What Characterizes Excessive Online Stock Trading? A Qualitative Study

Excessive online stock trading appears to share similarities with gambling disorder. However, using gambling disorder criteria to assess excessive trading may not allow a full understanding of this phenomenon as specific aspects of the trading context that differ from gambling may be overlooked. This study explores the manifestations and consequences of excessive trading and its links with gambling disorder via the perceptions of online stock traders themselves. Data for thematic analysis were collected from a sample of online stock traders (N = 13) divided into two focus groups based on trading frequency (i.e., on a regular or occasional basis). Perceived manifestations of excessive trading included excessive preoccupation and frequent behaviors, and consequences that affect finances, relationships, work and health. Perceived links between gambling disorder and excessive trading concerned a shared incapacity to control behaviors, and chasing losses. Though excessive trading and gambling disorder are similar on many grounds, the assessment of trading behaviors should consider specific aspects such as the context within which they occur (e.g., state of the market). Implications for future research on excessive trading behaviors are discussed.