How To Get Rid Of A Trading Addiction
Trading Addiction, do you have one? Then I am glad you found this post, as you might have clicked on this title or may have searched for a phrase like “How to get rid of a binary options addiction” and landed here. This means you recognized there is something suspicious about your behavior. Let me get straight to the point: Many people, which are seasoned traders today, started out first with gambling.
Bitcoin? Binary Options? Pokemon = Gambling Problem?
A trading addiction is a trading addiction period. Be it Bitcoin, Binary Options, Online gambling, cards, Pokemon, whatever if you gamble and lose money it is a gambling problem period.
I mean you see all these shiny ads, and they scream “MONIEEESSSS” and you take a look at how it works and there are just two buttons, up and down. A green and a red one, easy as traffic lights, right? Yes, this is binary options. Its obvious easiness seems to be a no-brainer. A 50/50 chance? What can go wrong here?
Very much, unfortunately. I don’t want to get too deep into detail here, the NERD explains it very well in other posts here. No you just have a trading addiction period. That is it and you likely have self control issues that go with it in tow. Let’s talk about the effect losing has on you. Losing a trade, losing your whole deposit, re-depositing, losing again, and again. Oh what a loser you are, or?
No. Don’t see yourself like this it will propel you even more down!
Getting into this downward spiral is just too easy and many of us experienced that already. When you know your credit card number suddenly off the top of your head, you know something is wrong. You don’t want to learn to trade actually, because this takes too long, you just want the quick kick, to try your luck and win. Once losing, you just want to get back what you have lost, trying it the way you initially lost it. Result: You will lose more. You see how stupid this is, but you do it further.
Trading Addiction Psychology
With a trading addiction here is the psychology. You start doing it more than your actual “play money” allows, maybe you go even into debts and Smart Options become a money-sucking black hole for you. People around you, say you are crazy and you know they are right, but you still act the same way. You see you are doing something wrong but still do it. This is an addiction pattern. Ask junkies, as casino gamblers, heck, you can even ask cigarette smokers.
Maybe you had a successful series of trades, pushed your account quickly very high (and lost it all again later on) – these are experiences that will strengthen the addictive power because you want to get that feeling of success again – and that quickly. All signs of a trading addiction.
You can perhaps imagine that I didn’t pull the above out of my ears – I’ve been there not too long ago, luckily the consequences have been ok with me, as my day job is lucrative and I always was able to generate some extra money here and there, but hey, if I now had all these lost money I could say “Hello” to a Hawaiian girl, putting a floral garland around my neck for at least a month. But NO!, of course, I preferred to be the financier of someone else holiday working over at Stockpair.
Why not? Ok, the financial consequences have been bearable to me, personal consequences with people in my life I love have been quite tougher. Finally, I went with a gambler’s advice center, which was nice but didn’t help a lot.
The bottom line is: Been there, got over it, chapter closed.
And here is my personal blueprint on how to get out of that bad tune:
1. Be true to yourself and others.
This is crucial, admit to having a problem right now = I HAVE A TRADING ADDICTION or I am a trader. Admit that something has to change. Without this, you will never ever get out of it, and eventually, be broke in 6 months, so admit something bad has happened and you lost control. Also, be honest to the people around you as this brings in accountability which is very much needed.
2. Exclude yourself from E-Wallets and cancel your credit cards
I know this might sound scary for American people. Live without credit cards?
Well, this is my personal blueprint, so I am sorry to disappoint you not to have an easy way. You ran into an addiction, this is not a day on the pony farm to get out of it. I excluded myself from SKRILL, NETELLER, canceled my CREDIT CARDs, and wrote an exclusion letter to all providers of instant bank transfers. This is actually the most important step. Yes, it is annoying, but hell, we ran into something hard to cure – unpleasant steps must be taken.
Consider this step as the main thing. Whenever the craving for “trading” a.k.a. gambling returns, your only available option must be a wire transfer. Why? Because you don’t get immediate satisfaction. If your wish to trade is initiated by addiction, you want it immediately. Not possible with a bank transfer. When I stopped gambling I often had a craving for it. But knowing that it will take up to three days until the deposit shows up, made me refrain from it as no instant satisfaction was available.
3. Pause – Get away from everything Gaming & Trading related
Once excluded deleting all the passwords in your password manager, write the brokers to close your account, delete all the binary options pages from your bookmarks, just get out of the scene completely for while. If you want to look for this or that one time, remind you that you currently refrain from binary options sites. Tell yourself it is just for while, not forever – but now we won’t get back on track.
4. Decide how to proceed
After a few months you will have to decide – a real-life binary option:
Option A – Call: Do I want to learn trading from the ground and built up knowledge?
Option B – Put: Stay away further from Smart Options.
Trading addiction How to Plan:
Depending on what you have chosen, read further:
OK, you are still fascinated with trading (not gambling hopefully) and you are interested in it? Then learn the basics with sites like Babypips. Do you find interest in things like Candlesticks, Pips, Dojis, Bollinger Bands, and whatsoever? Then you can learn it – here with the 4C-Trading course and additionally at the Blue Sky Binary Trading University, which we can vouch for. Open up a DEMO account at Binary.com – they have good features for gambler protection as well in place and DO NOT DEPOSIT. I REPEAT DO NOT DEPOSIT.
Option A is harder, as you will be confronted with your old addiction. But you have to get on another way on the horse this time. You learn what is behind a trade and how to place a trade based on knowledge. Read the REWIRE YOUR BRAIN article by the NERD for this. You will stay demo for the next months, no false expectations. Learn it, try it demo, and then do it. Already in demo mode try to keep certain limitations like not to exceed a particular amount of trades per day.
You mastered a good amount of time already, so why get back? You have proven to be able to live without it – and that pretty well, don’t you? Even it sounds paradox – addicition wise- but it really can be easier NOT doing something, then trying to do it. Stay sober, stay away from everything trading, your life will be fine without it as well, if not even better. Enjoy of not having the stress, enjoy spending 100% of your paycheck for your own needs, no hestitations, no lies, nothing. This is pretty well I guess – so enjoy!
IN CASE OF EMERGENCY / RELAPSE OF TRADING ADDICTION
It can be that you will have drawbacks, addictions are the diseases that are most difficult to cure, so there is a hell of work in front of you (depending in which level of addiction you are). There are people doing suicide because they can’t get out an addictive circle, so you have to be carefully with yourself.
At first: Don’t be too hard to yourself, that increases the pressure, increased pressure comes up with stupid actions. Accept that it has happend and go on – repeat with STEP 1.
If you notice that you don’t have the power to get out of it alone, don’t be too proud to ask for help. It is a disease. Binary Options Brokers make use of mechanisms in our brain, that can easily create an addiction, so don’t be too hard to yourself, be rational and take the steps that are needed. If my blueprint does not work for you, get some help elsewhere. There is no shame, it is normal.
If you break your leg you need to see a doctor, if you get a binary options addiction, you see someone else to get some help. You don’t need to do that alone. When being open with your family regarding this issue, you can ask them openly for their help, maybe even control (like having your wife checking your bank account daily). This will help you out. Most likely they won’t be harsh to you if you ask them for help.
For external help, please check this website and take action!
Stay safe! Everything will be good in the end, and if it is not good, it is not yet the end.
You will make it as you control the body that your mind sits in.