Addiction to trading, Self exclusion possible?

[NurseHub]

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?

[stadus]

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

Some exchanges that has it are

Bybit
Binance

[Dr.Bitcoin_Strange]

Well, I have never seen a centralized exchange that offers a self exclusion option like gambling site does but some exchanges do have the option to request for account closure but that can not actually prevent a trader from opening account in another exchange to continue trading. Even if some exchange might have something similar to self exclusion feature, it might not be as standardized as the self exclusion features in regulated gambling sites or physical casinos.

There are different types of platforms that offers trading and each of them could have their own unique protection measures for addicted customers, to my knowledge, there's this exchange I used a long time ago, I can't remember the name but when I wanted to stop using it, I looked for an option to close the account and I didn't see meanwhile some exchange like bybit has two features to either permanently delete your account or temporarily deactivate it. Some trading platform could also offer features to freeze your account, temporary cooling off periods and withdrawal restrictions, etc.

To my knowledge, brokers like Deriv and Robinhood has responsible trading policy which allows their customers to apply for self exclusion that could be up to 6 month, and another feature that let's you set a limit of how much you want to lose or trade with, however I don't think they are very strict with those policies, you can still do  your research.

[sergiorus]

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?

This could work in traditional finances where you have only 1 or 2 platforms where you can trade but not in crypto. Not only one could just move onto another centralised exchange, there are also a plethora of decentralised exchanges offering both spot and perpetual futures.

Moreover, onboarding and fiat onramp on those services can take only a couple of minutes - so in crypto self control is extremely important, if you have tendency to gamble irresponsively, you just cannot rely on the middlemen to control you.

[Bright0515]

Addiction to something does not start in a day there must be a persistency or consistency, personally I don't really think that there is any such thing as a trading addiction but of course it is possible for people to overtrade but this doesn't put them in the same category as people that get addicted to gambling and my reason for saying that is because in order for you to understand the market and become good at trading you must do it consistently, this is why I think there's no such thing as trading addiction because some people are getting consistency and addiction mixed up.

[Iranus]

Addiction to something does not start in a day there must be a persistency or consistency, personally I don't really think that there is any such thing as a trading addiction but of course it is possible for people to overtrade but this doesn't put them in the same category as people that get addicted to gambling and my reason for saying that is because in order for you to understand the market and become good at trading you must do it consistently, this is why I think there's no such thing as trading addiction because some people are getting consistency and addiction mixed up.

Anything can be addictive, not just gambling. People get hooked on game, social media, and shopping, even working out...things that are usually seen as harmless. So trading addiction is real.

Addiction is about losing control over your own behavior, so the signs are pretty similar. If you're spending most of your time trading to the point your life's out of balance, glued to the charts, revenge trading after every loss or overtrading with zero selfcontrol...,that's no longer persistence or consistency. Those are signs of trading addiction.

[Bitcoin_Arena]

It's possible, but the reason it's not widely used in trading, unlike gambling, is because it is not a necessity under the crypto exchange operating licenses. Crypto exchanges are treated more like financial institutions.

However, I think most of the exchanges have an option for one to just permanently delete their account.

[Don Pedro Dinero]

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

Some exchanges that has it are

Bybit
Binance

Interesting. I didn't know that.

However, I think most of the exchanges have an option for one to just permanently delete their account.

This is also quite interesting because the problem for someone with compulsive behaviour who loses a lot of money is that they can self-exclude from one site, but there’s nothing to stop them from depositing and trading on another. Unless, of course, they have absolutely all their money on that site. But at least for someone who has problems and realises they’re unable to control themselves – that they can’t stop – they could delete all their accounts. What isn’t clear to me is whether those accounts would be reopened if they tried.

[Gozie51]

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

Some exchanges that has it are

Bybit
Binance

Polymarket also has that self exclusion where you can exclude yourself for weeks to years. What I like more is the deposit limit. You can also cool yourself with the limit you want to deposit and then you decide what steps to take going forward or stopping totally.

https://finance.yahoo.com/markets/crypto/articles/polymarket-adds-self-exclusion-deposit-155800462.html

Yes just like gambling, so many traders are falling by the road side. It will be helpful using platform where you can limit your activities there by yourself.

[atookz]

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?

I believe it makes sense for platforms to offer it, and there is some similarity with gambling, at least in the sense that people chase their losses with fast, leveraged trading. Buying and holding is different, like buying a house to live in rather than to flip.

The part that interests me however, is the freezing of the application. If it can be reversed within a minute, it's not really a barrier. So I think the key with self-exclusion in gambling is that it's difficult to undo immediately, and there's typically a minimum time before you can be reinstated. So the design is more important than the option; it needs a waiting period before you can reverse it, and you can set deposit or loss limits in advance. The issue is that exchanges make money off volume, and I do not think that many will make a good version until they are incentivized by regulators to do so.

Also, if someone is still losing money even after locking everything down, it’s probably more than a settings issue. Talking to someone about it can help more than another app feature.

[Donk1]

​Well addiction in trading isn't as common as it is in gambling, but when stuff like that happens, it's often crazy because most traders who are inexperienced even end up calling it consistency, but yeah that's definitely wrong. Basically as a trader you should be able to know when to trade and when to stay away from the market completely, especially when the market is in a consolidating period.​Folks who get addicted to trading are often just gambling with their capital with no understanding of how the market works, which is why they mistake trading for gambling. And the fact that trading is 24/7 makes it easy for most folks to take high risk in the market some end up even using leverage only to blow their accounts. While experienced traders know the difference and can stay away folks who get lost in that kind of habit find it hard to control themselves. So yeah it's probably just addiction with the mindset that they are consistent. But I can't say for certain that add self exclusion options in trading platforms are bad or good still, I bet they have their reasons why such isn't added. And besides every time people talk about it, it's often gambling addiction trading addiction barely comes up. So to me the truth lies in how someone approaches the market. That's all.....

[Asiska02]

Addiction to something does not start in a day there must be a persistency or consistency, personally I don't really think that there is any such thing as a trading addiction but of course it is possible for people to overtrade but this doesn't put them in the same category as people that get addicted to gambling and my reason for saying that is because in order for you to understand the market and become good at trading you must do it consistently, this is why I think there's no such thing as trading addiction because some people are getting consistency and addiction mixed up.

Addiction to trading is real but it doesn’t happen often as gambling addiction does. People don’t easily get addicted to trading because it is a game of knowledge and not of luck. In order for you to keep putting money into it, you will have to also have some knowledge of it before you get a chance at winning. Gambling doesn’t work like that, and people easily sacrifice money into it and hope they get profit from it when they try. In trading, there is a high chance you’re going lose money when you don’t have the knowledge. I have not seen gambling self exclusion in brokers that enables trading and I doubt if they will do such thing. Their disclaimer message about trading is enough for them to serve for the risk involved in trading.

[Hatchy]

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?

I've not seen this feature on regular Forex broker websites, only on some exchanges that offer it. As I mentioned in one of my previous replies, any platform that allows people to predict uncertain future events for money should have a self-exclusion feature. Most of these platforms seem more concerned about making money from traders' losses than looking after their welfare.

The same applies to prop firms. They offer traders different accounts to trade, but many traders struggle to pass the evaluation stages even after several attempts. Despite this, these firms continue selling accounts to them because they know there is money to be made from their repeated failures in the long run. Their main concern seems to be making profits, not the welfare of the traders who use their services.

[The Cryptovator]

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?

I think you can’t stop trading through self-exclusion; even a few exchanges have this option, as a few members already mentioned. Unless you self-exclude yourself from the trading, then exchanges can’t help you. Because there are a lot of alternatives, even if you self-excluded from an exchange, you can trade from the other exchanges.

If you really want to stop trading, then you have to stop yourself first. You have to self-exclude yourself from the trading. Trading isn’t addictive like gambling, but still it would be addictive for a few users. So you have to control yourself, but it’s quite hard for anyone to stop trading if they're already addicted. Just sell all your crypto, and don’t make a new deposit into exchanges. Just try to be busy with other work instead of self-exclusions.

[PX-Z]

If trading platforms allow users to lose control and keep trading despite repeated losses, then self-exclusion should be an option, not an afterthought. The problem is that these platforms profit from trading activity, so expecting them to prioritize users' well-being over their own revenue is questionable, and i don't think most exchange will implement such, but for big ones, i guess, and there are few of them already. Trading may be presented as an investment activity, but when someone can no longer stop despite financial losses, the behavior is not that different from gambling addiction. Platforms should take responsibility instead of leaving everything to the user's self-control.

[WatChe]

Addiction to trading is real but it doesn’t happen often as gambling addiction does. People don’t easily get addicted to trading because it is a game of knowledge and not of luck. In order for you to keep putting money into it, you will have to also have some knowledge of it before you get a chance at winning. Gambling doesn’t work like that, and people easily sacrifice money into it and hope they get profit from it when they try. In trading, there is a high chance you’re going lose money when you don’t have the knowledge. I have not seen gambling self exclusion in brokers that enables trading and I doubt if they will do such thing. Their disclaimer message about trading is enough for them to serve for the risk involved in trading.

Addiction of everything is bad whether its trading, gambling or any other thing. Trading is different from gambling in a sense that you can earn profit in trading, if you do it properly like you have proper self control, you know how to read charts and know exactly when to open a trade etc. Trading will be like gambling, if you don't have self control because if you are losing money in trading and you keep on opening trades just to recover your loses then you will end up losing everything you have. The first and foremost thing required to become a successful trader is self control rest are secondary things.

[Su-asa]

It's possible, but the reason it's not widely used in trading, unlike gambling, is because it is not a necessity under the crypto exchange operating licenses. Crypto exchanges are treated more like financial institutions.

However, I think most of the exchanges have an option for one to just permanently delete their account.

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.

[Rruchi man]

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?

Has the self exclusion feature ever really helped anyone? In my opinion sometimes about its future I see it as something that casinos and even exchanges just add to ensure that be sure that they are in support of people who are trying to avoid being addicted to either trading or gambling. The real work about defeating addiction is first the personal resolve not to trade or gamble as the case may be regardles of the avenue to do so. Some exchanges recognise this, hence don't bother includong this feature on their app.

[fredericktaylor]

Addiction to something does not start in a day there must be a persistency or consistency, personally I don't really think that there is any such thing as a trading addiction but of course it is possible for people to overtrade but this doesn't put them in the same category as people that get addicted to gambling and my reason for saying that is because in order for you to understand the market and become good at trading you must do it consistently, this is why I think there's no such thing as trading addiction because some people are getting consistency and addiction mixed up.

Anything can be addictive, not just gambling. People get hooked on game, social media, and shopping, even working out...things that are usually seen as harmless. So trading addiction is real.

Addiction is about losing control over your own behavior, so the signs are pretty similar. If you're spending most of your time trading to the point your life's out of balance, glued to the charts, revenge trading after every loss or overtrading with zero selfcontrol...,that's no longer persistence or consistency. Those are signs of trading addiction.

Of course, addiction can be in any way, it completely depends on the mindset of a person or long-term activity.

But most of the time we hear or see a person quickly becoming addicted through gambling. Normally when people trading or gambling, when it is within their control, it does not affect their life, when the person goes out of their control and when they see it as a part of their life, that habit gradually creates addiction.

[Ndabagi01]

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.