Topic: *Day Traders* are now calling gambling Addiction helplines!! - page 2. (Read 684 times)

I think it is quit nice and explaining article and a great way for these day trader as gambling addictions helplines will help them a lot, So when they think that they are in a way of gambling than they should done it using the addiction helpline. What else the people think about the day traders, but it may helps them.

There are too many people who think that they could change their lives with crypto and they end up not doing something like that and it hurts them a lot as well. People should realize that they will not be making a lot of profit with the crypto income and trade if they are just rushing into making that type of money. I mean let's be honest with each other, if you get into crypto then your life will be better if you are willing to wait for years.

However, if you are in and you think that you could make a super amount of profit very quickly and suddenly get rich then you are going to get poorer instead of richer. There are some idiots that pay the scam projects all their life saving and they end up losing all of that and you should be really not doing that, bitcoin and eth and some few other coins are great, maybe 100 max, but people put money into stuff that are not even listed in CMC and then hope that they would get richer.

Both involve risk but the nature of risking their money is different.

In gambling, mostly rely on luck in order to profit from every round. There is no thinking required since you either push slots and pray; or you play card games that both require some level of thinking and luck.

In trading, a person is required to analyze both the internal and external factors of an investment in order to arrive at a decision whether to purchase or not. Traders also rely on their experience whether to purchase a certain investment or to sell their current investments. Though both rely on luck, trading cryptocurrencies is considered to be more technical since you can lower your risks of losing your investments.

I believe that if you are "addicted" to trading then you should be learning it and getting better at it. I mean the reason why gambling addiction is something that is dangerous because it is something you are 100% guaranteed to lose because of the house edge if you keep gambling, any drug that kills you is a bad one because it literally kills you, anything that is addiction and that hurts you is a bad thing basically.

However the reality is that trading is not inherently something that is horrible, I mean you could be great at it if you learn how to do it which means that you are going to be making a great profit and making a profession out it if you are doing it properly. This is why I am not sure if it is same as other addictions.

Self control works silently behind every step of the path of life if self is controlled then you will see that decision making is easier and of decision is also profitable you do not want to be frustrated if you cannot get the right pitch so invest in a good capo must move forward at risk. From gambling addiction it would be better to engage in trading or other activities emotions are part of our personality if we continue to express our emotions uncontrollably and cause embarrassment to others it will affect our personality.

Idk, I think there are fields where you can be highly skilled and earn good money with that, like coding, or UI designing, but I don't think that crypto trading is one of them. They say half jokingly: "TA is astrology for men". Well, I wouldn't go so far to say that TA is similar to astrology, because astrology is total BS. BUT there is still too much uncertainty there to think that being highly skilled and with good self control you can earn on a regular basis with trading activity.

Yeah, both traders and gamblers never realize the importance of value of time; I do hear most gamblers are into gambling just to kill the boredom; when people imagine that they have excess amount of time then how we could teach them the importance of time?

Traders do hesitate the make use of stop-loss orders which enforce them to wait for more time to get back the market into their direction; but the prime purpose of stop-loss order is to save the time by exiting at minimum losses but most traders never realize this fact as well.

Yeah, self-control is highly interlinked with risk management. Being discipline may not help in actual trading but may help to take timely decision. It means those highly skilled traders are still losing money just because of lack of self-control; our high level analytical skills will get voided if we do not have self-control.

And yet being able to control your emotions is the key here. With that ability you will not lose a lot, at least.

To me it's still questionable whether we can learn how to be a good trader, poker player or sports bettor. I mean so good that we could make our living from those activities on the regular basis. So, the importance of self control shouldn't be underestimated. Yes, having it is not enough to make money, but it's necessary to have it for not accidentally losing all you have.

Everything which is excessively done wouldnt really be nice or good no matter what kind of thing you are dealing with including trading.If you do overdo it then for sure there would be mistakes that will really be committed.

The difference on here is that trading is totally different with gambling no matter what angle you are trying to look at.It do only comes to a point to become a gambling when you dont know on what you are doing.

Addiction to it means that you are engaging that much which is bad on that case but doesnt mean that it would wrekt you up just like on what we are seeing in gambling.

This must be a valid point and most people never think about. Unfortunately almost all the human are imagining/presuming like we are having unlimited amount of time but practically that is not true; we start realizing the importance of missing out or wasting time only when we start worrying about not doing something at right time (I have wasted more than $10k in commodity market by 2007 to 2009 and if I would have bought bitcoin for some 10% of that money then I would have been a billionaire right now; only a time machine might solve all these frustrations).

I won't compare this to gambling but the truth is, anything we are addicted to, and is done over-limit is not good at all, be it gambling or day-trading or put whatever you do too much of which the time should be utilised into something better. I won't say that you will become millionaire or billionaire through gambling or trading, but yeah you'll definitely lose lots of time that you can give to your family and the society. And if you become too much successful in either gambling, trading or both, then it's much of your luck that you get and you must understand that you are authorised to that money and now, you need to handle it with care.

When someone obsessed with trading everyday even if they are not making profits then its a sign of an addiction and its very normal among day traders because lot of companies give them apps to their smartphones and ask them to choose how the future movement will be but they call it as day trading.

It is obviously not enough, I do not know what he was saying but I can say based on what I have been doing so far I can say that it is definitely not something that would be horrible for people, it is definitely something that you would be able to profit from if you can have emotional control.

However it is definitely not enough, you need to be a good trader in order to make good returns as well, it takes a while to do that but you could do it nevertheless. I personally believe that I have emotional control but even with that I am not suddenly a good trader neither, I am a decent trader at best. So you need to learn how to trade very well on top of being able to control your emotions.

By "fine" do you mean that you'll not lose a lot of money, or do you mean that with good emotional control you can earn money with day trading on the regular basis?

I personally think that emotional control, although necessary, is not enough. It's like in sports betting and poker, which widely compared to day trading in this thread, and rightly so, you need something more than just self control to be making money with those activities.

There could be many clinics and helplines but there are many traders and addicted to gambling that doesn't want to expose themselves calling them or scheduling an appointment because they're thinking that it's embarrassing getting some help.

Yeah, not new but still many deals with this problem and even if they needed help still many won't approach. The article might be describing a lot in numbers but I think they're still few from the many that hides this problem.

That’s funny because last time I checked day trading is income source of many peeps in the stock market as well as newly emerged crypto space too. I don’t see that as a problem though article has counted it as problem. I mean if that’s the thing in crypto then why no one argued on the same in case of share market day trading. In fact many peeps are switching the day trading in share market to day trading in crypto space. This is because of volatility of the market which has been great essence for a day trader in terms of quick profits (losses too). If played carefully then it’s not a addiction but it’s whole new stream to learn about.

Well, that's the thing about it. Once, it gets to the system it can hardly go. Or we can say it's been a habit? for them, as far as I'm aware it's a must to actively checking the charts if you are into day trading. Since a missed trade could cost them a lot.

"I've seen day traders who can't go two minutes without trying to check the charts, even at fun events where one is meant to relax. To me that's an addiction and it's no different from gambling."

I somehow agree at some point and disagree at the same time. I'd agree that day traders are regularly checking markets for a possible trade even at any events. I'd somehow disagree on the addiction side, well let's say it's their full-time income source so I purely understand why they do it. But to compare in addiction on Gambling is quite a shot. Though are still a lot of argument in regards to habitual acts and addiction.

I wouldn't mind seeing some exchange support that is also providing trading addiction counsel. That's a new position from exchanges to fill in.

If this is going to be usual which users are going to be addicted to trading, a hotline for Binance trading addiction would be needed? It might be a stupid idea at first but probably going to make sense later when more users could not distinguish anymore which is gamlbing.

There are many clinics with programs to treat online trading addiction, from several years, from common one to very exclusive, this is not new unfortunately.

Once people can earn many profits of money from day-trading, they will be more interested and addicted to trading.
For a very professional trader, he can actually manage not only the emotion, risks, and funds, but also manage the time wisely. They can do trading at a certain time, by using time management, but still having good quality on trading. But of course, they can also manage themselves to other activities that make them still healthy for physically and mentally. Because there are still aware that trading is not the whole world, this is part of life.

But for people who are only concerning about getting much money and more money and they can earn it through daily trading, and moreover, they cannot control themselves to get good and wise time management, they may be addicted to trade more and more, without paying attention to the time.
I have some friends who do this day-trade. They cannot have good sleeping time, just focusing on the monitor, and really decreasing the quality time with family, with social, and also for the shake of their own health. It may be called a daily trading addiction.
But I cannot blame them because they may have certain purposes or cosndierations.

But for gambling vs trading addition, both may need to manage and help, but gambling may be worse.