Bybit
Binance

Either it's called cooling-off or self exclusion i find it disgusting that grown up men are needing this to survive away from something they started themselves, imagine waking up and using your energy up on a job to get paid and you can't control where you spending them?

Some people have lost what it takes to be in control of their own lives, when you engage in anything with most of your time and focus you will get off the rail one day, because you are overdoing it..

I have to agree that everyone is responsible for anything they do but addiction is not as simple as what we think, so if there is a feature to help people to limit their activities then it should taken as something useful.
Using cooling-off or self exclusion does not always mean that someone is unable or even fail to control their own specific activity including trading, it can be even said as a start of their control.
When someone ask for self exclusion or use a cooling-off feature, it means they realize that they did something wrong or maybe they realize that they should use it because they want to stop for a while after making a decent profit.
However, I'd say that controlling ourselves without relying on such a feature to start is much better.

[Big Dirams]

As pharmacist, I may suggest you to seek also some real help in your personal life - likewise seeking a doctor and not trying to fix online in a forum. 
There are the same mechanism in your brain that could trigger the desire to play and gamble.

Probably you would go to fall for another of these addictive things... It could be called a "cross addiction".
Even if you can avoid to playing in such excessive way, you will never get out of "addiction" problems.

I think trading isn't really an addiction problem per se or one that involves any medical condition, a trader might be consistent with trading and incurring losses, this might be tagged to be an addiction issue but that is not really the case. It is funny that when a trader is making profit consistently people don't really see that to be trading addiction. Trading isn't really gambling and I don't think that there's such thing as a trading addict.

You’re right and your point are on track. People don’t actually see addiction when a trader is consistent with trading  and constantly making profits from it but as soon as the person making loss constantly non stop and still keep up with the consistency then technically people assume that person as an addict to trading.
Well it a smart idea to take a break from trading when constantly making loses, to check out what we are doing wrong and find a better strategy and analysis but when they are facing losses that doesn’t mean we can call them an addict.

[Just Say]

Although there are similarities between trading and gambling, there is not much difference, because trading can be used to make money with good skills and strategies, but gambling is really a game of luck where you can make a profit or a loss.

There are similarities between trading and gambling but you should understand that their fundamentals are completely different, so I mention the similarities between gambling and trading such as risk of losing money, uncertainty and uncertain outcome, emotional excitement and emotion, investment of money and expectation of return. So it can be assumed at this point that without knowledge, analysis, planning and risk management, if someone blindly trades in Bitcoin or cryptocurrency, honestly it seems they develop a gambling mentality.

But of course there is also a thing called trading addiction, because many people become addicted to futures trading. Now if you do not believe in trading addiction, then there is nothing you can do about it, but of course, if you are addicted to trading

You are absolutely correct here there is also a thing called trading addiction as many people get addicted to futures trading, also trading frequently,Trying to recover losses People who have these qualities become addicted to trading.

[ZAINmalik75]

The most helpful feature I could think of is a lock that can't be immediately undone after someone has turned off their account. Not just the ability for people to turn off their accounts. A person seeking losses may reopen an account or switch to a different exchange in just a matter of minutes. They could help break that cycle with a mandatory waiting period. Set loss limits and leverage restrictions. These tools can certainly't stop somebody from using another system. Particularly in crypto. But they can provide you with a moment to think. The true measure comes down to how easy it is to implement such protections and how hard they can be fought.

Centralized exchanges actually have a feature where you get a cooldown period after you just recently lost multiple trades in a row or a specific amount that hit the threshold which triggers the cooldown period. I have seen this in Binance at least, and I'm sure other platforms also have this. This mostly happens when you are doing futures because people often lose one trade, and then try to recover what they just lost with another trade after that with higher leverage, we call it revenge trading which is very dangerous because it often makes you lose even more.

However, you are correct that it is never about a feature or anything, it is all about self-control, because just like how an addicted gambler can start using another casino even after they have self-excluded themselves from one, the same thing can be done by a trader as well, they can use another exchange to execute more trades even if they have used self-exclusion on one exchange, which means such things can't really stop someone from damage, because only patience and self-control can stop one from taking extreme steps.