Addicted to trading cryptocurrency?
Oh, absolutely not. I can stop any time. Besides, I am in profit anyway.
If you ask any crypto trader whether they are a crypto addict, there’s a good chance you’ll get this type of answer. Sadly, becoming addicted to trading cryptocurrency happens much faster than you’d expect. A crypto addict doesn’t even notice he has become a crypto addict but thinks his behavior is perfectly normal. Here are five signs you might be suffering from a crypto addiction.
Constantly checking crypto prices.
Cryptocurrency markets can become incredibly addictive because they have no closing hours. If you’re checking crypto prices several times a day and checking prices first thing in the morning or last thing before you go to bed, that’s a sign of a crypto addict. Even if you’re not necessarily trading crypto but just doing it to stay in the loop, this is compulsive behavior, and chances are, it will lead to no good outcome.
Not being able to take your mind off trades.
If you are a trader and you spend a lot of time thinking about your trades, you are probably developing a crypto addiction (or already have one). Regardless of what one thinks about crypto trading itself, if you do decide to get involved in it, it’s indispensable to draw a line between spending time on crypto trading and away from it. Once you start catching yourself pondering outstanding trades in your time away from the computer, you are crossing the line into addiction territory.
Feeling physically sick because of crypto.
If your health starts feeling the effects of your crypto trading, that is definitely a sign of addiction. That could be mood swings or loss of enthusiasm or headaches, or even something worse. Your health should never suffer as a result of trading, so if it does, it’s time to put the markets away.
Investing money hoping for quick profits.
You might invest money with a plan to use the profits for something else. But do you also have a plan in case your trade doesn’t come in? Could you even afford to lose the money? Making plans for positive outcomes is good, but making plans only for positive outcomes is what addicts do. Trading can deliver quick profits, but most likely they are not going to come when you need them most or if you “plan” to win a trade.
Trying to win it all back.
The classic sign of every gambling addict, and a crypto addict is no exception, is losing money and trying to win it back afterwards. Especially in a market as volatile as Bitcoin, it’s easy to think you only need one or two successful trades to erase your losses. You might have already successfully done it before, so why shouldn’t it work now? Sadly, risk management and good judgment go out of the window once you’re addicted to trading cryptocurrency. If you ever find yourself at this stage, it is imperative to seek professional help because simply switching off the markets is probably not enough anymore.