SINGAPORE: A 25-year-old man recently confessed on Reddit that he has lost around $20,000 in trading. Devastated, he asked Singaporeans how he could possibly move forward and turn his life around.
Posting on the r/askSingapore forum on Monday (Mar 17), he explained that his family, partner, and friends had all repeatedly warned him to stop when his total losses were still at $5,000. However, he ignored their advice as he couldn’t “stop being greedy” and thinking about making more money.
He also shared that a lot of times, he would try to “chase his losses and sometimes hit it big” and would momentarily think that his plans were working, but later on, he would lose all of it again because of greed.
He added that there are also times when he “borrows money from other people”, thinking that he could profit from it, only to lose it all again.
The man admitted that because of this, his personal relationships were affected.
“A lot of my relationships with people got strained as I ended up in a really negative mental state after losing a sum,” he said. “I hate to admit it but looking at it now, I may have been extremely addicted.”
Determined to change, he asked Singaporeans in the forum, “How does one not think about their losses and be fine with it or rather accept it? And how do I stop being so focused on the concept of money being the most important thing in life? Would love to hear your opinions from people who have gone through the same path.”
“Time to walk away from so-called easy gains while you still can, bro.”
In the comments section, one Singaporean Redditor advised the man to avoid temptation and uninstall all the trading apps on his phone or computer.
He added, “I know the mindset of ‘I will win it back tomorrow’, ‘I am just unlucky this time’, etc. Just tell yourself you will suck it up and accept the loss. As a male, you should definitely not waste all this money when you have family and a partner by your side supporting you.
“Work your 9-5, stay invested by DCA monthly to ETFs, or any other safer ways as compared to trading. You are still young; learning a lesson this early will help you in the long run.”
Another commented, “I hope you’ve woken up from it now. Your loss really isn’t too big. Trading is really not for everyone, at least you’ve tired, burnt. Good lessons, now to close this chapter in your life and work hard, if not, you’re really gonna lose people around you.”
Some also suggested picking up hobbies to shift his focus away from trading. One said, “Have you considered gaming. Like steam? I found it helpful in relief from stress. Dota2 is free btw.”
Another added, “Time to walk away from so-called easy gains while you still can, bro. Put the effort and energy into developing a hobby and/or side hustle that isn’t trading.”
Day trading addiction
Day trading can be an exciting and potentially profitable endeavour, but for some, it can spiral into an addiction that negatively impacts their well-being.
According to Family Addiction Specialist, you might be struggling with day trading addiction if you take bigger risks without much strategy, become obsessed with watching the market, lose interest in social activities, or trade just for the thrill of it.
Other red flags include feeling a strong urge to trade even when you know you shouldn’t, experiencing stress, anxiety, or irritability when not trading, or hiding your trading habits from loved ones. If you find yourself borrowing money, selling assets, or using funds meant for necessities just to keep trading, or if you keep going despite the damage it’s causing to your finances, relationships, and overall well-being, it may be time to take a step back and seek help.
Featured image by freepik (for illustration purposes only)