Day Trading is a Powerful Addiction

[TreeFrogTrader]

Not true. My brother is an engineer, loves it, does well but is not addicted to his engineering job.

Your brother is probably meant to be an employee. That's fine. The world needs satisfied employees.

However, there is no getting around the old adage that "if you are not the lead sled dog, the view never changes." For some that is a reality that they must deal with. Not a problem for those with the employee mentality.

 

[Turveyd]

I used to be addicted, you won't become profitable until you lose this trait, well for me.

I find guesstrading to be very stressful, I think if it isn't then your doing it wrong, out trumps my adduction, 1 hour, 2 tops and I'm fried start taking stupid counter trend trades. This out does my adduction these days.

 

[ktmtrader]

as a day trader, do you constantly tell yourself addiction is just another word for “passion” or addiction is just another term for “hard work?”

Do you constantly tell yourself losing money while trading is a learning experience?

Or losing a lot of money on a specific day trade was the “ best thing that ever happened” because you now finally learned to stick to your disciplne?

How about losing money day trading is supposed to happen just like any other business you start, the first few years are always a loss? What business causes losses of 10k in just one day or even more?

Are you using credit card checks to fund your trading account or use credit card checks or borrowed money to cover margin calls?

Do you do really well for a specific month or week and then use that rare positive experience to convince yourself, “ if i made money then, i should be able to always make money trading?

Most people are not WELL CAPITALIZED enough to trade and more importantly they don't have their psychology in place - this alone will take years to master - and if you don't have the discipline to follow the rules you have setup for yourself, you'll never make it.

So go ahead and gather up $100,000K at least and start trading 2 ES contracts at a time. Or better yet, find something else to do - there are way more easier ways to make money.

 

[Evermore2017]

as a day trader, do you constantly tell yourself addiction is just another word for “passion” or addiction is just another term for “hard work?”

YES

Do you constantly tell yourself losing money while trading is a learning experience?

YES

Or losing a lot of money on a specific day trade was the “ best thing that ever happened” because you now finally learned to stick to your disciplne?

NO

How about losing money day trading is supposed to happen just like any other business you start, the first few years are always a loss? What business causes losses of 10k in just one day or even more?

Maybe

Are you using credit card checks to fund your trading account or use credit card checks or borrowed money to cover margin calls?

NO

Do you do really well for a specific month or week and then use that rare positive experience to convince yourself, “ if i made money then, i should be able to always make money trading?

NO

 

[Evermore2017]

Do you want to make one last trade just to recoup losses and then retire from trading?

NO

Do you hold on to a really bad daytrade and convince yourself its now an investment that you will hold because it will eventually pay off big?

NO

Do you constantly find yourself on the computer searching for reasons as to why your stock went the wrong way and spend a lot of time on message boards looking for words of encouragement?

Sometimes

When you take a big loss do you just claim its “ market manipulation just so the big boys can buy your wonderful stock at better prices” and then use that as an excuse to hold a bad trade?

NO

Do you withdraw from friends, family, or other activities because you on on your computer looking at charts and other info in order to figure out why your trade went bad? Do You justify this by saying its actually work and you are just very focused? Do you get depressed and claim every business has ups and downs?

NO

Do you take a big loss and then just make a very small amount back and then claim you are done trying for homeruns and now finally reallize its all about “ hitting singles” just like a good hitter in baseball?

NO

Remember, you can lose everything day trading. Even las vags doesnt give 10-1 margin.
Do any of you actually have gambling addictions and use some of the excuses outlined above?

NO

 

[volpri]

Well said .,

Finally, do you tell yourself you know a guy who stopped trading stocks and is now making a killing trading currencies( forex)? You are basically going from black jack to roulette , one gamble to another.

You seem to be operating off the premise that day trading is difficult and that it is an addiction. Apparently you must have tried it and was unsuccessful at it??

However, the facts are it is generally much easier to anticipate the market 10 minutes out than 6 months out. A body just has to have the right tools to do so. Furthermore, making 40 trades per day doesn’t make it an addiction but an ATM machine that spits out the $$ providing a trader has a high win rate and the psychological skills developed to trade with detachment.

In addition, money is only at risk when “in” the market. In daytrading risk is reduced because money is “in” the market for very short periods of time hence it’s exposure to risks decreases as opposed to investing.

 

[volpri]

Everything is addiction

Not sure about that but everything is generally a risk. Getting in your car and driving to the local DQ for an ice cream cone is in itself assuming a risk and eating the cone is too!

P.S. uncontrolled trips to DQ can become an addiction..LOL

 

[BONECRUSHER]

If I remember correctly in the first Market Wizards book, multiple traders expressed having to put together a new "bank roll" to continue trading.

 

[comagnum]

In daytrading risk is reduced because money is “in” the market for very short periods of time hence it’s exposure to risks decreases as opposed to investing.[/QUOTE]

Your exposure to profit also decreases trading if you do not hold overnight.

 

[themickey]

There seems to be some negative stigma to the words 'gambling' as well as 'addiction' when it comes to trading.
I think I am guilty of both, but by traderGod, it pays the bills plus some.
I'm also addicted to a coffee shop routine at 8am, 7 days a week along with the morning newspaper & business news.