The COVID-19 pandemic has seen a rise in the popularity of day share trading. Increased game-like elements on mobile trading platforms have drawn a new generation of investors. More free time during lockdowns has contributed to the increased population participating in day share trading. However, day trading has adverse effects, including addictive behavior, money problems, and poor mental health.
This blog investigates the elements that help day trading develop from a pastime or profession into an addiction. It lists the typical indicators of day trading addiction and describes how to get treatment if your trading is going out of hand.
What Are The 10 Signs That Tell You Are Addicted to Day Trading?
- You are spending excessive amounts of time day trading.
- You often catch yourself neglecting other responsibilities and relationships.
- You are obsessively monitoring the market.
- You constantly seek the next trade ever since you asked about the Demat account opening charges.
- You are taking excessive risks that can affect you or your family.
- You are losing sleep over the markets.
- You get a rush from day trading.
- Deep inside, you know you struggle to control your trade urges.
- You are losing significant amounts of money.
- You are continuing to trade despite adverse consequences.
Ways to Get Your Day Share Trading Addiction Under Control
Admit your problem
First and foremost, recognise that you have a problem. You do not have to act like everything is okay, even though you may have inflated your trades recently. Instead, be honest with yourself and acknowledge that you are working as per emotion. Let’s say you recognise a significant trading issue that requires attention. And this is the first but the most challenging step.
The next step is to determine your position by analyzing the situation. Sit down and try to answer the following questions without thinking that anyone would judge you for this.
Do you share trade for a long time?
How much do you think you’ve lost?
Why do you trade, and why do you keep doing it?
If you stop trading, what would you miss the most?
Remember that you don’t hold anything back when it comes to being entirely honest with yourself. This little exercise can help you recognize that you are not a loser but rather a person who has made mistakes and is currently attempting to correct them.
After realizing that you have an addiction, the next step is to accept accountability for your deeds. This will help you learn the damage you did and how it affected you and those around you. Owning your current circumstance is necessary to find a solution.
If you think things are out of your hand, don’t think you’re alone. You can ask for help anytime! Find someone to talk to, join a support group, and pay attention to what other people who have experienced similar things have to say. This may aid in your recovery and assist you in comprehending that you are not a monster and can overcome your trading addiction.
The final is to make a future-oriented plan. Plan to overcome your trading addiction by sitting down with yourself. Write down the actions you want to take going forward, what you’ll do if you get the temptation to trade again, how you will handle your irritation, and so forth. Consider the healing procedure and decide how you will respond to various scenarios.
Avoid mistakes in online trading
Making mistakes while trading online is a necessary part of learning. Numerous seasoned traders are likewise prone to erroneously assessing the market and making mistakes.
The right kind of professional training, study methods, and strategies are among the most important things to have. Moreover, be aware of how to prevent making similar errors when trading online.
These are some pitfalls beginners in intraday trading should steer clear of:
1. Without having a plan of action
Before engaging in any trade, especially when trading in the stock market, traders must have a strategy. If they don’t already have one, they can create one. Their objectives, level of risk tolerance, and time span might be part of a strategy. It must be flexible enough to accommodate shifting conditions. If there are any concerns, they can modify their plan.
2. Herd mentality:
Herd mentality is a common problem among traders. They are terrified of standing out or causing a stir, so they mindlessly follow others rather than adopting their counsel or acting differently in light of their own knowledge and experience.
Before blindly following another person, they must always do their own research and evaluate what suits their particular scenario the best.
The Bottom Line
Depending on the person and their relationship with day trading, they might be able to learn to have a positive, balanced relationship with it, or they might need to remove it from their lives altogether. In either scenario, significant lifestyle adjustments will be necessary. Furthermore, in certain circumstances, support from a professional may be needed. If you are someone who has been hooked on share trading every day since you asked about the Demat account opening charges, this is your sign to pause and reflect.