Addicted to trading ?

[RicHep365]

Funny I just saw this YouTube video today
https://www.youtube.com/watch?v=i0aBVx-oLNA - How Dangerous Can Making Money Be? Day Traders face Addiction

Its something that has been spoken about by a few successful traders, addiction, obsession. I have seen a few 12 step programs and have been in contact with many of their participants, and addiction never ends well! If you can't step away, relax, do something else without thinking about trading, then there's a potential issue. The money factor has nothing to do with it! As Anton Kreil said (paraphrasing) there are a million ways to make a million" trading is one of those ways. https://www.youtube.com/watch?v=4a51wQAOGR4 - 10 Secrets to Achieve Financial Success

The few that make real money rarely talk about it as in addiction, it seems to be those who are loosing that the label of 'Addiction' might come into play. If one isn't successful and is addicted, then that's an obvious problem ... you know the type ... the type who will trade/gamble the food money or rent. I don't believe in one should keep on trying. For the most part, and statistics show that most will loose in trading. Why would one want to continue ... to loose? they are those who simply don;t know that trading isn't for them ... as it isn't for most people!

I'm afraid trading is like anything else in life, the so-called successful will shout it from the rooftops, whilst making money from ever other revenue stream other than the stream they're claiming to be promoting, pushing the narrative of success, because they've worked out that its the 'Narrative' that makes money, not the money making solution. Another handful will just about make the grade, but the vast majority won't make enough to cover the price of a McDonalds happy meal, but continue to throw their money down the drain because they want to believe the success narrative.

I make a decent amount of money from gambling, but because I know I have an edge I would never refer to it as gambling. However I'm 100% addicted to the game, I spend 70% of my waking life thinking about it. Analysing stats, markets, thinking of new ideas, coding them. If I didn't have a family I'm sure it would be close to 100% of my waking life. Is this a problem? not if it's not hurting anybody IMO.

[stueytrader]

Very interesting topic.

A personal take on it would be that you are in 'addiction' when you find yourself unable to make any changes to what you do - even when you want to change things.

I've personally altered a lot of my strategies (e.g. staking, selection approaches) over recent times, and feel that shows me I'm not in the 'addicted' state rather the passionate state, as others mention.

I do believe if you are able to change key aspects, such as reducing stakes after a loss as a great example of control, then you can say you are not acting out of addiction. If you are acting on auto, increasing stakes after losing for example, then you have problems most likely.

I aim to never stop controlling all my trading activity, with the power of change. That way, I'm never addicted to a single activity or approach.

[sandrajames]

Life is not worth living unless you find something to die for.

Obsessions and addictions are good, especially the ones with potential to make you money, such as trading.

From my experience, people that tell you otherwise are usually boring people that never say anything interesting. Linear thinkers. The ones that never take risks. Afraid of LIVING, afraid of DYING.

I consider myself lucky to have an obsession with online trading because it keeps me alive.

Although some might have an obsession, it might be a very thin line to tread on. It is mind-blowing that an average person can turn on a PC, access the internet, and with just a few hundred dollars place a series of market orders and become financially independent. Whenever a trader makes a good profit, their emotions rocket sky high. This feeling is what we call "euphoria". Being euphoric is not beneficial to Forex trading, though. Euphoria leads to overtrading, where traders are making too many unnecessary trades. What usually happens is that they start losing. Having seen their profits turning into losses, they succumb to revenge trading.

[wearthefoxhat]

Life is not worth living unless you find something to die for.

Obsessions and addictions are good, especially the ones with potential to make you money, such as trading.

From my experience, people that tell you otherwise are usually boring people that never say anything interesting. Linear thinkers. The ones that never take risks. Afraid of LIVING, afraid of DYING.

I consider myself lucky to have an obsession with online trading because it keeps me alive.

Although some might have an obsession, it might be a very thin line to tread on. It is mind-blowing that an average person can turn on a PC, access the internet, and with just a few hundred dollars place a series of market orders and become financially independent. Whenever a trader makes a good profit, their emotions rocket sky high. This feeling is what we call "euphoria". Being euphoric is not beneficial to Forex trading, though. Euphoria leads to overtrading, where traders are making too many unnecessary trades. What usually happens is that they start losing. Having seen their profits turning into losses, they succumb to revenge trading.

Sums up things well.

For me it's how the winning trade(s) is achieved.

Was it predictable and repeatable? Then euphoria will be harder to control as there's a realisation that the potential is uncapped. Automation will help keep emotions in check.

Was the winning trade a lucky one? We all have them, could be a misclick, or an overbet that goes the right way, or chasing a loss and getting even or slightly ahead. Being true to yourself, you know that's not the way forward...ask Nick Leeson and other Rogue Traders.....

The flip side is, handling and accepting losses. This comes with experience, the way I deal with it is, "compliment" the other trader who took the winning position. (more mindset than in reality). That way it's all part of the process and keeps everything on a positive footing.

Obsession/addiction would be a problem for me. I would view it more as passion that can be tested by taking a break from and return to, knowing the fundamentals are unchanged and still apply, and can continue where you let off.

[stueytrader]

I'd be fairly confident that there are plenty successful people who would also fit the criteria for being 'addicted' to their main activities - business, art, sport etc etc

It's potentially not a bad thing in relation to success - it may be still a bad thing in terms of other factors though, such as relationships.

[ShaunWhite]

Addiction is the manifestation of a lack of self control, it's an undesirable weakness.

From experience I often find people use the word 'addicted' to mask simple selfishness. They're not addicted, they're just doing what they want to do, and would easily be able to moderate their behaviour without having a nervous breakdown.

Being addicted often means you're doing something you don't actually want to do. What's being described here is obsession, not addiction.

[northbound]

I'd be fairly confident that there are plenty successful people who would also fit the criteria for being 'addicted' to their main activities - business, art, sport etc etc

It's potentially not a bad thing in relation to success

+1

In fact every field is so competitive nowadays. Like it or not, you’re up against people who are willing to dedicate 16hr per day to their chosen field.

People who talk about work/life balance make me laugh. Only after succeeding you can perhaps rest by automating certain stuff, freeing up time.

If you really want to succeed, that is.

If instead you just want to “be a trader”: just rent a private jet for 10min, take selfies, create fake P/L, post it on social media. People will see you as a trader.

https://medium.com/the-mission/don-t-do ... 7cab5139b4

[Derek27]

From experience I often find people use the word 'addicted' to mask simple selfishness.

I once had a girlfriend who objected to polluting your body with unnatural substances including caffeine, but claimed she was addicted to chocolate!

The silly hypocritical cow wanted me to give up drinking but expected me to understand she can't stop eating chocolate because she's addicted.

[ShaunWhite]

People who talk about work/life balance make me laugh. Only after succeeding you can perhaps rest by automating certain stuff, freeing up time.

If you really want to succeed, that is.

Success is acheived through personal contentment, that could be money, it could be a well rounded life. The accumulation of money isn't inherently an indicator of success. Those who measure contentment in sterling are rarely content as they're often insatiable.

The term 'success' just means the accomplishment of an aim or purpose, it doesn't mention money and the term has been bastardised and misinterpretted since the 80s.

You laugh at people who have different life goals, I laugh at those who see a wealthy person and call them successful. They might well have nothing they truely wanted from life, and if that's the case they're a failure not a success.

[ShaunWhite]

The silly hypocritical cow wanted me to give up drinking but expected me to understand she can't stop eating chocolate because she's addicted.

To be fair Derek, chocolate does have a physiological effect of your dopamine receptors which is addictive. She needed another way to get that stimulation, I think that was supposed to be your job. If she still needed the chocs then maybe your sweet sweet lovin' wasn't hitting the spot.

[Derek27]

The silly hypocritical cow wanted me to give up drinking but expected me to understand she can't stop eating chocolate because she's addicted.

To be fair Derek, chocolate does have a physiological effect of your dopamine receptors which is addictive. She needed another way to get that stimulation, I think that was supposed to be your job. If she still needed the chocs then maybe your sweet sweet lovin' wasn't hitting the spot.

She was a 'no sex before marriage' Christian!

Needless to say, the relationship didn't last long. Don't envy her husband if she ever did get married.

[northbound]

You laugh at people who have different life goals

No Shaun, I laugh at people who believe that in order to succeed in any field, you can just turn up, do your shift, then bugger off.

How can one expect to succeed in a competitive field with that mentality when you’re up against many people willing to work twice as much?

There are many people with this losing mentality, which is why sellers who sell systems seem to prosper.

On another note, you’re right that wealth doesn’t necessarily mean success. But my comment was about being addicted to / obsessed with a specific activity at which you want to succeed.

As you rigthly said, it might well happen that one succeeds then he doesn’t really find fullfilment in that success.

[ShaunWhite]

I agree northbound now I've understood more about where you're coming from.

It's was just my std reply for the Gordon Gecko characters, I shouldn't have misjudged you so quickly.

[northbound]

No worries.

[Strela_999]

She was a 'no sex before marriage' Christian!

Needless to say, the relationship didn't last long. Don't envy her husband if she ever did get married.

Oh, THAT explains a lot. These people still exist? In real life, I mean? Color me surprised. Anyways, she was quite right to eat chocolate, as there was one hell of a serious lack of dopamine in her life...