How to stop overtrading and get rid of your trading addiction

Hello traders,

All the below are based on my preferences, I don't give any financial recommendations and I have nothing to sell you with this article.
I'm sharing content because I see a lot of traders being/becoming broke and I don't want you to be one of them.

Here's how to stop overtrading and get rid of your trading addiction:🧵

I - Define a set of rules

The first key to stop overtrading is establishing a set of rules
Create a set of rules so you know when you SHOULD stop over-trading.

It can be based on $ gain/loss or just the amount of trades taken.
Either way, there needs to be a written list you can follow.

For example, let's say I want to make X dollars per month with equates to X/20 (give or take) dollars to make in average per trading day.
Once for a given day I've reached that goal, I'm stopping myself from trading more.

Why? Who here kept trading after making a decent amount of money and ended up losing all the gains?
The reason being, we're humans and not naturally wired to trade.
After making some money, we all tend to become greedy, taking more risks, also not seeing obvious signs we usually see when we're focused.

II - Find a hobby

The second key is having a hobby.
Something you can do once you've stopped trading
It could be...

- Working out (I'm working out twice a day for health benefits but also to meditate and to stop thinking about my trades)
Of course, as an intraday trader, I'm going to workout whenever with 0 opened intraday trade
When I'm invested in SWING trading, I'm taking trades with big enough timeframes so that it's totally fine if I'm not checking the charts for multiple hours in a row

- Doing chores
Could also be cooking for yourself or your family

- Talking to a friend
Trading is a passion and if you're passionate about it, your friends will likely want to hear your thoughts about the markets, the trades
Of course, don't give them any financial advice :)
You don't want to be in a position of recommending or not recommending an action as they may blame you for their losses.
Stay neutral, only share what you're doing and why you love doing it

- Writing
Writing or Journaling helps me clearing

As long as you have SOMETHING you can do everyday after trading
It should help you out

Mine is after 3 consecutive intraday losses, I stop for the session (morning or afternoon) and head to working out, walking, doing anything else other than trading

III - Find a buddy

I would also suggest getting a trading buddy

A trading buddy is simply another trader (or non-trader) that you can talk to throughout the trading day
I'm trading with my father and a community of traders, we're talking often, exchanging ideas on whether a setup looks great or not.
Not to talk about trades, but more as a mental coach

Someone who you can text when you're feeling emotional.
And they will tell you to get off the computer.
Sometimes we just need to hear it from someone else to actually execute

IV - Turn off your computer

Lastly, I would recommend turning off the screens.
Like literally shutting your computer/monitor off and walking away.
You need to PHYSICALLY set yourself apart from the trading scene.
Doing this will allow your brain to think about doing something else, rather than trading.

Conclusion

To summarise:

- Have a set of trading rules
- Have a hobby
- Find a trading buddy
- Physically constrain yourself to stop trading after your daily gains or losses have been reached