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When Should You Give Up On Trading?

  • #41
  • Jun 8, 2022 3:00am Jun 8, 2022 3:00am
Quoting Pat Chiko
This is probably a stage where many people have reached, and it’s a stage where many people have actually quit trading Forex. It’s very easy to get to that stage and to say, “look, I’ve tried everything, I’ve put all this time, this effort and this money into doing my best I can to try and learn how to trade, but it’s just not working for me”. I reached that stage after about two years and I kind of felt I was going around in circles which is something I’m sure you can relate to if you’ve been trading for a couple of years. So when I reached those...
I think the forex trading algorithm controls profits and losses,if trading on mt5 would be offline,things would be different in my opinion
  • #42
  • Jun 8, 2022 6:19am Jun 8, 2022 6:19am
"if you loose faith in everything you ever knew don't give up on you"
no body told you it's all gonna be alright ,but it gonna be alright

" Before you quit ask yourself why you started"

i mastered the art of trading in a hard way ,

I'll like to give all of you a tip " why fundermental matters"

i used to wonder how can someone trade without a single loss/month , while it sounds impossible to others but it's absolutely possible

best of luck to everyone
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I live in the future
  • #43
  • Edited 5:02pm Jun 8, 2022 3:02pm | Edited 5:02pm
This is a big money industry.

Traders lose 99.xx%, just look at the Top rank here at FF with public TE at each end of the year, sadly.

Traders will become mostly good traders in 3 to 7 years of experience and learning, but they will continue to lose.

The explanation for the paradox is in the unrealistic expectations to which they are "forced" into due to lack of capital, and of course greed for great success, and that without anyone's supervision.

10-25% of the profit per year is an exceptional, brilliant success for an institutional trader, he will earn hundreds of thousands of dollars, maybe millions, but for us it is a ridiculous and unworthy goal.

No one will agree to trade every day and night to earn $ 100 a month on several thousand capitals., but that is the only realistic expectation.
Those few who accept it have a chance, but is it worth the effort?

There is no solution, no guilt.
maybe just as fun, a hobby, an intellectual challenge ... and occasional successes.
  • #44
  • Edited 4:34pm Jun 8, 2022 3:47pm | Edited 4:34pm
You should not give up on forex cause there is a way to make it..... there are so many EAS and systems you can try..... also there is money management, copy forex traders... there are many successful traders....

Also what happened to your grammar?
  • #45
  • Jun 9, 2022 7:34am Jun 9, 2022 7:34am
I now see it as a way to look after my own money rather than a stranger. The early days of imagining making unlimited riches are dead, and I now look for 10% a year, and to work building a decent life away from the screen. I want to prove to myself I can do these things. If there's a job, and decent financial/personal gains to be had, it's only once I have a proven track record, and the ability to curate a real, meaningful life for myself - regardless of trading. They are interchangable; proven track records to the upside aren't just trading related.

DT
  • #46
  • Jun 10, 2022 2:06am Jun 10, 2022 2:06am
Quoting Breza
This is a big money industry. Traders lose 99.xx%, just look at the Top rank here at FF with public TE at each end of the year, sadly. Traders will become mostly good traders in 3 to 7 years of experience and learning, but they will continue to lose. The explanation for the paradox is in the unrealistic expectations to which they are "forced" into due to lack of capital, and of course greed for great success, and that without anyone's supervision. 10-25% of the profit per year is an exceptional, brilliant success for an institutional trader, he...

This sums it up perfectly.
I've quit (day-)trading forex after around 12 years. And AFTER I managed to become profitable consistently. Sounds weird, doesn't it?
But only at that point I realised that I actually made it. I was profitable consistently. Yet, without gambling, I was "only" making around 20-25% per year.
Factoring in inflation and all the hours spent, this gave me a very miserable return and hourly wage.
I decided to put my money where it makes me a lot more than that with a lot of less stress.

However I've learned a lot in those 12 years, which has probably helped me become successful in my other investment endeavours. Therefore I'm grateful for all the hard lessons I had to learn trading forex.
Humans only learn through pain, and believe me, I've learned a lot.

Becoming rich as a forex daytrader however is and will remain a myth. A myth, brokers, institutional traders and course sellers will profit from. But never the average retail day trader.
  • #47
  • Jun 10, 2022 6:59am Jun 10, 2022 6:59am
I find no formal explanation to express how i feel when people fail to trade, and spend too much time concentrating on EAs, and different types of indicators which doesn't worth their time and efforts,

Here is what I want to say , let's look at EURUSD today, what really made that kind of drop, you will find that it was yesterday Eur news announcement, so the first task was to look for the catalyst, and analyse it's impact will it be bad or good for the currency , the last step was to go into mt4 & mt5 or any other kind of trading platform, then find a nice entry and exit points, place your order and exit when time is up because timing is everything,

It won't take you years to be consistent if you know the catalyst rather than to go blindly to the chart find a bearish candlestick patterns around resistance line press a sell order and boom a very huge bullish candlestick appear to decide your fate even that resistance line that ur using as armour won't do anything, won't save you,

It took me one sleepless year only to come and find out that nothing is complicated, simplicity is the key.

Simplicity is the key , everything is already known , candlestick charts is just manifestation of all known catalyst that will drive the currency up or down.
I am sorry for my bad English 🪙
I live in the future
  • #48
  • Jun 10, 2022 9:18am Jun 10, 2022 9:18am
The aswer is simple, Never.

Apart from jokes i think everyone should just invest the amount of money that they are willing to risk/lose, if you can do this then you will be very proficent in trading/investing.
My entire life in one sentence: it didn't go as planned, and that's ok.
Random Scalper All Time Return: 8.9%
  • #49
  • Jun 10, 2022 12:04pm Jun 10, 2022 12:04pm
When you can't stop losing what you can't afford to lose.

KP
Do your homework, follow the footprints of smart money
  • #50
  • Jun 11, 2022 12:40pm Jun 11, 2022 12:40pm
When you don't feel like doing it anymore. i left FF and trading from about 2013 till last year. 8 years and now i have interest again.
  • #51
  • Jun 15, 2022 11:22am Jun 15, 2022 11:22am
I would say the aswer is very simple, without trying to sound overbearing - if someone realizes that he is not talented enough its time to stop it.

Its not a sign of weakness if someone starts to learn programming for example, and after some time learning he realizes that accounting is more interesting and he has more success.

So i would stop trading forex if there would be no sign of minimum success after spendig dozens of hours online with videos and forex-sites.

Of course, its up to everybody how much fun it is to spend further time with a topic that rewards no success, but maybe time is used more efficiently with other activities (maybe also in the financial sector) which return success.

So i dont belong to the group who says "never give up" or " keep on learning" cause often its a question of beeing suitable for something or not.
  • #52
  • Jun 17, 2022 12:22am Jun 17, 2022 12:22am
i gave up so many times from this trading place above all when lost almost whole equity. but again started trading . giving up i think a temporary session .
  • #53
  • Jun 21, 2022 4:17am Jun 21, 2022 4:17am
Quoting Pat Chiko
This is probably a stage where many people have reached, and it’s a stage where many people have actually quit trading Forex. It’s very easy to get to that stage and to say, “look, I’ve tried everything, I’ve put all this time, this effort and this money into doing my best I can to try and learn how to trade, but it’s just not working for me”. I reached that stage after about two years and I kind of felt I was going around in circles which is something I’m sure you can relate to if you’ve been trading for a couple of years. So when I reached those...
Actually, it takes such a long time to learn Forex! 2 Years is a long time; did you use these 2 years in demo? By the way, for me- the first year was so challenging! I came here with a wrong mindset; I though it’s an easy job to make money! Then I realized, how difficult it is! Frankly, currently I’m not quite happy on my own trading, but I have no plan to stay away!
  • #54
  • Jun 24, 2022 9:33am Jun 24, 2022 9:33am
This is a question only you can answer

How well do you know yourself? why do you want to trade?
Do you journal? What is your profit factor & max drawdown? If you r clueless on these metrics, you still have a goddam# long way to go
Did you know how much capital you need to realistically trade for a living?
Do you know most successful traders on the web r single into their 30s-40s with no wife or kids? some even move to a lower cost of living country to increase the odds of their success. How much pain r you willing to take to succeed in trading? Is trading really better than a irl job?

trading is just a dam% hard way to make easy money
  • #55
  • Jun 24, 2022 4:22pm Jun 24, 2022 4:22pm
Quoting YardCapital
I now see it as a way to look after my own money rather than a stranger. The early days of imagining making unlimited riches are dead, and I now look for 10% a year, and to work building a decent life away from the screen. I want to prove to myself I can do these things. If there's a job, and decent financial/personal gains to be had, it's only once I have a proven track record, and the ability to curate a real, meaningful life for myself - regardless of trading. They are interchangable; proven track records to the upside aren't just trading related....
why trade for 10% a year? just throw your money in an ETF and get on with your life. Trading only makes sense if you're beating the market by a considerable margin after taxes. I'm actually curious why you would do this... I'm not criticizing you.
  • #56
  • Jun 24, 2022 4:33pm Jun 24, 2022 4:33pm
I'll never stop trading no matter what. I learned how to code in python by building little trading robots. Those skills transferred to my actual career and have helped tremendously. Building those robots keeps my skills sharp. All of the trading I do is automated so I lose very little time to trading. I have zero interest in doing any manual trading. I quit that after 18-24 months into it.
  • #57
  • Edited Jun 25, 2022 9:32pm Jun 24, 2022 10:59pm | Edited Jun 25, 2022 9:32pm
can speak only for self
lost much of my enthusiasm in jan 2015 when alpari uk went broke and entire account was fubar'd in a instant
and i didn't even have any open positions
lucky it was only a small account but to make worthwhile income must take same type of risk with larger account
friend of mine wasnt so lucky lost 6 digits when halifax folded
made me aware there are risks that trader has no control of
mitigate this risk by ensuring broker keeps funds in segregated account with large reputable bank
and use leverage to leave minimum amt in account needed to avoid margin call on open positions
read small print in t&c's of your contract

i enjoyed my time tinkering with mql4 and eas
but for me there are easier safer less stressful ways to gain income than fx
but each to their own
props to you folk for your dedication and resolve

so why am i posting here?
well i havent for almost 2 years
was just curious if my login still worked .... and if i could still remember how to code mql
well i guess one out of two isnt bad lol
hope you good folk still living well and enjoying selves
best wishes to y'all
  • #58
  • Jun 24, 2022 11:12pm Jun 24, 2022 11:12pm
Quoting hanover
can speak only for self lost much of my enthusiasm in jan 2015 when alpari uk went broke and entire account was fubar'd in a instant and i didn't even have any open positions lucky it was only a small account but to make worthwhile income must take same type of risk with larger account friend of mine wasnt so lucky lost 6 digits when halifax folded made me aware there are risks that trader has no control of mitigate this risk by ensuring broker keeps funds in segregated account with large reputable bank and use leverage to leave minimum amt in account...
Welcome back.
  • #59
  • Jun 25, 2022 1:04am Jun 25, 2022 1:04am
Quoting beastwork
I'll never stop trading ....
read some horror stories online, such as when super trader meets kryptonite, tom dante stories from 15 yrs on youtube.. etc
alot can go wrong program trading. why? bcos rule based program trading off historical data = trading without context
context is key in trading
  • #60
  • Jun 25, 2022 4:04am Jun 25, 2022 4:04am
Quoting econbizer
{quote} read some horror stories online, such as when super trader meets kryptonite, tom dante stories from 15 yrs on youtube.. etc alot can go wrong program trading. why? bcos rule based program trading off historical data = trading without context context is key in trading
I agree. I don't use indicators in my programmed trading. for me, they are worthless pixie dust. Statistics and probabilities rule the day for me. the programs just help me get a large number of trades on, so that the probabilities have an opportunity to play out.
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