CFDs are designed to make us lose. I refuse to lose

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(@zebra_hooves)
Posts: 3
Topic starter
 

A C** broker is a special type of gambling company. If you go onto Android, l*******s will be PEGI 18. Go to a C** Broker and they'll be suitable for ages 3 and above.

That's right, if children can get hold of a tenner, they can go ahead and bet on these brokers. Without a login, they can 'practice'. Or rather they can practice learning how to lose.

I used to trade stocks and shares. Then I became addicted to C**s and have consistently lost money. And horribly. I am making this account now because I refuse to lose.

Some brief facts:

Age: Late 30s

First C** experience: March 2020

Money lost: £3k

3k doesn't sound like a lot right? Well in that time I've probably made £100k and lost £103k. Each win messes me up coz I think I can't stop winning and makes me take bigger risks. Each loss messes me up because I might not have enough to get through to my next paycheque and will need to borrow money to make it.

If I'd been good, I could have saved up. But I can't. Because I've created a life where I lose enough that I don't have any savings.

It's a giant sucking machine. I'm the type of guy who will research and maybe get less toppings on a pizza to save myself £2. But I can lose £200 in that same amount of time.

I lost about £700 today. Well Its actually £1400. Yesterday I made £700. So today I lost that. And another £700. So the fall is much worse.

I'm always destined to fall when I do C**s. That's the way they're structured. Let me explain.

I buy 1 share for £100. It goes up by 20% my shares are now worth £20. Down I lose £20. Simple right?

With a C**. They lend you £500, practically begging you to use it all.

So instead of buying 1 share I buy 5.

If the share price now goes up 20%. I've made £100. I've doubled my initial investment.

On the other hand, if it goes down 20%, I've lost it all.

That's typical C**s.

Some brokers (Plus 500) let you do C**s on options. The mechanics are too complex to explain here.

But let's just say, if I put in £100, if the share price goes up 2% I can make £100. Down 2% I lose it all.

Ive done all three. Gone from conventional shares, to C**s, to doing C** options.

Chasing that extra leverage. Instead of making £20 in a day (regular shares) the thrill comes in making £100 a day (C**s) but if you can do that, C** options could net you £2500.

The leverage offered is insane. And because the slightest difference or miscalculation in shareprice means a complete wipeout.

Yesterday I made bank.

Today I lost 2xbank. Even the best trader can't win 10 times out of 10. That's what they count on. They know at some point I'll lose. And I'll lose it all.

I feel so stupid right now.

But I feel better for writing this.

Sorry if I come across as a j**k. That's part of my problem. Part of me still thinks I'm too smart to lose. That's the stupid part of me.

So I'm going to make a decision for the stupid part of me that thinks it's smart.

I'm not going to lose to C***s anymore. I'm going to win everyday. I'm going to win by walking away.

 

 

 

 

 

This topic was modified 3 years ago 2 times by zebra_hooves
This topic was modified 3 years ago by Forum admin
 
Posted : 26th March 2021 5:12 pm
(@zebra_hooves)
Posts: 3
Topic starter
 

So Gamban, Gamstop etc don't work for me. So I've put in a request with the worst CFD, the one I've lost the most from to close my account with them. I don't have strength yet to close the other two. This does back to my first post.

1) Regular Stock Broker (account still open with £0 in it) this has natural checks against gambling. I haven't touched this in months anyway, not since I discovered CFDs.

2) regular CFD (account still open). £0 in it. Not touched in months also.

3) options CFD. Now closed!

Closing this feels like a really good step. 

I've moved now from Day 0 to Day 1.

This post was modified 3 years ago by zebra_hooves
 
Posted : 27th March 2021 6:23 am
Forum admin
(@forum-admin)
Posts: 5944
Admin
 

Hello @zebra_hooves

Welcome to the GamCare forum. It sounds like you have come to a realisation over the last couple of days that your trading has become compulsive and you want to make changes. 

You were saying that Gamban and the like haven't worked for you - it would be good to explore that with you, as we understand that blocking software does cover some forms of trading. Why not give us a call on the Helpline so we can explore the changes you want to make and see if there are any techniques that could help you. We can also offer free 1:1 or group support to help you define your goals and make long term changes. 

We're here 24/7 on 0808 8020 133 or by Livechat.

Keep posting,

Deirdre
Forum Admin

 
Posted : 27th March 2021 2:41 pm
Chris.UK
(@chris-uk)
Posts: 887
 

@zebra_hooves

So the blocks don't work for you. Can you get to a Gambler's Anonymous meeting? Can you pick up the phone and call the Gamcare advisors and have a chat?

Blocks are good but they are not the only thing involved with helping you to stop gambling, whatever type of gambling it may be.

Chris.

 
Posted : 27th March 2021 3:56 pm
(@zebra_hooves)
Posts: 3
Topic starter
 

Hi Deirdrie and Chris. Thank you for posting.

The two apps that I used aren't under the Gamban/Gamstop scheme. I think it's because they have 'legitimate' share trading uses. Eitherway. I contacted the one which messed me up and have had my account now deleted, which im happy about. 

I am also taking 1on1 counselling via Aquarius. Ive had two sessions so far.

Honestly speaking, I'm not tempted by regular gambling. I think in the future, there is a path towards me investing responsibily again via actual shares etc. But the reason I'm here is because of that compulsiveness. That escalation. Either way right now I don't want to touch anything again. I am at day 2. 

I spoke with a family member and we agreed next paycheque they'll take half my salary and put it straight into savings. After that it is just regular living expenses and thankfully I am not so tempted by spending that.

I think part of my compulsivity lies in the fact that I have about £700 of disposable income per month (after expenses). So that's what I lose every month. If I give all that (and about 30-40% more) to a family member. I won't have any money to spend. Maybe in the week before earnings I might need some back for expenses but that will be ok.

 
Posted : 28th March 2021 8:34 am
Chris.UK
(@chris-uk)
Posts: 887
 

I'd suggest reading a lot of the posts of newly stopped gamblers on here. Thinking you can gamble responsibly again is a common theme because either you haven't let it go or you don't realise the extent of your addiction. Share trading is still gambling and if you have an impulse or compulsive nature it doesn't go. All you can do is keep it at bay.

I hope as time goes on you'll see that you don't need to trade. Everyone wants a shortcut in life but you're in a position already where you can have whatever you want. £700 spare each month, £8400 a year in savings. What are you so desperate for more money for? What are you missing out of in life?

One final thing in share trading. For everyone who makes money there's someone who loses. 

Chris.

 
Posted : 28th March 2021 10:48 am
(@greyville)
Posts: 90
 

I think there's a stat somewhere that says 97% of people lose on options trading. It's very, very toxic and I wouldn't ever recommend it in any way to anyone.

It's a crazy contrast: There are several investment apps out there that allow people to buy shares for free (which is great, as it teaches people about the importance of saving) but it's all funded by CFD losses. The app owners know that, even if they get a fraction of a per cent of their customers to go onto CFDs, they will earn a fortune.

And what's worse is the gamification of it: The US apps are worst. They make options trading look like a computer game. There's one UK provider which does the same with foreign exchange trading, where they allow two strangers to 'go head to head' with options trading: Each person predicts if five currencies will go up or down in the next 10 minutes and the best of five wins. It's most perverse.

The regulators seem way behind the curve.

 
Posted : 28th March 2021 12:17 pm
(@slo_steady_recovery)
Posts: 11
 

Mate I was addicted to CFD's or spread betting for 7 or 8 years and its absolutely toxic. Sooner or later you will be completely wiped out then you will chase your losses some more. Only thing to do is full cold turkey - no forums, charts news sites - no shares no nothing. I'm not saying never agian but you need a good bit of time up before investing.  Attend GA meetings as you are a gambling addict. Write the money off as if you had thrown it into the fire.  Even if you make that $3k back tomorrow, you will eventually lose it again and then some.

There is a great book called Win, Lose Repeat specifically about CFD addiction and it will open your eyes as to how its so rigged you will never win. Its a terrible addiction and until you get serious about recovery, it will always be a major issue.  Gamblock worked for me for a year but as soon as the license expired or I got a new computer I was back on it again.  By going to GA meetings you become accountable to others and you can change your behaviour. Take it one day at a time.  Ditch the grand plans.  i didn't gamble today but I don't know about tomorrow.  Love for the moment. 

Good Luck.

 
Posted : 23rd April 2021 2:19 pm

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