Can day trading become an addiction since it is so similar to gambling?

I've wondered about this when I've met various traders, including:

- A guy who claims to be making hundreds a day off the advice given in a chat room
- A guy who has never backtested his system, but claims it must work because it uses trendlines, and everyone knows that trendlines work
- A gal who trades off the news on CNBC
- A guy who immediately removes any money he makes from his account so he won't lose it the next day

and assorted other headscratchers.

Me, I'm addicted to reading inane stuff on web sites......
 
People get bored. A system that works is boring, and one constantly wants to hunt for another system that is even better. There is nothing wrong with that; all you have to do is remember that hunting and shooting are two different things. I get bored and want to raid the junk food in the grocery store or freezer. But I don't do it, because I know I'll get fat. I look at it for a while and tell myself it will still be there later. Similarly, I get bored and want to buy/sell crazy stocks or ETFs, just once. But I don't do it, because I know I'll lose money.
 
drcha said:
People get bored. A system that works is boring, and one constantly wants to hunt for another system that is even better. There is nothing wrong with that; all you have to do is remember that hunting and shooting are two different things. I get bored and want to raid the junk food in the grocery store or freezer. But I don't do it, because I know I'll get fat. I look at it for a while and tell myself it will still be there later. Similarly, I get bored and want to buy/sell crazy stocks or ETFs, just once. But I don't do it, because I know I'll lose money.
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Actually i am addicted to water also; some addictions are good
 
If you think you are gambling then you are not trading. Trading means waiting for a proven profitable setup and executing it in real time if you are not fully automated. Using most charting software like NT, you can at least automated your stops and targets.

The hard part is to not make the error of wanting to get out of a winning trade quickly since you fear price will go back and stop you out, or the fear of not closing out a losing trade since you hope if you move your stop down, price will reverse and at least get you to breakeven.

This is the main problem even when you have a good trade setup.
 
Scataphagos said:
Both gambling and trading are perceived as "easy money"... you know, you don't have to "work" for it. That allure is almost universal and can be addicting.
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There is a huge difference. Money won from gambling feels underserved which leads to reckless spending or blowing it all afterwards.
 
Trading requires a lot of hard work to become successful. Often years of study and practice and blown accounts go into it. That doesn't change the fact that it's still a highly risky work, even when you know what you're doing and you're not actually relying on chance. I do think some people do get addicted.
 
GotherL said:
There is a huge difference. Money won from gambling feels underserved which leads to reckless spending or blowing it all afterwards.
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EASY come;
EASY go.
Millionaire Mind [D r Stanley writer]had another good point against the lotto;
all the hours they waste in line over the years.
Dave Ramsey notes a lotto is a stupid tax on people that cant do math [As IF a stupid person that cant do math\ may do well with a seldom seen large sum?? LOL:D:D]
 
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