Gambling addiction is a pathological unstoppable propensity to gamble, accompanied by inability to control one’s own emotions, inability to stop in time and to strong emotional outbursts due to a negative result. Initially, this term was used in gambling and meant a situation when a person entered into a rage, lost control of himself and reality, which is why he quickly lost everything completely. With the advent of multiple tools and strategies in Forex, binary options, this term has become applicable to traders.
Gambling addiction: how to learn to conquer your character
Signs of gambling addiction:
- an overwhelming desire to continue to place bets (open positions) by all means without an understanding of the possible consequences. The excitement pushed by the inner “just want!”;
- vivid emotions bordering on the background of signs of hysteria, quick mood changes;
- despair, self-flagellation, euphoria.
It doesn’t matter whether the trader has earned or lost money – gambling addiction is not good in both cases.
Causes of gambling addiction:
- easy profit. Reception that brokers perfectly attract newbies. Promotions, bonuses, first successful deals bring euphoria from easy money. The trader replenishes the account, loses vigilance, begins to make mistakes. The result is a quick loss of deposit. Professionals know that profit is not a reason to relax;
- all-in rate. If a trader has something to lose and no “brakes”, he will not admit defeat and will hope to the last that he will be lucky to smile. There are frequent cases when traders take a loan;
- innate human psychotype.
In trade, one of the most obvious signs of gambling is love for the Martingale strategy, lack of strategy and risk management system.
The effects of gambling:
- loss of deposit;
- disappointment not only in Forex, but also in itself, despondency, stress, apathy.
How to reduce emotional dependence in Forex trading:
- invest only money that you can easily accept with loss;
- pre-set restrictions and strictly follow them. For example, set profitability targets and close a position to achieve a goal. Do not wait for a trend reversal!
- Learn to admit mistakes. If the position is unprofitable, close, but do not expect that “what if the trend reverses”;
- do not lose composure. Feel that there is anger or an overwhelming desire to recoup – stop trading;
- Develop a risk management strategy (lot size, risk per trade, stop length), test the system on a demo account.
Remember that in 80% of cases of failure you are the ones to blame, not the broker or the platform!
Summary. People with gambling addiction, emotionality, who cannot calculate risks, entering Forex is strictly prohibited. Forex is a closed system in which the money of some people flow to the accounts of others. The one who is more cool, pragmatic, knows how to calculate the situation a few moves ahead, improves his knowledge and character, he will be successful. Do you treat such traders? Then FxCash rebate service will help you earn!