Addiction to trading, Self exclusion possible?

[Audrey Simmons]

what do you guys think about this?

I didn't know that people can be addicted to trading, i haven't seen anyone with such a complain, different from the way you can see lots of gamblers addicted to gambling? Trading addiction is not rampant. If the cooling-off feature is not available, there should be a way to close the account, there is usually a button for that in every exchange.

[terrific]

I didn't know that people can be addicted to trading, i haven't seen anyone with such a complain, different from the way you can see lots of gamblers addicted to gambling? Trading addiction is not rampant.

As long as there's a potential to profit with the risk that we take, anyone can get addicted to it.
It just so happen that there's more complain to gambling and that's why it is what we see often who's got a lot of exposed addicts.
But with trading, people are finding it more acceptable if someone becomes addicted to it because of the thought that they're making more money than anyone else.
It's the society's point of view why we don't see people show that trading addiction is bad.

If the cooling-off feature is not available, there should be a way to close the account, there is usually a button for that in every exchange.

I believe most of them have but there's a process if already decided to close the account.

[Stalker22]

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.

I cannot say I agree with that, to be honest.  The dopamine hit from a lucky leverage trade is identical to hitting a button on a slot machine.  In fact, trading addiction is happening far more frequently than most people believe - it just cleverly disguised as "investment" or "market strategy".  People hide behind charts and analysis, but from a brain chemistry and behavioural addiction perspective, it is exactly the same.

[Alphakilo]

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.

I cannot say I agree with that, to be honest.  The dopamine hit from a lucky leverage trade is identical to hitting a button on a slot machine.  In fact, trading addiction is happening far more frequently than most people believe - it just cleverly disguised as "investment" or "market strategy".  People hide behind charts and analysis, but from a brain chemistry and behavioural addiction perspective, it is exactly the same.

I do agree with the dopamine loop that happens mostly from leverage traders that find it hard to use lower leverage because they believe they would hit it big with a huge multiplier, only to get more loss with just a small margin, yet they repeat the process.
Addiction to trading is why most advice come in the form of just buying Bitcoin or other good notable crypto currency and hodl for a duration and sell in the bull season if it comes.
Otherwise, trading regularly is not really for everyone mostly for those who don't want to upgrade, do better research into better strategies to adopt, don't know and apply risk management and don't care to at least try if AI integrations can assist to make their trading executions better.

It's a good idea to use an exchange that has self exclusion in the form of 'cooling off' period for those who really need it, because one can want to take a break from trading but fear that if they do, they might just lose out on the next big profit that would have been made.

[Questat]

The moment you decide to enter trading, you should know that trading comes with responsibility to stop when you are no longer trading profitably. Hence, trading addiction may be possible but do not wait for it to happen on your part.

That is why trading is highly risky, you can be in profits when you perfectly combine strict risk management and discipline, but you can lose all your life savings and turn homeless if all you got is inexperienced trading and greed.

If you can control yourself from trading, you can delete your account or request for self-exclusion or cooling-off if the said trading exchange offers.

[Natalim]

Reality is, traders do not think of self-exclusion if they are not seeing theirselves getting addicted into trading. These are the traders that have probably lost control of their trading funds and emotions, and so the last resort is self-exclusion.

However, in most of the traditional trading platforms, if you think you are no longer meeting your trading expectations, just contact customer support to freeze your account, restrict or just close it permanently to totally avoid further losses in trading. Self-exclusion option may not be possible in some trading platforms, but surely they can offer the same options to control yourself from huge losses.

[LogitechMouse]

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what do you guys think about this?

Well, I think this must be added to ALL of the centralized exchanges right now because let's face it. There are traders out there who sees trading as some kind of gambling where they'll go all-in and max leverage as well.

There are some exchanges like Bybit and Binance who already have "self-exclusion" feature already, and just to add to this one, assuming that all of the exchanges add this, they must add a feature as well where they will be forced to withdraw their remaining funds to another wallet (assuming that they still have funds left of course).

When it comes to gambling, I don't think that self-exclusion is that helpful towards the gambler, and I see the same towards trading and the trader. Like what I've said, self-exclusion is just a band-aid solution for me, and the root cause of the problem isn't solved - the person/trader itself. If the person want to self-exclude himself, he must also change something on himself so that he will not experience again the same experience that he got back then.

[dwyane36]

However, in most of the traditional trading platforms, if you think you are no longer meeting your trading expectations, just contact customer support to freeze your account, restrict or just close it permanently to totally avoid further losses in trading. Self-exclusion option may not be possible in some trading platforms, but surely they can offer the same options to control yourself from huge losses.

It's worth noting that on some centralized exchanges, there's an option in the settings to deactivate your account, and it takes just a few clicks to do so. So, this is comparable to the self-exclusion feature on gambling platforms, but I'm wondering how many traders actually use it when they realize they need to take a break from trading.

[Cgrexp]

Reality is, traders do not think of self-exclusion if they are not seeing theirselves getting addicted into trading. These are the traders that have probably lost control of their trading funds and emotions, and so the last resort is self-exclusion.

However, in most of the traditional trading platforms, if you think you are no longer meeting your trading expectations, just contact customer support to freeze your account, restrict or just close it permanently to totally avoid further losses in trading. Self-exclusion option may not be possible in some trading platforms, but surely they can offer the same options to control yourself from huge losses.

Self-exclusion can be an effective step if you develop an addiction to trading or lose control over your capital and emotions. When a trader realizes that he is unable to control his losses. Then he may have already lost a lot of money. Therefore, it is necessary to seriously consider changes in his behavior and financial situation before major losses occur. Therefore in my opinion, to avoid major losses from trading you should first set some realistic limits. Keep a certain capital do not trade to recover in case of losses and take a break if necessary. Finally understanding your limitations and being able to control risks in time is the sign of true financial responsibility.

[DanWalker]

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.

I cannot say I agree with that, to be honest.  The dopamine hit from a lucky leverage trade is identical to hitting a button on a slot machine.  In fact, trading addiction is happening far more frequently than most people believe - it just cleverly disguised as "investment" or "market strategy".  People hide behind charts and analysis, but from a brain chemistry and behavioural addiction perspective, it is exactly the same.

Exactly this. A lot of traders are addicted, and most of them are basically just gambling under the guise of trading. They just don't realize it, or maybe they don't want to admit it .
Since trading is a financial activity ,  many people convince themselves that what they're doing is just persistence, effort, and hoping that it'll pay off someday . But they don't realize that constantly trading despite losing money, being unable to stop, and chasing losses are all signs of addiction.

Having  knowledge , a strategy ,  or being involved in the financial markets doesn't mean you can't get addicted .  Addiction is about losing control over your behavior and emotions.

[traderethereum]

That is actually their mistake, they can't responsible with their trading activities and makes them lost much. Trading platforms can add a self exclusion but if traders can't take responsibility, that will no use for them. They will still doing the same without realize what happens to them so the only thing they should do is just limit their trading and control emotion so they will not get a problem.

[EarnOnVictor]

what do you guys think about this?

Addiction in trading is real, but it's not like that of gambling, which is why it's not being popularly spoken of. Also, trading addiction is easily fought and won than gambling addiction. Do you know why? Gambling requires small deposits, and you can start gambling immediately, and continue to repeat the process if you are addicted to it.

But with many experiences I've gathered, trading often slam heavy losses on people, and no one would teach them if that has repeated itself a few numbers of time. TBH, I could point to a few people who are gambling addicts, but as for trading, I couldn't point to any of them despite the fact that I knew many traders. They often quit easily after been dealt with, unlike gambling.

[SatsPH]

That is actually their mistake, they can't responsible with their trading activities and makes them lost much. Trading platforms can add a self exclusion but if traders can't take responsibility, that will no use for them. They will still doing the same without realize what happens to them so the only thing they should do is just limit their trading and control emotion so they will not get a problem.

Right, but it they recognized that they have a problem with their trading activities then they might need some help as well. And someone already says that there could be a program by exchanges to help people deal with it.

Of course, if they don't want to go over this program, they really need to limit their trading activity so that they won't lose money. But the thing is that they don't have control, their emotions is taking over that's why cooling-off might be the best thing that exchanges can offer.

[DanWalker]

Addiction in trading is real, but it's not like that of gambling, which is why it's not being popularly spoken of. Also, trading addiction is easily fought and won than gambling addiction. Do you know why? Gambling requires small deposits, and you can start gambling immediately, and continue to repeat the process if you are addicted to it.

But with many experiences I've gathered, trading often slam heavy losses on people, and no one would teach them if that has repeated itself a few numbers of time. TBH, I could point to a few people who are gambling addicts, but as for trading, I couldn't point to any of them despite the fact that I knew many traders. They often quit easily after been dealt with, unlike gambling.

Like  Terrific said above, trading addiction doesn't get talked about or called out much because it's way harder to spot. Since it's seen as financial investing, people can easily justify their own behavior and making it harder for those around them to realize that it might actually be a form of addiction.

And  as Stalker22 pointed out, they might differ in how  they're defined and how they work . But when it comes to brain chemistry, gambling addiction and trading addiction  aren't all that different.

Both can get  addictive once discipline's  gone and greed  gets out of control, and kicking a trading habit is no different from kicking  gambling.

[Oshosondy]

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

Some exchanges that has it are

Bybit
Binance

It will be good to know that the self exclusion on Bybit is 30 days max.

It may be available on Binance, but that is on the web, I have not been able to see it on the android app.

It is true that cool off is available, but there should be a stricter law about it. Like Binance should make it available on their mobile app and Bybit should increase the period to indefinite or forever.

[Jaweria parveen]

It depends on your taste and available money because no one can control anything by force, it will either give you greed but it also depends on your nature which makes you addicted to something. Trading has actually become a very big addiction in profit because here if you trade with a good leverage you get quite a good profit. You can also leave it but it will be when you are making losses if you are making profits then it can be very difficult for you to get rid of it. So if you convert it into daily earnings then it will not be very difficult for you. Although I know how to trade but I do not get involved in it because I know that if I trade in it again and again then I can get addicted and it will be difficult for me to get out of it from my life. Profit is such a greed that can make you do anything and loss is such an external thing which a person leaves while getting it.

[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

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.

But that's out of topic because we're not talking about prediction markets or gambling here. We're talking about exchanges having a self-exclusion feature because the OP believes trading can also be addictive, which is true for some people. But in reality, some exchanges have already implemented similar measures, although they use different names for them.

[Finebone]

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.

I also doubt that a person can get addicted to trading just like people do in gambling because trading have a greater impact financially and mentally on an individual than any other addiction, because only the damages it does, it becomes unsustainable, and will either force the person to quit or wreck the person financial to the extent whereby he wouldn't be able to trade again due to how damaged the said person might have been mentally or emotionally and financially. So it's because of that I really don't think that someone can get addicted to it, since the obsession will later turns to regret once the person feels the effects of several losses.

[EL MOHA]

I also doubt that a person can get addicted to trading just like people do in gambling because trading have a greater impact financially and mentally on an individual than any other addiction, because only the damages it does, it becomes unsustainable, and will either force the person to quit or wreck the person financial to the extent whereby he wouldn't be able to trade again due to how damaged the said person might have been mentally or emotionally and financially. So it's because of that I really don't think that someone can get addicted to it, since the obsession will later turns to regret once the person feels the effects of several losses.

Do you by any chance believe that trading is close to gambling since both are base on predictions? If then they are close then it’s very much possible that trading can be addictive. I will state that it’s actually a thing of the mindset at that there is nothing that’s not utterly addictive just that some differs in the degree of addiction.

In trading, a trader has the possibility of making it rich so with that possibility available a trader can simply just do things beyond their control and that will lead to addiction. You can find even on this forum where some people can not go a day without trading and that can lead to addiction

[Finebone]

Do you by any chance believe that trading is close to gambling since both are base on predictions? If then they are close then it’s very much possible that trading can be addictive. I will state that it’s actually a thing of the mindset at that there is nothing that’s not utterly addictive just that some differs in the degree of addiction.

I understand the point you made here, but the main reason I don't believe that someone can get addicted to trading is because it's a road I have thread before, the psychological or emotional damage it does to you, if you don't know how to control your emotions will compel you to quit, unlike in gambling where it doesn't affect your emotions to that extent.

 You will only be gambling the more and be hoping to make it big one day, which may never happen, and may leads to frustration, but emotionally or psychologically you wouldn't be that damaged.