What is day trading and what if I suspect my spouse is dealing with a day trading addiction?

man looking at stocks using his phone and laptop Image Credits: unsplash.com

Some people like to “gamble” with their money and they call it day trading.

If it’s your first time hearing the term, it simply means buying and selling stocks within a day to try to make quick money.

It can be likened to playing the stock market but on steroids. Something like trying to catch fish with your bare hands instead of a fishing rod because it’s too slow.

It’s no doubt high risk if you’re an absolute beginner, but also high reward when done right. But if your spouse starts to neglect their job, family, and friends, then something’s not quite right.

More about day trading

The people who do day trading like to buy and sell a lot, so they can make money from the market’s price changes in one day.

Sometimes they can make a lot of money in a short time, but sometimes they can also lose a lot.

Some folks like to do day trading because it’s very exciting, and they can work from anywhere and anytime they want.

But it’s easy to get addicted thinking it’s “easy money.”

Warning signs that signal your spouse may be addicted

If your spouse spends the whole day staring at the computer screen and forgets to keep up with personal hygiene and routines, this can be a warning sign.

He or she may also be paranoid and sensitive when talking about losing money.

If you suspect that your partner is dealing with an addiction, don’t accuse them of having an addiction right away.

How to speak to your spouse

Wait for the right time and find a quiet place. Then, use “I” statements to tell them how you feel and why you worry.

Don’t play the blame game. Take the time to listen to their side of the story—maybe they just want to earn more money for the family or they’re having a tough time at work recently.

Don’t just brush them off or start arguing. Both of you need to find a solution together, like maybe reducing trading hours or seeking professional help.

Encourage your spouse to explore alternative career options

In Singapore, we don’t have a lack of job opportunities and resources, think SkillsFuture and Workforce Singapore.

You can share it with your spouse and encourage him or her to attend some info sessions or courses to upskill.

Let your spouse know that they can (still) feed the thrill of trading better with a job that provides a steady income—with CPF and other benefits.

Seeking professional help

If your partner is already in deep waters, it’s good to see a financial counselor who can help put things into perspective.

It also doesn’t hurt to speak to a general therapist or counselor to see if deeper emotional issues are causing changes in your spouse’s behavior.

Concurrently, ask around for contacts of financial advisors that have a good reputation and reach out to them.

Make an appointment to see if they’ve got other investment schemes that are less risky, so your partner can still trade and put rice on the table.

Day trading is like a gamble where one can win big or lose big. But if you suspect that your spouse can’t seem to exercise self-control, then maybe it’s time to take action. Speak to your spouse first and then seek professional help. Better to talk to someone who knows what they doing than rely on yourself to try and fix everything. Don’t wait until it’s too late.

You Might Also Like