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Daniel, the way you described your experience – of feeling like you were a genius and you had it all figured out, etc. – I can relate to that so much. I am 54 with three kids (two teens and a younger one). My father also was a gambler (horse racing, sports and stock futures mostly) and I too swore I wouldn’t be like him. But I have the “gene”, and I got into daytrading about 20 years ago. I found it so fascinating and an exciting challenge to try to learn and master it. Well, long story short, I have lost an estimated $100,000+ and also have been fired from at least one major job likely due to my lack of focus because of daytrading. I also sold a really good rental property because I wanted the cash to daytrade (that property has since gone up in value about $50,000 in just a few years, so add that to my losses). Luckily my wife and I make decent money and we have some savings, but not enough to pay for all kids college and retire, so if only I had all that money and time back that I lost in the stupid exercise of daytrading that got me nowhere and just set me back so much in my life. I recently did another few months binge and lost $20K. I withdrew the money from one of my accounts and I tell myself I won’t do it anymore, but there is so much tempting me out there. The stock investing and daytrading industry is so huge (just think of CNBC) and there is always some news out there about some company to invest in, etc. and it’s so tempting to start again. Anyway, I hope you find a way to stop for good and I hope I do too.
Victor, I can relate to your experience. I have compulsively day traded off and on for 20 years and have lost around $100,000 in total.
I too would keep it secret from my wife and she would find out and I would feel so terrible. I recently did it again and lost about $20,000.
I realize my personality just doesnt allow for me to be successful doing it, because I always end up taking some reckless, risky trade and losing everything I gained and way more.
I hope I can stop, but there is so much tempting stuff out there to do it again.