Addiction to anything is bad, whether it is trading or anything. If you are getting addicted to trading, knowingly or unknowingly, then you are indirectly trading for pleasure.
Any experienced trader who has spent more than a year in a market can know that addiction to trading can be a very addictive habit. Whether you are winning or losing, if you are addicted to trading, you are indirectly hurting yourself. For those who trade in crypto or forex markets, it’s even difficult to control your addiction to trade because markets are open 24 hours, and you can trade at your convenience.
So, in today’s article, we are going to focus on how to stop getting addicted to trading.
Trading can be far more addictive than any other addiction out there! So, if you are thinking about trading day in and day out, you are indirectly addicted to trading. As a trader, trading can be a major aspect of your life, but you should not think about trading all day.
Accept the fact that you can’t control the markets, but you can control yourself. The best way to become a consistently profitable trader is to trade only when there is an opportunity. So, thinking all day about charts and strategies will not make you a profitable trader; I’m not saying that you should not spend time analysing charts or testing strategies; you must do that to become a better trader every day.
Markets can be hard sometimes as the market will test your psychology, and hence you need to have other hobbies or interests outside trading that will divert your attention from trading, and eventually, this will stop you from getting addicted to trading.
When you are in front of your trading desk, you are fully focused on trading; there is no other distraction. But when you are travelling or away from your trading desk, then it is very hard for you to concentrate and focus on your process.
Traders often trade when they travel, or they are in some other work. When you do this, you are not operating with 100% ability because outside your trading zone; there are a lot of distractions. I recommend that you should not look at your charts when you are travelling even if you get the best trading opportunity; avoid it. Markets will give you countless opportunities, but you have to stay in the market for the long term to encash those opportunities. When you often check your phone to find trades, especially when you are not at your trading desk, then you are getting addicted to trading. Also, the chances of making losses increase immensely when you trade in a rush, and that can lead to frustration and overtrading as well.
Over-trading is a real addiction because it can literally take away every rupee from you. There are various reasons behind overtrading, but the most common reason is revenge trading. When you are continuously losing, you become more and more frustrated, and eventually, you end up overtrading.
This is the main reason why you should not get addicted to trading. In order to stop overtrading, you should pre-decide the number of trades or number of stop losses you want to take on a particular day. This is how you can stop yourself from getting addicted to trading.
Through my Booming Bulls Elite Traders Live Mentorship Program, I give my students a perfect trading plan and the exact process required to become a successful trader. So that they don’t get addicted to trading and only trade when there is an opportunity. I hope that through this article, you were able to understand How addiction can make you a bad trader and the ways to stop the trading addiction.
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