I have a small business and 3 years ago I was talking to one of my clients and he told me about trading. Swing trading he called it and I ventured into it. Trying to learn the skills so I can make money from the comfort of my home on my laptop.
I look on Instagram and YouTube and everybody seems to be talking about trading and making money.
But my story is different. I've lost almost 150000 on the stupid thing. Over 3 years. Now Im in debt, I've closed the account several times but keep going back to the broker because I'm so addicted to it. Each time I lose. Even when I win I eventually lose it all and maybe more. I'm in business debt and personal debt. Covid has now affected my business so no money coming in. No way il be paying these debts but I still keep banging my head and trying to learn to trade.
I now think this is a problem, I can never learn it. I have an addictive personality and when I get my mind on something I usually always figure it out but this one is beyond me.
I'm tired of shopping at lidl for family dinners and then blowing almost 1k or more a week on hope.
Life savings are gone, I'm in so much credit card debt and business debt.
Has anyone ever over come this? I've closed my accounts again. And I hope in 2 months I don't have another silly idea that lures me back. I'm new on here, has anyone had daytrading addiction? How have you overcome this?
Sorry if I sound frustrated. But this thing is killing me slowly and I can't let it.
Welcome to our forum and thank you for sharing so openly what is going on for you. It sounds as though your trading is causing you harm, which is affecting your finances and your feelings. Many debt charities offer free advice including StepChange and The National Debtline. There is always a solution to debt and you do not need to carry the burden of your debt on your own. You have made a very good start by reaching out for support and also closing down your accounts. You could look into GamBan, www.gamban.com as this blocking software can provide some protection against trading. In addition to getting responses on here you could also contact us on our helpline or livechat for a one to one chat with an adviser. We are working in partnership with GamBan and can provide you with more information. Much of the things we talk about are free. The description of your behaviour in relation to your trading are likely to resonate with others on the forum e.g. regarding online gambling. You are not alone and if you find yourself awake in the night worrying then please contact us as we are here ready to listen 24/7. I am concerned by your last comment that your situation is killing you slowly. Many people we speak to are deeply affected by what is going on for them, but there is always room for recovery. So please try not to give up hope. Keep talking and sharing.
Yes. There are ways of overcoming this. There are tools to change your neural pathways of the brain out there to be found. We have EFT, Hypnosis that have helped me but also CBT (has also helped me) as they teach here. People are also here because of the tribe. We need to understand that we won't be doing well alone and it is easier when you have a network of people you can fall back to. I have seen addicted traders come through here and recover. I am pretty sure someone who has been where you are now will reach out when and if they read this. Share and understand their experiences. They help you cope. For me, it was about attitude and making very clear decisions about what should happen. Decide that you are going to be well and you will be well. Marcus Aurelius once said what a man thinks he becomes.
I wish you well.
Hi Tito, I can't profess to know anything about trading but being a recovering compulsive gambler myself obviously in the 7 months since I've stopped gambling I've learnt a fair bit about addiction !! The pulls of gambling are the same whether it be bingo halls, bookies, casinos, arcades, online as addicts it's our fix and you need to do enough to block your access to your fix ,give you time and space to start healing your mind and effect the change that has to happen . Have you thought about GA to talk to people who understand who won't judge who offer advice based on their recovery. My GA group has a trader addict who not only gains advice but also gives valuable insight GA is a 2 way street you give advice based on your experience and if your prepared to open your mind you learn a lot from other group members. I see from what forum advisors have written blocking access to trading is not as easy as blocking access to say online gambling etc. You don't say if your family know about your addiction , addiction feeds off secrets, lies and deception. Telling people and asking those people to help you not just by talking but asking people to oversee your finances is a powerful tool to use. I take that it's not so easy when you are in business but there are lots of business people on here and in GA that have family oversee finances. I hope you find a way because no matter what you are addicted to we all know that living like this is terrible, feeling of guilt and terror of knowing what we've done again and again. There's always a way forward my addiction will always be there but at the moment it's far away from me and I will fight with all my determination to keep it that way. Best wishes
I assume that day trading is like gambling. Stop yourself and walk away from. It is causing more harm and further damaged- personally and financially.
Blocks- Put blocks in place like Gamstop etc.
Fill your days with small activities so that you have no time to gamble away your money.
Stay safe, calm and take one day at a time.