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Quit or keep trading

  • #1
  • First Post: Feb 10, 2022 10:23pm Feb 10, 2022 10:23pm
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
  • #2
  • Feb 10, 2022 10:42pm Feb 10, 2022 10:42pm
Hi KM,

Be very careful with asking these questions of others, imo, where the answer is only relevant to yourself.


Example, if I say you should STOP trading now. If that is not the answer you really wish to hear you might well keep trading.


What I will say to you is you STOP, TODAY, RIGHT NOW trading for any REAL money as you have NO working strategy.


Why not rest, relax, and return to trading on DEMO until you find the ever elusive "working strategy".

Most folk don't like to do that, as, not only can't you redeem your initial losses but it takes TOO long to get anywhere.


Here's a link to a free EA that works as a Trading Simulator. Offline too on weekends.

Test some strategies, templates, etc etc on the Simulator where there is no pressure on you financially.


Install it in your Experts folder if you wish. After install and restart open an MT4 chart and use Ctrl-T and Ctrl-R to show the simulator screen.

“Select the Training2 downloaded expert advisor from the list of drop downs”
“Choose a symbol of your favourite PAIR”
“Choose the slowest model operation EVERY TICK to begin with”
“In the Use Date choose any time from the past (eg 3 months ago)”
“Tick Visual Mode but do NOT tick Optimization”


No pressure AT ALL as you are not trading actual money.
But you WILL be watching and will “in your mind” think
... “I would take a BUY (or SELL) trade now”.

Then see if the market runs in your favour.

And if it doesn’t, and on many occasions, you might recognise that you are not “seeing the market” as it really is.
But you won’t have lost one dollar finding out your limitations.


If you are just wanting to get your money back, then THAT frame of mind without any strategic workable plan might see you double that loss, or fall prey to someone trying to sell you something. RUN.

Be careful with your frame of thinking now, at this point, and very good fortunes to you


Here's the link to a Simulator that will keep you practicing in Forex if you wish, for free

https://www.mql5.com/en/code/9220?ut...ce=mt4terminal
  • #3
  • Feb 11, 2022 12:36am Feb 11, 2022 12:36am
You have 7 more years to go ....
Keep digging and good luck.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #4
  • Feb 11, 2022 12:44am Feb 11, 2022 12:44am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
You will lose all your money. 100%. So first please donate me some. Then you can stop trading or keep losing more, it doesn't matter.

Just kidding

Can't give you any advice, this is your choice only
Observer effect
  • #5
  • Feb 11, 2022 3:16am Feb 11, 2022 3:16am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
Money is not only thing you lose. Time is more valuable. You could earn money in that time by doing something valuable.

If want pasive income go to stocks. You definetly now have skils to beter enter for stocks. And keep them several months/years.

Calculate how much you would earned in 3 years if every months buy some msft stock for 100usd and just keep it. There are solid stocks which pay dividends 4% yearly.. Calculate this approach.

Leave manual daytrading. Stop that. You waste ar lot time manualy trading.
  • #6
  • Feb 11, 2022 4:24am Feb 11, 2022 4:24am
You have no clear strategies. Also no strategies have 100% success. If you can focus on strategies and not dollars reward. You would be okay
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #7
  • Feb 11, 2022 4:36am Feb 11, 2022 4:36am
Quoting joyny
Money is not only thing you lose. Time is more valuable. You could earn money in that time by doing something valuable. If want pasive income go to stocks. You definetly now have skils to beter enter for stocks. And keep them several months/years. Calculate how much you would earned in 3 years if every months buy some msft stock for 100usd and just keep it. There are solid stocks which pay dividends 4% yearly.. Calculate this approach. Leave manual daytrading. Stop that. You waste ar lot time manualy trading.
That's why I have been saying "don't trade forex for a living." Get a job.

Speculate forex or stocks as an investor - passive income.

The hardest part of forex trading is "to walk away from day trading".
The brain knows but the flesh is not willing.
OP loss $9k, this makes it even harder.
Know what you trade
  • #8
  • Feb 11, 2022 5:00am Feb 11, 2022 5:00am
Quoting BWilliam
{quote} That's why I have been saying "don't trade forex for a living." Get a job. Speculate forex or stocks as an investor - passive income. The hardest part of forex trading is "to walk away from day trading". The brain knows but the flesh is not willing. OP loss $9k, this makes it even harder.
The OP unsubscribed from his own thread 5 hours ago. He started the thread six hours ago..
The truth is hard - he should stop trading, get a job and enjoy life.
every Saint has a past. Every Sinner has a Future
  • #9
  • Feb 11, 2022 5:24am Feb 11, 2022 5:24am
Quoting turnip15
{quote}
The OP unsubscribed from his own thread 5 hours ago.

Hi turnip,
Somehow I had a feeling, of what he really wanted the answer to be.
Wishing him all the best is all we can do.
  • #10
  • Feb 11, 2022 5:27am Feb 11, 2022 5:27am
Quoting BWilliam
{quote} That's why I have been saying "don't trade forex for a living." Get a job. Speculate forex or stocks as an investor - passive income. The hardest part of forex trading is "to walk away from day trading". The brain knows but the flesh is not willing. OP loss $9k, this makes it even harder.

Hi BW,

The hardest part IS walking away, yep.



A mate’s son worked at the Brizzie Casino up here years ago.

He said the saddest thing for the croupiers to watch,
was NOT the punters losing AT the tables.

It was 11.50PM outside the ATM’s.

Where folk who had already lost their daily withdrawal allotment,
were in a queue almost out the door, waiting for the midnight bank roll over.
So they could get a new $500 limit to take out.

Every person for themselves sadly. But it’s like watching a young kid running onto the freeway, in amongst the cars.
Hope fortune smiles upon him.
  • #11
  • Feb 11, 2022 6:33am Feb 11, 2022 6:33am
I remember reading somewhere that it takes 10 years to master something.
My problem was, I was a jack of all trades and a master of none.
After I learned my lesson I've made the decision to master just one system. No mater how long it takes.
Enjoy the Journey.
Play the hand you were dealt.
  • #12
  • Feb 11, 2022 6:37am Feb 11, 2022 6:37am
Hi Keepmoving!

I lost a couple of thousands too and the reason for that can be unveiled as follows:
1) I was overtrading.
2) Poor risk management.
3) Insufficient knowledge of technical analysis.
4) No idea on how to do fundamental analysis.
5) Trading on a laptop and following one single timeframe.

Do you see yourself in any of the 5 situations above?
Risk Management is of utmost importance!
  • #13
  • Feb 11, 2022 7:13am Feb 11, 2022 7:13am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
took me 10 years
SDTAG
  • #14
  • Feb 11, 2022 8:21am Feb 11, 2022 8:21am
Quoting Sdtag
{quote} took me 10 years
To lose all? Higher timeframes trading?
Observer effect
  • #15
  • Feb 11, 2022 10:24pm Feb 11, 2022 10:24pm
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
3 years (36 months) is just one trading cycle.

in a 3-years cycle, some system (strategy) will fail because of the market type condition dynamic.

<quote> Dr Van K Tharp
“Expecting the same system to work in all market types is the definition of insanity”

https://www.axi.com/au/blog/educatio...x-market-types



If you experience one bad cycle, it is not the end of your trading journey.
You need to review your system strategy and learn why it 'failed'. Then you fine tune your system to trade in the new market type. This is a continuous process every full time trader must do.

You will have different systems for different market types.
That's is one of several objectives in Trading Systems Development.


Here in Forex Factory, people gave up too soon ... gave up too easily ... stopped learning ...

Attached Image (click to enlarge)
Click to Enlarge Name: traders in ForexFactory.png Size: 1.2 MB

...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16
  • Feb 11, 2022 11:16pm Feb 11, 2022 11:16pm
Thank guys with all the advice. I think i have the answer myself. I do not like to leave. I will deposit a small amount to learn to trade maybe for more three years. I do not like demo because of emotion related to trading not the same as real money. That way i could keep learning and would not lost much money. Just keep moving
  • #17
  • Feb 11, 2022 11:19pm Feb 11, 2022 11:19pm
Quoting emmanuel7788
{quote} 3 years (36 months) is just one trading cycle. in a 3-years cycle, some system (strategy) will fail because of the market type condition dynamic. <quote> Dr Van K Tharp “Expecting the same system to work in all market types is the definition of insanity” https://www.axi.com/au/blog/educatio...x-market-types If you experience one bad cycle, it is not the end of your trading journey. You need to review your system strategy and learn why it 'failed'. Then you fine tune your system to trade in the new market type. This is a continuous...
Very useful information about market cycles. Thank you. I need to learn more
  • #18
  • Feb 12, 2022 6:43am Feb 12, 2022 6:43am
Quoting emmanuel7788
... stopped learning ...
Yeah but a lot of people are learning for 10+ years that if 2 candles are green then next will be green too.
What a invaluable knowledge!
Observer effect
  • #19
  • Feb 12, 2022 7:07am Feb 12, 2022 7:07am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
Attached Image (click to enlarge)
Click to Enlarge Name: kNJCWYT.png Size: 209 KB

Look at this chart, tell me what do you see.
  • #20
  • Feb 12, 2022 7:32am Feb 12, 2022 7:32am
Hi Mixedbags,
That chart seems to be from Trading made simple (r) thread. I think what you should do is put a 100 or 200 ema on it and trade with the trend. Good luck.
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