Enjoy Day Trading but Avoid Addiction

Proceeding with caution might not be in the nature of a day trader. But taking this approach may lead to the best results, that is, experiencing successful outcomes without flirting with disaster.

Don’t let the potential risks scare you, because day trading can be good. It might actually be safer.

By finishing your trading during the day so you don’t hold risky positions overnight, you might have a better chance of protecting your investments.

Do you want to be in charge? If you are independent and disciplined and want to call all the shots, day trading could be for you.

If you have a financial cushion, if you love attention to detail and are financially savvy, if you are disciplined and can make a plan and stick to it, and if you enjoy the satisfaction of knowing at the end of each day that your success relies on you, day trading could be a good fit.

Anchor Your Passion with Wisdom

As with other pursuits, don’t just jump in blindly. Do some research or take some classes. Take time to study and learn the patterns. Doctors go to medical school. Teachers major in elementary education.

Many professionals earn degrees in their fields before they start working. But there is no certificate guaranteeing your readiness before you begin to day trade.

Although there is no Daytrading University, there are resources available to help you start your career. Consider making an appointment with someone who specializes in trading and ask questions and advice.

Take advantage of resources related to day trading. There are boot camps, courses, and playbooks and you can also research the histories of profitable traders. Some information about day trading includes:

  • Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves – Kathy Lien

  • Digital Day Trading: Moving from One Winning Stock Position to the Next – Howard Abell

  • Financial Freedom Through Electronic Day Trading – Van K. Tharp & Brian June

  • How to Day Trade Stocks for Profit – Harvey Walsh

Learn the trends and the patterns of stocks. If you know that a certain stock will most likely go down before it goes up, if you’re familiar with the patterns, you won’t be stressed and feel compelled to drink or use drugs to fight your anxiety.

When you have a passion for something, it is wise to feed this passion with knowledge. It is thrilling to gain sound wisdom about something that you love.

Writer Khalil Gibran said that doing work you love is one of life’s greatest joys: “You work to keep pace with the earth and the soul of the earth. For to be idle is to become a stranger unto the seasons, and to step out of life’s procession, that marches in majesty and proud submission towards the infinite.”

Could this be how passionate day traders feel when they wake up each morning and can’t wait until the moment when they implement their trading plans for the day?

Addiction and Day Trading

Just as some people might compulsively shop or gamble, people can and do become addicted to day trading. If despite your best efforts, things too often aren’t moving in the right direction, and you think you’re becoming addicted, if your dreams seem to be turning into a nightmare, you’re drinking too much when you lose and the local bar has become your second home, consider finding alcohol addiction rehabilitation.

How can you tell if you’re addicted? You could be if you feel worse at the end of each day instead of better -- but you still can’t stop trading. People with addictions often risk more than they can afford to lose, have a history of depression, and are habitual risk-takers.

People who strike it rich and earn enormous profits almost immediately can become hooked. If you don’t know when it will happen again, it might be tempting to keep trading compulsively, even if you’re going broke.

You might be able to avoid this scenario if you devise a solid plan. Proceed exactly as you planned and operate according to the guidelines you established for yourself.

But if you’ve lost college tuition or your life savings and are drinking a lot to cope with your worries, don’t lie to yourself and don’t fool yourself. If you’re drinking heavily, don’t try to quit cold turkey. Quitting suddenly could be dangerous, even deadly.

Do you want to quit drinking and overworking but don’t know how? Help is available. Alcohol addiction rehabilitation can be the next step toward healing and finding balance in your professional and personal lives.


Author Bio: Patrick Bailey is a professional writer mainly in the fields of mental health, addiction, and living in recovery. He attempts to stay on top of the latest news in the addiction and the mental health world and enjoy writing about these topics to break the stigma associated with them. 


forbes.com - Day Trading? Smart or Stupid?

thebalance.com - A Day in the Life of a Day Trader

benzinga.com - Best Day Trading Courses

goodreads.com - Kahlil Gibran > Quotes > Quotable Quote

tradelikeamonk.com - Do You Have a Pro Trader’s Mindset?