Addiction to trading, Self exclusion possible?

[Pressurizedem]

Self exclusion should only come to one's mind when you've done several trades without profit. It should also come to mind when it looks as if you aren't winning, all that happens to you is losing your money. This is exactly what an addict should do. I was addicted to gambling and it looked like I wasn't going to ever be free, but after I consulted someone on what to do about it, because I was losing so much money, I was asked to self-exclude myself.

At first, I thought it was going to be a tough decision doing that because I was so much into gambling, but after I thought of it, I decided to go straight to my device setting, and self-excluded myself. Ever since then, I have been able to save my money, and I feel so happy about how I have been doing since then.

[terrific]

The effect of addiction with gambling is also the same with trading.
Traders chasing losses that even they have lost so much already, they're not going to quit but will push for more.
And they can reason out that they're for some trading challenges and bonuses and they're only fooling themselves for made up reasons.

This is something I won’t Deny personally. Yes there are some kind of addiction that comes with trading, almost as crazy like that of gambling addiction. This is more common among traders that lacks proper trading strategy that trades in the old ways of buying when is low and selling when is high without having some kind of entry and exit methods. That’s why is always advisable to have a trading strategy which will always help in fighting the urge of to trade recklessly or unprofessional. Having a strategy you will be able to tell when its fails and you can always come to do your checking to no the caused of it than trying to get money back by revenge trading or not knowing when to call it a day .

We can easily figure that out if we're not profitable as traders.
And if we're only doing it out of emotion and ego, if we have a lot of money and do various trading strategies and results are the same.
That's the time that we need to reflect on it that we're only doing it out of hype and trading isn't for us.
The acceptance of reality is hard but it also teaches a lesson, if trading isn't for us and we only incur losses. We better shift to becoming an investor.

[Maslate]

If you have been trading like gambling, you will definitely end up with trading addiction. But if you have been trading like you are investing, you invest on your knowledge, skills and strategies as much as you invest your hard-earned money, then trading addiction will not easily hit you. You know your sole purpose why you're into trading, and that gambling into it is never an inclusion.

If this thing will not work on you, then maybe that's the time that you have to make your first move to self-exclude from trading platforms, rather than waiting for these sites to do their part.

[Issa56]

Self exclusion should only come to one's mind when you've done several trades without profit.

I feel self exclusion is done out of frustration. If you are trading, and you are observing frequent loss, you might be frustrated and request for self exclusion, and when you are calm, you create account Omo another exchange and continue trading. If we are trading, we should avoid addiction, I don’t see much difference between trading addiction and gambling addiction, the two is critical, and you might lose everything that you have within a short period of time, and you going to find it difficult to stop trading.

[Silverstonez]

Just as the second person said, some exchanges are already offering it and he mentioned two popular exchanges that are among them. However, it is better you try as much as possible not to get yourself addicted to trading, because ones you develop that addiction, recovery is not always easy. Even self exclusion may not work effectively if you are not personally committed to taking that step and sticking to it.

[oll]

If you have been trading like gambling, you will definitely end up with trading addiction. But if you have been trading like you are investing, you invest on your knowledge, skills and strategies as much as you invest your hard-earned money, then trading addiction will not easily hit you. You know your sole purpose why you're into trading, and that gambling into it is never an inclusion.

If this thing will not work on you, then maybe that's the time that you have to make your first move to self-exclude from trading platforms, rather than waiting for these sites to do their part.

Trading comes in different forms. For some, it's truly gambling, as they trade options, longs, and shorts. Personally, I don't consider this to be rational trading. It's a farce. A truly serious investor always trades spot.
They always understand that they could make a mistake and will then average out their trading position. And this will pull them out of a financial drawdown if they didn't buy Bitcoin at its all-time high. For such people, trading isn't gambling at all. Such people are always careful and never feel addicted to their activity.
 But there are very few of them, because this path is a constant learning process.

[SuperBitMan]

However, it is better you try as much as possible not to get yourself addicted to trading, because ones you develop that addiction, recovery is not always easy. Even self exclusion may not work effectively if you are not personally committed to taking that step and sticking to it.

Yes, it is better not to get addicted.
Addiction comes with a lot of pain and loss, some people have lost their relationship and some people have lost their job because of addiction so it is very important that you run away from trading addiction.

Getting yourself out from trading addiction is actually very easy if you are determined to do that, I believe there is nothing that you are determined to do that you can’t achieve, I know someone who was addicted to trade , when he decided to stop, he succeeded.
All you need to stop is determination.

[Texac]

If you have been trading like gambling, you will definitely end up with trading addiction. But if you have been trading like you are investing, you invest on your knowledge, skills and strategies as much as you invest your hard-earned money, then trading addiction will not easily hit you. You know your sole purpose why you're into trading, and that gambling into it is never an inclusion.

If this thing will not work on you, then maybe that's the time that you have to make your first move to self-exclude from trading platforms, rather than waiting for these sites to do their part.

Keep in mind anything can be addictive, not just gambling. So trading with knowledge, skills and a strategy doesn't make you immune to addiction, even if you don't see it as gambling.

You can start out with a clear plan, but if you lose control, overtrade or keep chasing your losses after every red day...chances are you are already hooked.

It's  not just about your original intentions or the results you get . It also comes down to whether you can control your own behavior .  Like many people have pointed out , addiction  is ultimately about controlling your behavior and emotions.

[SamReomo]

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

I have been into trading for more than a decade now and I never got addicted to it. I think those who lose money in trading might do a lot of trades so they can recover their losses and make some profit as well.

Having such a mindset isn’t wrong in trading but such people should take proper steps to learn trading first and then they should focus on using a working strategy and over time improve that strategy by changing parameters of indicators that they use.

It is highly possible to recover the losses over time by following a good trading strategy. One should only trade according to a fixed trading strategy and never to trade weak alt coins as they can lose their value in a short time when initial investors dump on others.

Trading plus investing approach works well for many people but that approach requires a lot of patience and those who don't have patience won't be able to follow such approach.

[pawanjain]

Like someone already said, addiction is about our ability to control our behavior and emotions. So how fast you get hooked depends on you, not the activity itself. That's why some people can gamble for years without ever getting addicted, while other get hooked on trading pretty quickly.

I agree that self exclusion is a useful feature, but its impact is pretty limited since it does not get to the root of the problem. Someone who can't control themselves can always move to another exchange or casino. At the end of the day, if they don't want to quit, blocking one platform isn't gonna stop them.

Yeah that makes more sense. If someone really want to trade they will do it either way whether they have volunteered for self exclusion program or not.
But then I still think it also depends on the activity you are doing. It's not as if we can get addicted to anything, but then it's also not as if everyone will get addicted to the same thing.
So I think it's a mixture of both. It depends on the person as well as the activity because we need to gain something from the activity only then we will keep repeating it and thus get addicted to it.

[Muba20]

However, it is better you try as much as possible not to get yourself addicted to trading, because ones you develop that addiction, recovery is not always easy. Even self exclusion may not work effectively if you are not personally committed to taking that step and sticking to it.

Yes, it is better not to get addicted.
Addiction comes with a lot of pain and loss, some people have lost their relationship and some people have lost their job because of addiction so it is very important that you run away from trading addiction.

Getting yourself out from trading addiction is actually very easy if you are determined to do that, I believe there is nothing that you are determined to do that you can’t achieve, I know someone who was addicted to trade , when he decided to stop, he succeeded.
All you need to stop is determination.

I agree with you that determination is very important to get out of the addiction of trading. But I do not think that just making a decision will make it easy to refrain from the addiction. Because many people return to trading again in the hope of getting their money back even after repeated losses. Those who want to improve their financial condition in the long term through Bitcoin, it is better to focus on storing Bitcoin in the DCA method from their discretionary income according to their ability, rather than trading frequently. This reduces the pressure of making decisions about market fluctuations every day, although the risk of investment remains. And if the addiction is serious, you should not rely only on willpower and take help from others if necessary, but no matter how much help or advice you take from others, in the end you have to take the initiative and effort to change your habits yourself.

[Rengga Jati]

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.

I only recently realized that one can become addicted to trading. After looking into it, I found that it’s actually quite common. One well-known case, previously featured on this site, can be found here:
https://www.bbc.com/news/uk-scotland-57268024

Essentially, these individuals develop an urge to keep trading in pursuit of profit. The problem is that they fail to control themselves and their emotions. They continue to trade even after suffering repeated losses. Ideally, they should stop. But they find themselves unable to do so because of an overwhelming, uncontrollable desire to keep going, of course, leading to massive losses within a short period.

This highlights the importance of self-control. At the very least, one must possess a strong mental state before engaging in crypto trading. It is also important to understand that crypto trading is a high-risk endeavor. Which allows one to prepare as effectively as possible. Being well-prepared leads to wiser decision-making. Then, ensure the mental fortitude required to navigate any trading situation.

[Shinpako09]

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

Some exchanges that has it are

Bybit
Binance

This is something new to me. I never thought they would add features similar to gambling. I've searched and they also have daily loss limits and deposit limits. This is a very helpful feature for those having a hard time fighting their greed. It's been very helpful for me in gambling, I expect the same result for those having a hard time in trading. I hope other CEXs would also implement the same features and also those memecoin trading platforms.

[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

This is something new to me. I never thought they would add features similar to gambling. I've searched and they also have daily loss limits and deposit limits. This is a very helpful feature for those having a hard time fighting their greed. It's been very helpful for me in gambling, I expect the same result for those having a hard time in trading. I hope other CEXs would also implement the same features and also those memecoin trading platforms.

Maybe we didn't notice it because we didn't realize that trading could also be addictive, but this feature was actually implemented a long time ago, as per their website this article was published on June 1, 2021, and for Bybit, their guide was last updated this year.