Finally admitting my addiction

So I decided to finally admit I have a problem and I need to tell people my story. I have a good job making 100k+ a year. I saved up 60k a few years ago and was the happiest of ever been.


Then I got a DUI. The DUI made it so that I could not work overtime at my job and to supplement my overtime losses, I turned to the casino. Well of course that led to me losing 15k.


Then a coworker introduced me to the stock market. Oh how I wish this day never happened. I started by just investing in blue chip stocks and made about 5k and was happy. Eventually I wanted more though. I realized that I could be more profitable if I started day trading... but didn’t realize that I wasn’t good at it. Long story short, I lost another 25k.


I promised myself I would never gamble again. Well fast forward 2 years and my bank account was sitting at 90k. I’m looking for a house and figured “well I could try to invest again while I try to find a house”.


Ehhhh WRONG. Ended up day trading again and losing another 40k over 2 months. Now my bank account sits at 50k and 2 years worth of saving are wiped.


I’ve now lost 80k in my 28 shorts years on this earth and I am disgusted with myself.


I still have 0 debt and 50k to my name so I know I am still ahead of the game at this point in my life but oh how glorious life would have been if I had 130k in my bank account right now.


Anyways, I think the saying goes “hi I’m Johnny and I finally admit I have a gambling problem”


Hi Johnny


Well done on recognising that you have a problem and on reaching out for help. I’m afraid I know very little about trading but I guess gambling is gambling and the urge to go back for more is similar .


I think barriers on your internet devices would give you a little freedom Johnny . I think gambling blockers also work for trading. I use gamban but you could do some research and find which most suits your needs.


Could you put that 50k into an account which you cannot access without perhaps a months notice ? They would take away the automatic gambling where we don’t stop to think. If out could think of the 80k as a loss on an investment - it could have been a business or a house - in your case it happened to be the stock market, perhaps this would make it easier to let the loss go. The idea of winning back losses has brought many a gambler to rock bottom.


I hope some of this helps - there are others on here who are more familiar with trading and I’m sure they will be glad to give you advice.


Perhaps you could speak to someone on the online help or join one of the groups for lore support.


The important thing to remember is that everyone can stop gambling. Hope to read another post from you soon .


great you have recognized this at this stage.

because if you continue the next will be to lose the 50K, then to borrow and continue losing, until you reach a stage where you can't borrow more, and at that stage you will realize that your problem is not a financial problem it is an addiction.

I am glad you have realized it at this stage.


firstly,

addiction to day trading is a gambling like behavior, I have an addiction to forex trading. so i really know what you are going through.

but i didn't realize it until it is too late.

28 you still young, it is better than reaching your mid-thirties and your Net worth is in negative because of this addiction. so don't look back you have lost enough and you can't get it back if you continue, if you continue you will lose more money, and more years from your life will be wasted to this addiction.


secondly ,

Are you a gambling addict? you may say to yourself : I have lost money in trading? this doesn't mean that I am gambling addict.

the fact is addiction to day trading is a gambling like behavior, there is some people who can bet and they can stop and control them self, and there is the gamblers who will get hooked in this process and they can't stop ( and i am one of them). it is safe to assume that you are an addict at least at this stage.

you can go to the gambling online tests and replace the word "gambling" with "day trading". and see the result.


thirdly, what i have to do,

1: mainly if you are drug addict you should not have an access the drug. the drug in our case is money you should keep this extra money away from you, give the control to a family member, so you will ensure this money is protected from your gambling impulses. The temptation will be less since you will not have access to the extra money.


2: if you are trading online block all trading websites, close all your trading accounts. there is a lot of web site blockers install one and add all the related websites.


3: be open about it to your family don't hide it, you need support to fight this addiction.


Hope you all the best


Thank you both for your time and input. I let people close to me know about my losses, but didn’t give them the hard facts. I let them know that I think I could ruin my life in the stock market and should not ever gamble another day in my life (whether it should be the casino, stock market, or a friendly $20 bet). It feels good to let people around me know what kind of financial loss I have had and I feel like it will make me be more responsible with my money.


I never in a million years would have thought I would be this far in the hole. It feels like I’m in another dimension. I remember telling myself when I was down 40k that I would never lose another dollar gambling or investing. Then I traded again, made a little money, and lost even more money. I feel like the only way I could ruin my life further is if I tried to chase my losses with the 50k I have left. I realize my problem now and don’t want to be the next person to end up in debt because of gambling. I think that I need to save the rest of my life now by acknowledging my problem now and never EVER making another bet again... Not even that small $5 bet with a coworker.


Thank you for your support.


Hello and thanks for starting a thread in the Gambling Therapy forums


Here at Gambling Therapy we pride ourselves on being a caring and diverse online community who can help and support you with the difficulties you’re currently facing. We understand that this might be a tough time for you, particularly if you’re new to recovery, so come here as often as you need to and participate in the forums, access online groups and connect to the live advice helpline if you need one to one support. We’re in this together!


Here on the forum you can share your experiences in a safe, supportive and accepting environment. The beauty of writing it all down is that you can take your time and you will be creating a record of your progress that you can look back on if it ever feels like you’re not moving forward. So, share as much or as little as you like but do try to stick to keeping just one thread in this forum so people know where to find you if they want to be updated on your progress or share something with you.


As well as the forums New Members are invited to join Charles in the New Members Practical Advice Group On Mondays at 21:00 (UK) and Thursday at 19:00(UK)


And on that note....


I’m going to hand you over to our community because I’m sure they will have some words of wisdom for you :-)


Take care


The Gambling Therapy Team



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