Last 8 years-Lost 30k, but still have 15k in the bank

Hi Jay.

Is it only share trading you do or any other form of gambling? I’ve dabbled in share trading in recent years with some success. I have a work colleague who has his own trading business and has been very successful so he’d provided me with tips and advice. Although my monetary losses weren’t as a great as say sports betting, it still led to an uneasy obsession and anxiousness about how my investments were performing and how I could make a next quick profit. 

I guess only you can know if you’ve a problem or have just been a very bad trader but if it’s the former then you’ve come to the right place to get help and support and as you’re young, you can get back on track and enjoy a fruitful gamble free life.

Trading Dow Jones, Nasdaq...mainly index funds. I would say both I am a bad trader and addicted. I most the time have a £500 profit after many hours of patience but it ends up being a loss once market swings the other way. Look your friend is 1 in 150, vast majority of traders will fail. Personally I think it is not possible to win against algorithms and hedge funds worth hundreds of millions because that is what you are competing with 

Agree. My mate understand how difficult it is but equally is the first to admit that there’s only a small percentage of people like him who can invest successfully. He is well connected and analyses businesses very well and enjoys risk. Consequently he does have loses as well as gains but over the course of 15 years he’s taken a 5 figures amount and now has a 7 figure portfolio.

The irony is he’s a terrible gambler when it comes to sports betting......but he has the means to do it.

But getting back to your situation, it’s sounds like you know that you have a problem so we’ll done on trying to address it. You’ll hopefully find some great support and advice here.

Your friend being well connected helps enormously. There is also a lot of insider trading that goes on, so the retail traders that have these third party hits of information are in a good place to succeed(whether your friend does this or not I am not sure)

@jay707 what is your point? Do you want to stop trading for good? 

Chris.

Sorry I only posted part of my question.

@jay707 what is your point? Do you want to stop trading for good?

I noticed a post you made four years ago where you said you had been trading for four years, you were 22, had lost £20,000 and were £1900 in debt, earning £200 a week.

Four years on you have lost £30,000 but have £15,000 in the bank.

What happened in that last four years?

Chris.

Yes I want to stop trading and playing the stock market but it is highly addictive. Obviously since then I have lost more money as you have described. Only difference now is I got 15 grand in the bank by saving money I have earned from working minimum wage jobs, whilst also extending my gambling losses. 

You're a better man than me, when I gambled I had nothing in savings. It took everything.

The fact that you are able to save would suggest to me that you should be able to close your accounts, put some trading banning software on your computers or tablets/phones, and live a normal life.

I wouldn't watch the markets as that would only get your brain thinking you're missing out on a big trade profit. Talk to someone like the gamcare advisers or even GA if the urges don't go away. It may take time but I'm sure that if you have the determination to save as much money as you have in minimum wage jobs then you can overcome your problem.

Good luck to you.

Chris.

Count your self Lucky you only lost 30 grand in 4 years ! it really is nothing to  how gambling stress affects your Physical health. Your health is far more important.

I agree Chris, watching the candlestick charts are a big trigger. I have software on computer but need to get some on my phone. Hi Jonny57, I am 26 years old so 30k is quite a lot but that is 8 years of gambling. 

Hi Jay,

From reading your posts I think you do need to get some help, just my opinion. If you are here it is because either you have scared yourself or you feel that you do need to get some help.

I know nothing about trading, I have enough vices lol.... I have been registered here for 8 years and probably gambled double that but it is only now after hitting the point where I just cannot do this to myself and my family anymore that I feel I actually mean it this time!

You are young, you have money in the bank, get some help and look forward because trust us on here, we know only to well that in another 1,3, 5 or 10 years you could be in debt 15k plus and desperate to pay your bills! 

Good luck honey x

Hi, MooMoo thanks for advice, you are right it could very bad from here, I was in 5k debt about 5 years ago and it was not a pleasant experience

Hi Jay707 and welcome.

My best advice is to tell someone close to you and get that remaining money monitored. Ideally you need it protected for safekeeping.

Reality checks are what you need and I will give you one to start with. The classic gamblers delusion is " I've still got X left" " my partner/friends dont know" or "Im not in debt".......YET!

Infact some money left can be highly dangerous with this addiction becaise it actually drive you to make stranger and stranger trades thinking well Ive got some left.......what could go wrong eh?.....only then it goes too far until what you have left dwindles to zero

Its the classic delusion every gambler goes through until its too late and theres nothing left and no chance of financial help. It starts smaller and then credit cards get involved...before long relationships are destroyed and bankruptcy is the only option left...and thats not a piece of cake.

Once hooked all this gambling activity is like a drug addiction. Its a progressive addiction and indeed a progressive illness.

Look at your overall losses and focus on that truth...thats a loss or chucking money down a grid...your moneys gone to someone and you havent got it anymore.

Trading in that way is gambling and the big players in the market have a mitigated risk fund...smaller traders shoulder a much larger percentage of risk because the money is more important to them and offset deals are less.

There is no shame in being open and honest about it. Youve done it and its clearly not for you. You have been sold the basic mechanism for trading but the golden formula is not for sale...if indeed there ever was one beyond the muscle and experience of the big boys.

Living alone is a warning sign as you get lost in your own thoughts and actions...I know the feeling. I was born to walk alone but its done me no good whatsoever.

People close can help so dont rule them out. You cant be alone with this addiction...it loves secrets and it will work on you to start gambling again

Best wishes from everyone on the forum

Hi Joydivider, I agree those delusions can come up at any point in time be it 3 months, 6 months....I am looking to tie that money up. I was never going to win past the big boys and I never will but these delusions still pop up