I read an article on this topic last winter, it definitely compelled me to look at my own investment styles and interests. At the end of it I could honestly say that I don’t have a stock market/gambling addiction.
Addictions seem to start out innocently enough something is done and that something brings pleasure. I for one, am not against pleasure. It’s when that something becomes all encompassing, and your life becomes unmanageable that the something becomes an addiction.
I can think of nothing worse than a gambling addiction. We’ve all seen the drunks playing the video lottery games at the bars and shook our heads at them. Back and forth they go to get another $25 bucks worth of coins, so they can get as little as five minutes action out of the 25 bucks. Just one more roll of coins and I’ll hit it big! .Then I’ll go home to the wife and kids. …………….Just one more time . Entire paychecks get fed into the gambling industry everyday.
Surely this couldn’t happen to investors? Well if the results from googling” investment gambling problems” is any indication, it sure could, and does. Apparently there are gamblers anonymous meetings in New York and Toronto that are comprised solely of investment professionals and do it your selfers.
According to some of the stuff I’ve read on the web (whats that honey? Yeah yeah just one more page then I’ll come to bed) there are some traits that problem investment gamblers possess.
Like Alcoholics Anonymous’ famous twenty questions-used to help self- diagnose Alcoholism, There at least 11 questions every investor should ask themselves.
1. Do I engage in high volume trading, where the action is more compelling than the objective of my trade?
2. Am I constantly preoccupied with my investments?
3. Do I need to invest more and more money or increase my leverage to feel excited?
4. Have I repeatedly tried to stop or control my market activity and failed to do so?
5. Do I become restless and irritable when I try to cut down or stop investing?
6. Do I invest to escape problems, relieve depression, or distract myself from painful emotions?
7. Do I sometimes increase my position in an investment after a loss -that is chase my losses?
8. Have I lied to conceal the extent of my involvement in the market?
9. Have I committed illegal acts, like forgery or fraud to finance my market activity?
10. Am I jeopardizing significant relationships or my job because of excessive involvement in the market?
11. Have I relied on others to bail me out when I got into desperate financial situations?
According to the material I read by clinical psychologist Paul Good , if you display 5 of these traits you may have an investment gambling problem. If you think you meet that criteria maybe a quick call to Gamblers Anonymous is in order
Remember no amount of money will buy you peace of mind.