Addiction to trading, Self exclusion possible?

[Z_MBFM]

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.

Self exclusion basically depends entirely on yourself. Even if you get the opportunity to self exclude on a platform, if you want to trade, you can use another exchange platform. Normally exchangers do not provide the facility of self exclusion. If you want to take a break from trading and you plan to take a big break, then I would say avoid monitoring the market frequently and uninstall the exchanger apps from your smart phone. If you try on your own, then you will definitely be able to stay away. I lost a huge amount in futures trading and was so addicted that I never thought that I would be able to get out of it. But I was able to get out of it with my own efforts, later I got addicted to gambling, but now I can stay away from that too. Everything depends on self control

[taufik123]

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

Some exchanges that has it are

Bybit
Binance

A feature like this is needed and can be used for users who can't stop trading even though they always lose.
The Cooling Off feature on Bybit and Binance shows that Tier 1 exchanges also care about addiction that can happen to anyone and will certainly cause a lot of harm,
so that once the Cooling Off feature becomes a pause so that those who trade for too long with more losses will think about quitting and think more clearly so as not to trade revenge continuously.

Because I was in this position, spending a lot of money on trades until I ended up losing trading again until I also deposited my savings.
No one warned and no one admonished me to stop and rest.

[boyptc]

If a trader spends most of the day glued to the screen, obsessed with trading, and doesn't wanna do anything else, what do you call that if not an addiction? Hard work? Hahaha.

To those of you who think trading addiction is a myth: look up the psychological definition of addiction. That would be my piece of real advice. Don't try to pass an uncontrollable obsession off as disciplined persistence.

Addiction in trading is a serious thing and we may not see it in mainstream but, if the exchanges has that option about self exclusion.

Then, it's because they have already foreseen and had complains from the former traders that they're also experiencing addiction.

We shouldn't invalidate someone's real scenario that they are facing. If it's real in gambling, and so in any way that money is involved it's possible that someone is struggling on it and can't control themselves any longer.

[PostQuantumBTC]

That is why I say that to avoid addiction to trading and gambling, it is necessary to follow a strategy, everyone gambles but no one can be deprived of gambling, this is the addiction to gambling, just like in trading. Not every addicted person admits to their addiction, so if you want to eliminate this symptom of your addiction with strategy, then it is certainly possible. Therefore, it will be possible to eliminate the addiction to trading by using your own experience and strategies,
but there needs to be a break after every win and loss. Controlling money is also important, if these things can be controlled properly, then it is certainly possible to keep yourself away from the symptoms of addiction.

Addiction is not something that is easy to control like how you are saying it, addiction is not easy at to control at all. If it has not become addiction, you can easily control it, but when it comes to addiction it is hard to control.

The first will be that the person should try to control it, but it can lead to a situation that the person need medical help. There are also rehab centres that can help.

Some people want to quit trading but they could not.

[ZAINmalik75]

Addiction in trading is a serious thing and we may not see it in mainstream but, if the exchanges has that option about self exclusion.

Then, it's because they have already foreseen and had complains from the former traders that they're also experiencing addiction.

We shouldn't invalidate someone's real scenario that they are facing. If it's real in gambling, and so in any way that money is involved it's possible that someone is struggling on it and can't control themselves any longer.

Actually trading and gambling are completely different things, even though I don't disagree that a person might also get addicted to trading, but the reason why I say they are different is because in gambling, you basically don't need to spend any time on gaining knowledge, spending time on learning strategies and doing analysis, you don't need to read candlesticks or patterns and then make your predictions based on your knowledge, but what you do in gambling is decide the amount you want to bet and click a button, and boom, you have the result in front of you within a second or less.

For this reason, when people manage to win some money in gambling, they try to achieve that again and again, and when they don't succeed, because it's obviously not possible, then they don't just give up, but their brain keeps telling them that any of the next bets can settle everything down and you will win again, so they keep going. In trading, things don't work like that, you have to spend so much time on it, unless it is someone who treats trading just like gambling.

[boyptc]

Addiction in trading is a serious thing and we may not see it in mainstream but, if the exchanges has that option about self exclusion.

Then, it's because they have already foreseen and had complains from the former traders that they're also experiencing addiction.

We shouldn't invalidate someone's real scenario that they are facing. If it's real in gambling, and so in any way that money is involved it's possible that someone is struggling on it and can't control themselves any longer.

Actually trading and gambling are completely different things, even though I don't disagree that a person might also get addicted to trading, but the reason why I say they are different is because in gambling, you basically don't need to spend any time on gaining knowledge, spending time on learning strategies and doing analysis, you don't need to read candlesticks or patterns and then make your predictions based on your knowledge, but what you do in gambling is decide the amount you want to bet and click a button, and boom, you have the result in front of you within a second or less.

For this reason, when people manage to win some money in gambling, they try to achieve that again and again, and when they don't succeed, because it's obviously not possible, then they don't just give up, but their brain keeps telling them that any of the next bets can settle everything down and you will win again, so they keep going. In trading, things don't work like that, you have to spend so much time on it, unless it is someone who treats trading just like gambling.

Almost the same thing, the effects, the mechanics and how we look at it they're almost identical but they're completely two different things and worlds.

It has the same impact that affects our dopamine. We get excited, we get rushed because both possesses reward if we win.

But the frustration out of it is also real when we don't get the results that we want. And so, we overlooked at its effect when we want to win and recovery our money when we're losing in most times.

To be fair, both requires strategy but at the same time you can also play them without it.

[Smack That Ace]

That is why I say that to avoid addiction to trading and gambling, it is necessary to follow a strategy, everyone gambles but no one can be deprived of gambling, this is the addiction to gambling, just like in trading. Not every addicted person admits to their addiction, so if you want to eliminate this symptom of your addiction with strategy, then it is certainly possible. Therefore, it will be possible to eliminate the addiction to trading by using your own experience and strategies,
but there needs to be a break after every win and loss. Controlling money is also important, if these things can be controlled properly, then it is certainly possible to keep yourself away from the symptoms of addiction.

Addiction is not something that is easy to control like how you are saying it, addiction is not easy at to control at all. If it has not become addiction, you can easily control it, but when it comes to addiction it is hard to control.

The first will be that the person should try to control it, but it can lead to a situation that the person need medical help. There are also rehab centres that can help.

Some people want to quit trading but they could not.

Agreed. Trading addiction isn't simply matter of having poor strategy or bad money management. So you can't expect to deal with it through discipline or personal experience alone.

Addiction is a psychological issue and it messes with your ability to control your own behavior.  That's why plenty of folks do not even realize they are addicted, or know full well what the consequences are but still can't stop trading once they're hooked.

I don't know if anyone has ever managed to overcome an addiction on their own, but I reckon addiction can take away a person's ability to control their own behaviour. That's why willpower alone often is not enough. They may need outside support, whether from family or a healthcare professional.

[Peanutswar]

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?

Apparently, I dont experience it yet an exchange offering a self-exclusion feature or just I did not even explore the feature fo the platform ive been using before, but I guess its the trader platform I guess because at the first place if they wanted to stop trading is they must need to focus on themselves an make a critical understanding that their trading journey is not profitable anymore to them. One of the best if you want to exclude yourself to a thing you wanted to stop is having a less exposure. If ever they could seek assistance with the professional.

[rachael9385]

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.

Technically, I would not really say that they are the same, trading is quite different from gambling even though the similarity they both have is the fact that they involve taking risks but I don't think that there's anything like a trading addiction, perhaps I'm wrong on that but what's considered to be an addiction in gambling isn't the same for traders.

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. 

I think people only think about stopping trading when they are incurring losses and not really when they are making profit. when traders are incurring losses the best thing to do is to take a break, there is a big difference between trading and gambling.

[#CapsLOck]

It is my opinion that the most beneficial is a user self exclusion period which cannot be easily removed by the user after a losing trade occurs. Limits and cooling off periods might also be useful. Particularly for those who continue to trade to make up the losses. But the crypto users can simply switch to another exchange or a DEX. And thus can't be solved with just one exchange. However this should not be an excuse to do nothing about the exchanges. Even a good pause mechanism offers somebody a chance to step back and reconsider before making yet another risky choice.

[CryptoBuds]

Technically, I would not really say that they are the same, trading is quite different from gambling even though the similarity they both have is the fact that they involve taking risks but I don't think that there's anything like a trading addiction, perhaps I'm wrong on that but what's considered to be an addiction in gambling isn't the same for traders.

Didn't a few member already explained this pretty well? Addiction is about losing control of your behavior, not the activity itself or whatever result it brings.

From a brain chemistry standpoint, the dopamine rush from making a trade is much like the one you get from gambling. So trading addiction is very real, and the fallout is no different from gambling addiction, mate.

I think people only think about stopping trading when they are incurring losses and not really when they are making profit. when traders are incurring losses the best thing to do is to take a break, there is a big difference between trading and gambling.

Technically, trading and gambling are different, but the thrill and rush they give you can feel pretty similar. So even if they're different by nature, that doesn't mean trading can't become addictive.

[CucakRowo]

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.

Technically, I would not really say that they are the same, trading is quite different from gambling even though the similarity they both have is the fact that they involve taking risks but I don't think that there's anything like a trading addiction, perhaps I'm wrong on that but what's considered to be an addiction in gambling isn't the same for traders.

Who said they are the same? Huh?
Nope.. they are different from the name down to the nature, and purpose, and how they operate, you name it.
But being different doesn't mean trading addiction isn't a thing. Two activities don't have to be identical to get people hooked or leave them with similar fallout.
As for the folks saying trading addiction isn't real, its not that they're wrong. They are just in denial, probably cause they reckon gambling isn't in the same league as trading.
Am I right or what? hehe

-snip-

Not really.. it depends on the person.
Some folks stop once they hit their stop loss or profit target, and that's what responsible trader looks like.
Then there's the other crowd, the ones who keep trading while they're in the red, or can't walk away even when they're in profit and end up losing it all. 
That's a sign of trading addiction, simple as that.

[Pandu Geddon]

It is my opinion that the most beneficial is a user self exclusion period which cannot be easily removed by the user after a losing trade occurs. Limits and cooling off periods might also be useful. Particularly for those who continue to trade to make up the losses. But the crypto users can simply switch to another exchange or a DEX. And thus can't be solved with just one exchange. However this should not be an excuse to do nothing about the exchanges. Even a good pause mechanism offers somebody a chance to step back and reconsider before making yet another risky choice.

It seems that indeed many traders gamble, which is what makes more traders become addicted. It's no wonder many people say trading is almost the same as gambling. 
If that's the case, cooperation from the government is needed to form a special agency to monitor traders who apply for self-exclusion. So, when traders are already on the list, all local exchanges cannot ignore the regulation. But that only happens on local exchanges, whereas many traders may access many exchanges.

[Jaycoinz]

When people talk about self exclusion in trading it's quite unnecessary to me, if you are determined to trade all you have to do is to focus more on coming up with a different strategy at the time you are taking a break. This is not gambling that a person is addicted to, I don't really understand why people have this mindset about it. In trading you don't really need to have this feature because you can choose to quit at anytime you choose, I don't think there's such thing as dopamine effect or anything of that nature, this is what makes it different from gambling.

[CryptoBuds]

When people talk about self exclusion in trading it's quite unnecessary to me, if you are determined to trade all you have to do is to focus more on coming up with a different strategy at the time you are taking a break. This is not gambling that a person is addicted to, I don't really understand why people have this mindset about it. In trading you don't really need to have this feature because you can choose to quit at anytime you choose, I don't think there's such thing as dopamine effect or anything of that nature, this is what makes it different from gambling.

Self exclusion feature is completely pointless. I think exchange only offer it so they can point to it as proof that they have taken steps to protect users, while dodging responsibility if someone develops a compulsive trading habit and suffers the consequences. Nothing more.

But I'm on opposite side of you when it comes to addiction. Anything can be addictive, not just these two. Alcohol and drugs are obvious examples, and even things that seem healthy, like exercise or something people do for fun, like gaming can become addictive. So why would trading get a free pass? Because its part of the financial market?

Also, people talk about trading all the time, but do you realize that most of them are basically just gambling through their trades? That's why not even 5% of traders actually turn a profit.

[Awaklara]

Almost the same thing, the effects, the mechanics and how we look at it they're almost identical but they're completely two different things and worlds.

We can treat both differently. But there are many traders or gamblers who do both in almost the same way. This makes what happens in gambling very likely to happen in trading.
The more traders start to become addicted to trading, perhaps exchanges should consider including self-exclusion features. It doesn't mean trading is the same as gambling, but as an effort to protect traders from losing everything they have.

[CucakRowo]

It seems that indeed many traders gamble, which is what makes more traders become addicted. It's no wonder many people say trading is almost the same as gambling. 

You nailed it.. it's no coincidence trading keeps getting compared to gambling.
Plenty of folks straight up see them as the same thing, no matter how hard traders try to sell the idea they're different
A lot of people are just gambling with a fancy 'trader' label slapped on top.
Plenty of addicts hide behind that label to dress up their addiction and justify feeding it.

If that's the case, cooperation from the government is needed to form a special agency to monitor traders who apply for self-exclusion. So, when traders are already on the list, all local exchanges cannot ignore the regulation. But that only happens on local exchanges, whereas many traders may access many exchanges.

Would that even work tho?
Cause addicts can still find a loophole, like using somebody else's account or a family member's info to keep trading, right?