Whether we admit it or not, many of us are lured into the world of forex trading because of the potential to score big bucks, along with plenty of opportunities to exercise one’s brain and will. As all experienced forex traders will tell you, maintaining discipline when trading is one of the keys to success. However, one of the biggest problems with this is that some people become addicted to trading. Just like being an alcoholic or a gambler who is out of control, trading can become something that some traders just cannot do without.
The ability for the average person to turn on a computer, access the internet, and with just a few hundred dollars place a series of market orders and become financially independent is mind blowing. We are blessed to live in an age where technology can allow us the freedoms and opportunities that just a few short years ago were not available. The act of trading provides us with a certain rush or exhilaration which simply leads us to wanting more and more which can lead to trading addiction.
Who doesn’t like making money on the side? Like gambling, forex trading can creep up on you. You might be working at your job and the thought of making a few trades may come in your mind. Many forex psychology experts have said that the number one reason why people get addicted to forex trading is just because they are unable to curb their trading habits. Some of the world’s biggest and most prolific traders in the forex market have very strict trading rules. For instance, they only trade at certain hours during the day and close up once they reach a specific amount.
Forex trading coaches, psychologists and countless books will talk about losing self-discipline, self-control and patience.But seldom will the very real danger of addiction be contemplated and addressed. Very often, losses of the aforementioned attributes in the market are related to addictive patterns of behavior. An addiction occurs when an activity provides a strong source of stimulation that, over time, a person becomes psychologically and sometimes physically dependent upon.
Trading should be about taking pride in control and mastering your emotions, not giving into them. If you are going to trade the markets you are going to encounter stress. The amazing thing is, if you can learn to be self-aware, find techniques for dealing with the stress and the possible pitfalls, you not only have a better chance of succeeding in trading but those lessons will translate to you being successful in life as well.