Author Topic: How to get rid of stocks obsession?  (Read 4502 times)

Fuperw84

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How to get rid of stocks obsession?
« on: April 26, 2018, 03:02:34 PM »
I'm currently trying to focus on paying off $11,000 credit card debts. I recently sold all my stocks but having hard time withdrawing money from Fidelity and Robinhood account. I'm struggling to resist temptations to continue trading. I've lost about $120,000 in stock market since i started investing in 2015. I'm determined to stop trading but having problem staying away from watching stock market. I wake up 6am and watch CNBC until Jim Cramer show ends at 7pm. I go on stockwits all day to chat and also on Yahoo message board. I really want to separate myself completely from stock market and focus on paying down debts and enjoying other aspects of life. Without watching stocks on TV and internet, I feel my life has no meaning and i'm really bored. Does anyone have a suggestion on how to get away from this obsession with following stock market all day?

RWD

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Re: How to get rid of stocks obsession?
« Reply #1 on: April 26, 2018, 03:12:37 PM »
^^ I was going to say the same thing about a gambling addiction

Try reading the stock series if you haven't already.
http://jlcollinsnh.com/stock-series/

The SP500 is up roughly 25-38% (depending on the exact date) plus dividends since 2015. Embrace index funds, just set it and forget it.

marty998

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Re: How to get rid of stocks obsession?
« Reply #2 on: April 26, 2018, 03:31:25 PM »
Do you have a job? Does your job allow you to watch TV all day?

Perhaps a change of career where you can't do that all day is what is needed too?

retireatbirth

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Re: How to get rid of stocks obsession?
« Reply #3 on: April 26, 2018, 03:37:23 PM »
Cut the cord and get a basic streaming service with no financial news.

ChpBstrd

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Re: How to get rid of stocks obsession?
« Reply #4 on: April 26, 2018, 04:14:40 PM »
Yep, this is a classic gambling addiction, but laced with components of social media addiction.

The problem is not about investments, it's about behavior. You need to obtain assistance with your behavior before you can be prosperous or happy.

Action 1: Google "addiction counselor near me"

Yes, counseling costs money, but an unaddressed addiction costs over 10x as much. Addictions bankrupt people, destroy lives, and break up family/friend connections. Even if you are currently somehow 100% positive you do not have an addiction, you should have a pro verify this because the consequences of being wrong about that are so severe. You have the most lucrative investment in the world in front of you, and it's counseling.

Reminder...
Action 1: Google "addiction counselor near me"

Fuperw84

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Re: How to get rid of stocks obsession?
« Reply #5 on: April 26, 2018, 05:07:36 PM »
I do have gambling tendencies. I used to play a lot of online poker and now doing speculative stock investing. But even when I manage to keep myself away from trading stocks I still have the urge to read, chat and watch stock market on CNBC. CNBC is my main source of entertainment. How do I get away from loving CNBC so much?

Bill_

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Re: How to get rid of stocks obsession?
« Reply #6 on: April 26, 2018, 05:32:39 PM »
I do have gambling tendencies. I used to play a lot of online poker and now doing speculative stock investing. But even when I manage to keep myself away from trading stocks I still have the urge to read, chat and watch stock market on CNBC. CNBC is my main source of entertainment. How do I get away from loving CNBC so much?

Honestly, I really like watching CNBC too.  I like the hosts, I like their views and I think it is good entertainment....but that is where I draw the line.  It is pure entertainment. 

At this point you aren't investing, you are gambling and you aren't doing a very good job at it. 

Optimiser

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Re: How to get rid of stocks obsession?
« Reply #7 on: April 26, 2018, 05:35:44 PM »
I do have gambling tendencies. I used to play a lot of online poker and now doing speculative stock investing. But even when I manage to keep myself away from trading stocks I still have the urge to read, chat and watch stock market on CNBC. CNBC is my main source of entertainment. How do I get away from loving CNBC so much?

Canceling your cable would be a good start. Before long you'll find yourself doing something else with your time. I'd recommend doing stuff outside where you aren't tempted to jump on the internet and continue reading about stocks.

zoltani

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Re: How to get rid of stocks obsession?
« Reply #8 on: April 26, 2018, 05:40:30 PM »
Holy shit dude, you lost 120k in one of the greatest bull markets we have seen. Damn. Find a new hobby, something active and outside. Or learn a new skill and each time you have the urge to check stocks just pick up the book or website or whatever to learn the new thing instead.

Fuperw84

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Re: How to get rid of stocks obsession?
« Reply #9 on: April 26, 2018, 05:59:36 PM »
Holy shit dude, you lost 120k in one of the greatest bull markets we have seen. Damn. Find a new hobby, something active and outside. Or learn a new skill and each time you have the urge to check stocks just pick up the book or website or whatever to learn the new thing instead.

That's because I was greedy and went all in on risky biotech stocks. Not even bull market will help me. Even if i don't trade as a hobby, not watching CNBC will be very difficult. As a former smoker, I feel that giving up cigarette was easier than trying to quit watching CNBC.

zoltani

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Re: How to get rid of stocks obsession?
« Reply #10 on: April 26, 2018, 06:09:12 PM »
Holy shit dude, you lost 120k in one of the greatest bull markets we have seen. Damn. Find a new hobby, something active and outside. Or learn a new skill and each time you have the urge to check stocks just pick up the book or website or whatever to learn the new thing instead.

That's because I was greedy and went all in on risky biotech stocks. Not even bull market will help me. Even if i don't trade as a hobby, not watching CNBC will be very difficult. As a former smoker, I feel that giving up cigarette was easier than trying to quit watching CNBC.

If that is the case you need professional help. Find a therapist that works with people with addiction. Usually it is not the thing that you are addicted to, there are much deeper fundamental issues going on, usually subconscious.

This is what really sticks out to me: Without watching stocks on TV and internet, I feel my life has no meaning and i'm really bored.

That feeling of emptiness and lack of meaning needs to be addressed.
« Last Edit: April 26, 2018, 06:11:03 PM by zoltani »

tyler2016

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Re: How to get rid of stocks obsession?
« Reply #11 on: April 27, 2018, 10:02:46 AM »
If you must buy individual stocks, at least know what you are doing. All data points to day trading not working. Beating the market is possible using fundamental analysis, but it is harder than it used to be, and requires the right temperament. It requires a lot of research, patience, and being satisfied with a few percent above market returns. As far as the financial media goes, guess how much Charlie Munger and Warren Buffet base their decisions off of it.

Even with the right temperament and thorough research, you will likely get market level returns.

CrazyStudentDad

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Re: How to get rid of stocks obsession?
« Reply #12 on: April 27, 2018, 10:46:16 AM »
Holy cow. I'm building an airplane, and I thought that was an expensive and unmustachian hobby. +1 on getting professional help.

koshtra

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Re: How to get rid of stocks obsession?
« Reply #13 on: April 27, 2018, 11:02:48 AM »
Yeah, I would really plump down the money on an addiction therapist. These people know their stuff: it won't take long. And the relative cost is trivial. You've done the hard part -- you've realized that you need to change this. Now you just have to figure out how, and keep focused on the solution. Really, you're more than halfway there already.

I'm sure you already know all the arguments against stock-picking and all that (and a zillion counterarguments, for that matter.) That's not the point. The point is getting your life back.

JAYSLOL

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Re: How to get rid of stocks obsession?
« Reply #14 on: April 27, 2018, 11:23:53 AM »
Wow, a drug addiction would have been cheaper and less time-consuming.  I'll echo getting some professional help, and do whatever it takes to find something else (not drugs, lol) that will fill that hole and keep you focused on productive activities

TheOldestYoungMan

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Re: How to get rid of stocks obsession?
« Reply #15 on: April 27, 2018, 11:51:52 AM »
Unplug the television, take it outside, and set it on fire.

Optimiser

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Re: How to get rid of stocks obsession?
« Reply #16 on: April 27, 2018, 12:38:51 PM »
If you must buy individual stocks, at least know what you are doing. All data points to day trading not working. Beating the market is possible using fundamental analysis, but it is harder than it used to be, and requires the right temperament. It requires a lot of research, patience, and being satisfied with a few percent above market returns. As far as the financial media goes, guess how much Charlie Munger and Warren Buffet base their decisions off of it.

Even with the right temperament and thorough research, you will likely get market level returns.

Regardless of how anyone feels about stock picking in general, in this case I don't think the OP should do any stock picking at all, of any kind. They have already proven that it is too dangerous for their personal brain chemistry. Once the credit card debt is paid off and they do want to start saving for retirement, I'd suggest something like Betterment that is completely hands off set it and forget. Chasing after a few extra percentage points is just not worth the risk of loosing another 100k+.

And like others have said, find a addiction specialist, and cancel your cable or sell your TV. You cannot watch anymore CNBC if you want to get rid of your stocks obsession.

SparkyPeanut

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Re: How to get rid of stocks obsession?
« Reply #17 on: April 27, 2018, 01:25:51 PM »
I'm currently trying to focus on paying off $11,000 credit card debts. I recently sold all my stocks but having hard time withdrawing money from Fidelity and Robinhood account. I'm struggling to resist temptations to continue trading. I've lost about $120,000 in stock market since i started investing in 2015. I'm determined to stop trading but having problem staying away from watching stock market. I wake up 6am and watch CNBC until Jim Cramer show ends at 7pm. I go on stockwits all day to chat and also on Yahoo message board. I really want to separate myself completely from stock market and focus on paying down debts and enjoying other aspects of life. Without watching stocks on TV and internet, I feel my life has no meaning and i'm really bored. Does anyone have a suggestion on how to get away from this obsession with following stock market all day?

How are you watching TV all day long?  I think you work full-time yes? - or are you between jobs right now?
The best way to stop is to remember that you are literally wasting your time and will get a headache from all this information overload.  You are wasting time because you know you will do better if you just automatically dollar-cost average into an index monthly from your paycheck.  If you don't have a paycheck at present then just focus on whatever it is you need to do to progress to the job that you want.  It's not worth your time trying to assimilate all this information from CNBC.  The 'experts' can't even get it right.  Free yourself!

Radagast

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Re: How to get rid of stocks obsession?
« Reply #18 on: April 27, 2018, 01:59:56 PM »
Robinhood is the worst. I just started there last week to get the free stock, and it is a highly entertaining information free toy that buzzes when a trade is executed and maximizes behavioral problems. I made 5 trades, two of them selling the free stocks and two buying and selling VT, and I am already down a few percent compared to buy and hold probably any of the above. It is a pocket stock casino. You should transfer your money out immediately, and in the future refrain from everything except mutual funds with expenses below at most 0.4%.

(I'm keeping mine for now, but I am resistant to addictive behaviours and not planning any action for at least several months.)

Psychstache

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Re: How to get rid of stocks obsession?
« Reply #19 on: April 27, 2018, 02:33:46 PM »
+1 to getting into counseling ASAP. You have built yourself into a prison of habits that are going to destroy you and you need someone to help you get out.

If you are %100 opposed to counseling/therapy, find a remote cabin with no TV/internet access, rent it out for one month and reset yourself. But really, go see a professional and get professional help.

Bicycle_B

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Re: How to get rid of stocks obsession?
« Reply #20 on: April 29, 2018, 08:12:24 PM »
Fuperw84, you've got a lot of great direct replies with the same answer:  turn it off and get professional counseling.  I support this, just wanted to congratulate you on recognizing the actual problem and starting the process of reaching out for help.

I suspect that because of how strong the feelings are, you will bounce around for a while.  Getting counseling is necessary and important based on the description you have given, but between counseling sessions, each day and sometimes each minute can be very long when you are no longer indulging the addiction loop.  If my smaller struggles with such feelings are any indicator, you may at first oscillate among a variety of backup strategies while you struggle through the early times of Not Doing The Addictive Thing.  Definitely stop watching Cramer though, in addition to refusing all trades and terminating the Robinhood account.  I strongly urge you to choose a simple allocation of index funds (eg, 70% stock 30% bonds) and commit to rebalancing once per year. 

Some ideas about alternative things to do with your time in the following 364 days:
1. Make friends.
2. Learn a new skill (something without an element of chance.  Variable rewards may be ok, but not from chance.)
3. Exercise.
4. Read.
5. Journal.
6. Track steps and success in other activities.

Best wishes.

LessIsLess

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Re: How to get rid of stocks obsession?
« Reply #21 on: April 30, 2018, 06:11:57 AM »
I do have gambling tendencies. I used to play a lot of online poker and now doing speculative stock investing. But even when I manage to keep myself away from trading stocks I still have the urge to read, chat and watch stock market on CNBC. CNBC is my main source of entertainment. How do I get away from loving CNBC so much?

Your problem isn't loving CNBC.  That's fine, no harm.  Your problem is losing money in the stock market.  I would fix that ASAP!

boarder42

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Re: How to get rid of stocks obsession?
« Reply #22 on: May 04, 2018, 07:12:49 AM »
I have a semi addictive personality until it comes to my money - if losing piles of money wont help you kick the habit you probably should quit watching CNBC.  Look you cant beat the market - like you i tried for 17 years before finding this site.  Its not worth the stress.  CNBC is still fun to watch for entertainment purposes, as long as you have the control to let the noise not get to you.  It doesnt sound like you currently have that control.  You've already been beat down if you still think you can beat it i'd quit the news cycle all together and dump your money into VTSAX and just chill for awhile.  Its one of the best things i ever did.  autopilot my investments.  I was spending hours thinking about it worried about it.  now i know its just gonna go up over the long term.  will it drop yeah but i cant control that. 

ChpBstrd

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Re: How to get rid of stocks obsession?
« Reply #23 on: May 04, 2018, 09:29:50 AM »
Actually science suggests you should reduce your exposure to unreliable information sources, even if they are entertaining. That's because merely being exposed to a message over and over again makes people more likely to believe it. It's why propaganda works. CNBC doesn't fit the "fake news" mold, but their implicit claims to know where stock prices will go next are essentially unreliable/false. Maybe you take their specific predictions with a grain of salt, but watch them enough and you'll eventually soften to the idea that stock price changes are predictable. Next thing you know, your portfolio choices have changed and you don't even realize it.

https://www.vox.com/science-and-health/2017/10/5/16410912/illusory-truth-fake-news-las-vegas-google-facebook

boarder42

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Re: How to get rid of stocks obsession?
« Reply #24 on: May 04, 2018, 09:42:00 AM »
you can speak for yourself on it - my investments stay in my AA regardless.  I've watched alot of shows about super hero's for entertainment recently and i'm currently not believing they exist.

Financial.Velociraptor

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Re: How to get rid of stocks obsession?
« Reply #25 on: May 04, 2018, 02:27:15 PM »
Maybe replace it with a 'productive' obsession.  Crossfit seems to be a favorite of obsessive/compulsive types.

powskier

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Re: How to get rid of stocks obsession?
« Reply #26 on: May 05, 2018, 05:08:02 PM »
^ This.
One way to get rid of an addiction is to replace it with a "healthier one".
Yes ideally evolving past addiction all together would be best, but sometimes using dopamine/endorphins/cortisol within healthier pursuits is at least harm reduction.
Your brain is set up for you to get hooked, cigarettes and exciting stock trading got you hooked. Go get hooked on exercise and clean eating or whatever. Worse case is you get injured and become that really annoying guy talking about his sport all the time.

theolympians

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Re: How to get rid of stocks obsession?
« Reply #27 on: May 05, 2018, 06:24:18 PM »
What the heck is "Robinhood"? A trading site that is set up like a slot machine? Why all the "active" trading? Buying a stock hoping it will go up a few dollars then selling. What sort of tax hit are
you setting yourself up for?

Dump cable and dump cnbc permanently. Dump the internet for a week or two to detox.

shinn497

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Re: How to get rid of stocks obsession?
« Reply #28 on: May 05, 2018, 09:50:30 PM »
I would definitely get a counselor.

Do you have any friends? A lot of addictions are caused by loneliness. Having people and interests in your life help a lot to get over them.

I would also suggest FPU by Dave Ramsey. It is a good place to get support to be financially smarter and get out of debt.

Tyson

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Re: How to get rid of stocks obsession?
« Reply #29 on: May 08, 2018, 11:56:53 AM »
The core idea you are chasing is that you can "win" based on having more/better information or analysis or understanding etc...  This is not true.  It will never, ever, ever be true.  You have to accept that.  It's just a flat fact.