Addiction to trading, Self exclusion possible?

[Makus]

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.

[jossiel]

I think self-exclusion could be useful for trading too. Some people keep chasing losses just like in gambling. Even a temporary account lock or mandatory cooling-off period could help them avoid impulsive decisions.

It is useful for those who can't stop themselves anymore as they trade. But those who have been experiencing terrible losses with their trades.

Just like me, I am staying away from my PC and don't visit the exchanges at that moment. Doing something will be my own way of excluding myself to any trades.

Repeating that action will help those who are having a hard time in stopping when it's obvious they have to stop.

[bitbollo]

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.

[laijsica]

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?

Both involve a lot of financial risk so many people do not make much of a difference between gambling and trading. In fact there is a difference but gambling is more risky in terms of financial risk but trading carries relatively less risk because if you do not sell your holdings in a panic, the price may decrease but you will not lose.

Both are addictive that's right. You have to be risk-tolerant and avoid allocating more money than you can afford.

If a coin is purchased through trading applications, it will be displayed in your own portfolio and as the price decreases or increases, you will see whether you are making a profit or losing money on trading. It will remain in your portfolio until you sell it and even if you uninstall the applications, your holdings will not decrease or increase. The value of the holdings may be affected by the decrease or increase in the market price.

[free-bit.co.in]

Both involve a lot of financial risk so many people do not make much of a difference between gambling and trading. In fact there is a difference but gambling is more risky in terms of financial risk but trading carries relatively less risk because if you do not sell your holdings in a panic, the price may decrease but you will not lose.

Well, we're talking about trading here, including leveraged and futures trading, not just spot. Run high leverage and you can lose everything in the blink of an eye.

Trading is not necessarily riskier than gambling, but that does not mean it is any less risky either.

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.

If you keep taking L's and you're always out for revenge on the market. If you're glued to the screen 24/7 and can't stop trading. If that's not trading addiction, then what do you call it?  You're grinding to become a pro trader or what?

[fredericktaylor]

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.

I think addiction plays a big role in a person's long-term activity, whether it is gambling or trading, but gambling is a quick way to get addicted. There is risk in both trading and gambling, no matter how experienced you are in both.
Risk can be naturally reduced through trading, when a person understands the market movements and controls his greed, enters the market at the right time and within his means, does not take excessive risks in the hope of making more money and is satisfied with small profits, thereby reducing the risk of losing money. Most of the time, in trading, a person's skill, knowledge and strategy can reduce the risk, but gambling cannot reduce the risk because the results of gambling are unpredictable.

[JunaidAzizi]

That's right, most exchanges have an option for traders to delete their account and that's the reason why there is absolutely no reason for having a self exclusion option. Even without this option I think traders can just decide to take a break from the market when are incurring too much losses which is why I think that there can no such thing as a trading addiction because this is what makes trading different from gambling.

I don’t even believe that people can be so addicted to trading that they will be stuck onto it and not leave it for a while. Trading is different from gambling me this is another distinction between them. Self exclusion is much applicable to gambling but in trading, you just have to stop yourself from trading first, then you’ll see that self-exclusion just works for you. You can’t compare knowledge with luck, they are two different things and that’s why they don’t fit into same category most times.

Yup, that's true, but people are mixing it with gambling. If someone has a little knowledge about it, then they will easily understand that the two are very different from each other and can't be placed in one category. In trading, they lose because of their own mistakes and lesser knowledge of the market. If he is losing money, then he just has to stop and think about his decisions and strategy. He has nothing to do with self exclusion, but I think if someone has come straight from gambling, then they need this feature. A real trader knows when to start and when to stop, and that's the biggest difference between trading and gambling. .

[Findingnemo]

If someone can't stop themselves from doing something then having self-exclusion or a cooling-off feature isn't going to save them they will just burn all their money until nothing is left.

One thing they can try is close their account permanently which stops them but there are so many exchanges which they can register and start trading instantly and we also have no registration, instant swaps and different kids which all created for the purpose of trading and trading alone.

[free-bit.co.in]

If someone can't stop themselves from doing something then having self-exclusion or a cooling-off feature isn't going to save them they will just burn all their money until nothing is left.

One thing they can try is close their account permanently which stops them but there are so many exchanges which they can register and start trading instantly and we also have no registration, instant swaps and different kids which all created for the purpose of trading and trading alone.

Exactly. As a couple of members have already pointed out, addiction is about losing control over your behaviour. So selfexclusion is looking good on paper but IRL it's totally useless.

There are hundreds of exchanges out there, creating a new account elsewhere is quick and easy. So if someone really cannot control their trading, blocking them on one exchange solves nothing. They can just move to another platform and carry on doing the same thing.

Relying  on selfexclusion  is just dodging the problem instead of facing it and dealing with the root cause .

[Royal Cap]

I don’t even believe that people can be so addicted to trading that they will be stuck onto it and not leave it for a while. Trading is different from gambling me this is another distinction between them. Self exclusion is much applicable to gambling but in trading, you just have to stop yourself from trading first, then you’ll see that self-exclusion just works for you. You can’t compare knowledge with luck, they are two different things and that’s why they don’t fit into same category most times.

Of course there is a difference between trading and gambling, but just because you can make your own decisions does not reduce the risk of trading. Many traders also fall into the same trap of repeated trading because of emotions following a loss and make an attempt to make back previous losses. This is where it can help to cool off or to not trade for a while.  Because an experienced trader knows when to stop but if you lack experience, this kind of break can help keep your decisions in check. Although the concept of self control and protective features is best understood as two different levels of protection, and not as alternatives.

[leonair]

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?

On the exchange platform, you will find a Cooling-off option that if you call it, you will not be allowed to trade. However, you will not find this option on all exchanges. Trading is not very addictive like gambling, but it can be addictive for some. That is why exchangers do not seem to think much about the Self-exclusion option. And those who trade are not as addicted as gamblers. Traders try to make big profits by trading with high leverage in futures trading. Then they can make big losses. In the case of trading, I have never thought about Self-exclusion, so I have never searched for this option, so I do not know of any other site other than Binance that has a Self-exclusion option. I saw the Cooling-off option on the Binance exchange.

[Stable090]

It is useful for those who can't stop themselves anymore as they trade. But those who have been experiencing terrible losses with their trades.

Some people don’t know about trading addiction, they don’t know that they can get addicted to trading. If you are a trading, always make sure you monitor your loss, whenever you notice that your loss is getting to much when trading, make sure you stop trading at that particular time. As a trader, don’t even try to recover your loss, because if you are chasing your loss, you might end up losing more money, because you will be desperate to trade, you not going to be calm to make some analysis which you just going to end up losing more money.

Just like me, I am staying away from my PC and don't visit the exchanges at that moment. Doing something will be my own way of excluding myself to any trades.

I will say it’s just the best. Stay away from your laptop, and make sure you engage yourself in anything which is going to keep you busy, because whenever you are less busy, your attention will be there, and you will end up going back.

[Olatundespo]

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?

A person never considers himself addicted. It can be gambling or trading anything. If they could have realized it, they might not have put their funds at so much risk and would have corrected themselves before they lost a lot.

If you have purchased coins in your trading portfolio created in the mobile application, even if the application is frozen or deleted, you will still have a loss because you did not sell that coin. If the price of the coin you purchased decreases and you sell it at that time you will have the possibility of losing.

If you do not panic and sell during a price drop, you will not lose. Be patient, maybe in the future the value of that coin will increase and you can make a profit.

[bangjoe]

If someone can't stop themselves from doing something then having self-exclusion or a cooling-off feature isn't going to save them they will just burn all their money until nothing is left.

One thing they can try is close their account permanently which stops them but there are so many exchanges which they can register and start trading instantly and we also have no registration, instant swaps and different kids which all created for the purpose of trading and trading alone.

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.