What Is An addiction?
Addiction is a condition of being addicted to a particular substance or activity. In this instance we are referring to Forex trading as an activity. It is also very true that Forex trading can be easily turned into some serious gambling if a trader gets addicted to it. I have also seen that a person who has a gambling problem finds it challenging to succeed in Forex trading because gambling is all about crossing your fingers and just hoping for the best.
A person who gambles in casinos sees a slot machine whenever they look at charts and they get that adrenalin rush. Until they work on their gambling problem and overcome it, it is only then that they can see progress in their trading as well. I have had a few experiences with mentees who had a gambling problem that they had to overcome in order to start seeing great results in their trading. They all had similar challenges. This is not a fact, but just something that I have observed.
How Do You Know That You May Be Addicted To Forex Trading?
At some point in my life, I was also really addicted to Forex trading. I will list a few of my then issues and also most of them are the issues that most people struggle with. I will also share tips on how to overcome them. We know that addiction can cause unproductivity, break families, friendships or even ruin businesses and lead to debt. Forex trading addiction is NO different, it can do the same. Below are the most experienced issues.
- You are constantly feeling like you might miss out on an opportunity if you take your eyes off your platform and therefore you stay glued to it the whole day. You treat your trading platform as a hang out spot.
- You set your daily targets, but you can’t seem to stop even when you’ve made 5 times more, as a result, you always give all the daily profits back to the markets at the end of each trading day.
- Every time you can’t sleep for whatever reason, you always go straight to your platform in the middle of the night to trade.
- You are always checking out Forex forums or social media groups just to see what other people are trading and you follow everyone’s trades and disregard your own trading plan (if at all you have one).
- You get super excited whenever you see anything with the word “Forex” in it and the word “strategy” excites you even more. You are always hunting for the new strategy. I went through all the above mentioned.
What Can You Do To Overcome it?
1.UNLEARN some of the things that you believe about Forex trading. You may be finding it easier to be addicted to it if you still believe that the more you trade, the more you make money.
2. Find something else to spend your free time on, get productive.
3. If you think that Forex forums/groups are contributing to your addiction, remove yourself so you can focus on your healing.
4. Avoid subscribing to every website that sends you daily signals, it can be really confusing and overwhelming.
5. Make up your mind and want the change, you have to want to change. You can do it, I know you can. I DID.
I hope these tips help. Thank you for stopping by. Kindly help me reach out to more people by sharing this post. Thank you and please take care of yourselves and stay safe.