Fong says. Fong has seen a number of patients with trading addiction behaviors. He remembers one patient from the early s who used E-Trade, one of the early electronic trading platforms, and lost millions. He says this person would spend hours online, deriving excitement from the gains and becoming depressed when they would lose. Technology for electronic individual and retail trading has come a long way since the early s. Robinhood Market Inc. Other popular brokerage apps, including Webull, AllyInvest, and TD Ameritrade, attract users by offering little to no sign-up minimums or fees for trades, and provide incentives such as cash bonuses when investment thresholds are met.
The technological barriers of the past — slow internet, clunky interfaces and fees for transactions — are no more, with new applications built for speed and reactivity. Additionally, Dr. Fong says, the more gamified platforms help fuel addictive tendencies, attracting attention with push notifications about stock prices and congratulating people for trading successes with bursts of confetti or falling dollar graphics. The addiction has less to do with the drug or behavior…than what we are missing in our lives as human beings. Addiction can range on a scale.
I know that most of you are not full blown addicts.
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Most of you manage to live full lives outside of trading. And, we all may have bits of ourselves that use trading to fulfill a dream and the hole in our hearts. However, the more that trading is a substitute for our core human needs, the more it can be an addiction. Is every tick a referendum on your self worth?
Do you get a thrill when a trade moves in your direction? What does that thrill mean? Does it mean you are a worthwhile person? Does it mean you can prove to your dad you are smart? Does it mean that you are right and the dummies are wrong? What is that thrill about? Are you in a profitable trade? When you are in a trade that is going your way, and it feels really good…what deeper meaning does it have? What does it say about you as a person?
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Capture that wonderful feeling, then ask several times, drill down…what does that great feeling say about you? Is the trade going against you? What does that feel like? What deeper meaning does it have?
Ask these questions several times, drill down. What does that feeling say about you? We all have some form of addiction. The question is, to what degree does our addictive behavior impact our life? How badly do you need to succeed at trading? How severe will that experience be? Awareness and acceptance of our current state of mind can feel really good. It takes a lot of energy to hide from ourselves, and it can be a huge relief to acknowledge our experience and accept ourselves as we are right now. Then we can ask, what do we want instead? Do you hide your trading results?
Do you have wide mood swings depending on recent trading results? Do you trade from your phone?
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Do you feel the markets are manipulated against you? Have you blown up more than one account? The figure included the cut it takes from users sharing virtual gifts. While the company's turnover appears impressive, the company is still struggling to make a profit. But Kuaishou expects to be profitable soon. The Kuaishou app Kuaishou actually means "quick hands" has at least million users. It says it aspires to become "the most-customer-obsessed company in the world.
Many are now ditching Robinhood after the app blocked people from buying some of the stocks targeted by Reddit users.
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But alternatives abound, and include apps that cater to users' trading experience, investment interest, or geographical location. With the proliferation of video games in recent years, video game addiction has become a growing concern among parents and researchers. Some worry that gamified investing could be similarly addictive. An addiction to stock market speculation on such an app is not all that different from a gambling addiction , according to Gerhard Meyer, addiction researcher at the University of Bremen in Germany. You've earned a lot of money in a short time with your own strategy.
If the value falls, on the other hand, the investor can immediately try betting on a new product, restoring this positive feeling with the hope of the new bet. The parallels are enough to make regulators take a second look. US Treasury Secretary Janet Yellen has said she will meet with the US Securities and Exchange Commission, the Federal Reserve and other regulatory bodies to discuss "whether recent activities are consistent with investor protection and fair and efficient markets.
The Downward Spiral of Trading Addiction
But that argument isn't likely to go far with regulators in light of the mainstream attention and steep losses brought about by the recent trading activity. But some traders on Reddit are skeptical that all this talk of concern is really in their best interest.
Only chance you have to not work for the rest of your life is to invest. Efforts to introduce a new self-determination law have been delayed — but activists say it is badly needed.
A year-old man was found guilty of removing several screws from high-speed rail tracks in a bid to cause a train to derail. Hundreds of trains passed over the treacherous location before it was noticed. Margrethe Vestager has become famous for putting up a fight against tech giants.