Treatment places are seeing a rise in the number of people addicted to cryptocurrencies. Even if the signs are evident, some people in the crypto trade community may not realize what’s happening.
Day trading addiction, which means doing trading actions repeatedly, has gotten much attention in the stock and commodity dealing world. Respected doctors have spent a lot of time explaining this complicated subject. There are rehab courses that are specifically designed to help people who are addicted to day trading.
How to recognize an addiction? How to overcome it? This is what this guide is about.
What Is an Addiction to Buying Cryptocurrencies?
Sternlicht says that cryptocurrency trading addiction is a long-term, repeated pathological compulsion and fixation on investing in or trading cryptocurrencies, even if it causes financial problems, strained relationships, work problems, mental health issues, and other nasty things.
He says that the appeal of addictive behavior is more than just small deals. When a trader spends all their time carefully looking at charts, studying the market, analyzing data, doing deep fundamental analysis, or figuring out how investors feel, it may be a sign that something is wrong.
Who Exactly Is in Danger?
Sternlicht believes that people who tend to spend a lot of time in the world of crypto, who have dealt with other addictions, or who have had bad experiences with gambling are more likely to fall for the lure of cryptocurrency trading. Traders may be prone to addictive behavior because of a combination of things, such as a family history of addiction, mental health problems, impulsivity, and a desire to take risks.
Sternlicht has done a lot of research and found that people who trade in cryptocurrencies tend to have a good education and a deep knowledge of money. They have a clear benefit in the market because they know things that the rest of the people don’t. For example, crypto fans often spend a lot of time and energy looking closely at the basic ideas behind a particular venture. On the other hand, they may be very good at breaking down complex charts, macroeconomic data, market mood, and other speculative measures. In the world of cryptography, this is often called the “illusion of control.”
Scholars from the elite Universidad de Deusto and University College London wrote about the “illusion of control” in a critical study done in 2014. They thought this cognitive bias shows up as an overly optimistic view of how our actions can change things that aren’t controlled.
Sternlicht’s well-known ideas suggest buyers may be more likely to take risks and trade more often if they have a false sense of security. If traders think they have a clear edge when trading cryptocurrencies, they may be more likely to try riskier or more significant projects, making them more likely to become addicted to trading.
Marini came up with the “Crypto Curve,” a complicated picture showing how these dangerous tendencies change over time. To avoid confusion with the well-known “crypto J-curve,” which shows how the market value of a coin changes over time, Marini’s Crypto Curve needs to be set apart. This particular curve gives a graphic picture of the different stages of trade addiction, from a state of extreme happiness and longing to a phase of realizing what’s going on, then recovering, and finally making a lot of progress.
The phases of addiction and rehabilitation are depicted on Marini’s Crypto Curve
How to Know if There’s Something Wrong?
Sternlicht’s well-known views show that staying alert and aware of sure signs is essential. These signs include not being able to stop or control trading, thinking about cryptocurrencies even when not trading, feeling guilty or ashamed about crypto activities, and hiding financial losses from people close to you. Things like being dishonest, taking something without permission, doing illegal business, or borrowing money to keep trade going are all possible warning signs.
One of Marini’s most respected clients worked for a well-known financial company and devised a complicated plan to steal $1.5 million worth of Bitcoin. The person lost $1.2 million because of the stolen possessions. Another respected person ran to Castle Craig to escape drug abuse.
After successfully giving up drinking, this person learned how to trade cryptocurrencies and made a lot of money. They now have a large fortune of 500,000 euros. After two years, the respected client returned to a reputable organization. Unfortunately, they fell back into using drugs and drinking, which caused them to lose all their cryptographic assets.
Other signs of addiction include spending money that would have been used for basic needs on cryptocurrency, putting trading above personal relationships and professional opportunities, having trouble staying focused, losing interest in activities that don’t involve cryptocurrency, and having trouble sleeping because of constant trading or trading-related activities.
Choices for Treatments
Sternlicht is very good at making treatment plans that fit the needs of each person seeking help as an outpatient. Even though the person in question doesn’t use a method that works for everyone, it is essential to note that a structure can be changed to fit different situations. After his highly respected team does a thorough assessment, they come up with carefully planned intervention strategies.
These strategies include a wide range of therapeutic modalities, coaching methods, psychiatric interventions, family and couple counseling, careful financial supervision, careful monitoring of the sleep-exercise-nutrition trifecta, and regular daily check-ins. Drug and alcohol tests may also be necessary since they relate to the subject. Sternlicht’s approach is an excellent example of how mindfulness and holistic treatments can be used together.
Sternlicht’s strategic framework is built around keeping an eye on finances. When working with our valued clients who are deeply involved in cryptocurrencies, it is essential to set up complete financial monitoring systems to keep an eye on their digital assets.
This means keeping a close eye on their bank accounts and active trading sites if they keep doing these things. Sternlicht says that digital wallets are correctly accounted for.
Sternlicht thinks that keeping an eye on assets and letting the client briefly give up control of those assets can help build a sense of responsibility and focus on the process of recovery. A trusted friend can do this financial monitoring with a track record, a seasoned financial expert, or a Sternlicht’s skilled team member.
During a crypto trading session, an intelligent client may identify solid trading triggers and develop healthy ways to deal with trading temptations at the top of their list. Also, they may practice the tricky art of building trust and putting clear limits on their relationships. Also, they may start a profound journey of self-discovery that takes them into the complex world of mental health and the healing of past injuries.
During breaks, the team closely watches how they sleep, what they eat, how much they move, and how much time they spend online. “Recovery is like an encryption riddle, made up of a complicated set of pieces. Sternlicht says, “As these pieces are carefully put together, the person’s chances of living a successful and happy life are greatly increased.”
Based on what Marini has said, Castle Craig takes the same method to treat coin addiction as it does treating gambling addiction. They combine the ideas of cognitive behavioral therapy with the ways that a 12-step program can help people change.
Before starting the cryptography journey, one must admit that a problem exists. I have no control over this problem, which slowly takes away my ability to run my life well. In this situation, it looks like I’m in a cryptography bind. “As I look deeper into the problem, it becomes clear that the root cause is me,” says Marini.
The six-week residential course is comprehensive. It includes both personalized one-on-one therapy sessions and intensive group therapy sessions. Marini knows that group therapy is essential in the world of cryptography because of its ability to help people feel validated and build a sense of community. When people work together, they feel a deep connection with their partner, which removes the feeling of being alone. “The individualized approach to therapy is admirable, but the most important thing is that everyone is involved,” says Marini.
According to Marini’s ideas, the therapy plan integrates horse therapy, art therapy, and deep holistic methods into the treatment model. The recovery process also requires a solid resolve to reduce the risk of return after treatment and the chance of becoming addicted to more than one drug.
Marini says that some people may use amphetamines to stay awake because the Bitcoin trade constantly changes and never stops.