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When Should You Give Up On Trading?

  • #101
  • Nov 3, 2022 2:34am Nov 3, 2022 2:34am
Quoting jonstewart
Actually, the problem is- most of the new comers start their trading career with a wrong trading mindset! They expected the success so easily, but after a few years when they face the reality, they just leave the market!
yes, you're right. I feel the efforts to upgrade in trading by gaining knowledge and putting constant efforts should always be persistent to see positive results in long run.
  • #102
  • Nov 4, 2022 5:31am Nov 4, 2022 5:31am
Quoting YellowFellow
> When Should You Give Up On Trading? ---> As soon as you lose your pocket money. PS: Don't invest more than you can afford to lose.

Actually, in Forex our trading skill the main capital rather than our pocket money! This is why, we need to focus on learning than earning!
  • #103
  • Nov 4, 2022 10:58am Nov 4, 2022 10:58am
When the opportunity cost is greater than doing something else that you have better likelihood of success with.
  • #104
  • Nov 8, 2022 1:33am Nov 8, 2022 1:33am
Quoting quinn09
{quote} yes, you're right. I feel the efforts to upgrade in trading by gaining knowledge and putting constant efforts should always be persistent to see positive results in long run.

Absolutely, that’s the right mindset! In Forex, having a learning mindset is so much important; no one can expect here consistent result without learning!
  • #105
  • Nov 8, 2022 11:59am Nov 8, 2022 11:59am
When should you give up on trading?

never

I’ve been at it for about 13 years. And only in the last few months has it finally began to click.

I knew the importance of the mental/emotional side but didn’t know how to manage it. Now knowing how to manage the mind, trading is so much easier.

Can’t dismiss the importance of years of chart analysis but if one can manage the mind, they can do better with very little trading experience verses someone with a huge amount of trading experience but is unable to effectively manage the mindset.

So for me giving up was never an option. Taking extended breaks, yes, giving up, never…
  • #106
  • Nov 8, 2022 12:28pm Nov 8, 2022 12:28pm
Not every human being is supposed to succeed in any job.Not everyone can be a good athlete or doctor or teacher.The same is true for trading forex.The important thing is that the person himself comes to this belief.You should not be influenced by the motivational words of others,A person should be honest with himself.So we have to look for a job in which we have skills and talent.
  • #107
  • Nov 8, 2022 2:38pm Nov 8, 2022 2:38pm
Quoting tetis
Not every human being is supposed to succeed in any job.Not everyone can be a good athlete or doctor or teacher.The same is true for trading forex.The important thing is that the person himself comes to this belief.You should not be influenced by the motivational words of others,A person should be honest with himself.So we have to look for a job in which we have skills and talent.
Good point

I would add this: ask honestly to your soul "Do I really like trading?". If you truly feel that you like trading (and not because of money but a process) - then continue trading and will succeed.
  • #108
  • Nov 9, 2022 8:12am Nov 9, 2022 8:12am
Honest answer - for nearly everyone. Yesterday, or today at the very latest..
  • #109
  • Nov 9, 2022 8:27am Nov 9, 2022 8:27am
Quoting benaiah
When should you give up on trading? never I’ve been at it for about 13 years. And only in the last few months has it finally began to click. I knew the importance of the mental/emotional side but didn’t know how to manage it. Now knowing how to manage the mind, trading is so much easier. Can’t dismiss the importance of years of chart analysis but if one can manage the mind, they can do better with very little trading experience verses someone with a huge amount of trading experience but is unable to effectively manage the mindset. So for me giving...
And How did you find that estate trough books, psychologist, basically as you mention how were you able after so long to able to manage the mind?

In asking because I'm at that stage were i have my strategy that I'm comfortable but many times the mind is the problem.

Thanks
Kind regards
  • #110
  • Edited 2:41pm Nov 9, 2022 2:31pm | Edited 2:41pm
Quoting Frag8383
{quote} And How did you find that estate trough books, psychologist, basically as you mention how were you able after so long to able to manage the mind? In asking because I'm at that stage were i have my strategy that I'm comfortable but many times the mind is the problem. Thanks Kind regards

Yes. I will try to explain basic concepts…

First, we have heard it said the biggest problem for retail traders is being underfunded. That is completely false.

Ever wonder why brokers only give 100k demos? Well if you have a 100k, they want you to eventually deposit that and blow up the account and pay all the associated fees with all the trades taken. And if you don’t have 100k to deposit, you will get accustomed to the adrenaline rush of trading 100k on demo. Then when you deposit a much smaller amount the tendency will be to over leverage to try and maintain the same rush of adrenaline. Then account after account is blown up, and same good results for the broker getting paid.

So the first step of settling the mind and calming the emotions is trading a smaller account. Edit: AND understanding the smaller account benefits and accepting it as the better option.

There are further steps that will allow you to make just as much money with smaller accounts and even possibly more money with a smaller account than with a bigger account. I will share more as I have time…

edit2: how did I find it? Honestly it was an accident. A potentially really bad trading decision caused something to click in my mind and became the best trading decision I ever made. The levels of enlightenment about trading psychological continued to advance over a span of time and even now continue to improve.
  • #111
  • Nov 9, 2022 2:53pm Nov 9, 2022 2:53pm
So as not to take over this thread with my topic:

https://www.forexfactory.com/thread/...4#post14216964
  • #112
  • Nov 9, 2022 4:24pm Nov 9, 2022 4:24pm
As soon as you have learned enough about yourself so that you don't follow your greed, you might give up on it but you don't have to any more.
If you do not see that success in trading depends much more on being able to learn about yourself than about PA, you'd better not even begin with it.
Once you have learned not to cheat yourself you will have success in life, with or without trading.
JMHO and life experience
  • #113
  • Nov 10, 2022 6:40am Nov 10, 2022 6:40am
Make certain that you are not trading live without first learning and mastering the trading strategy you are employing.
  • #114
  • Jan 1, 2023 5:42am Jan 1, 2023 5:42am
During 2022, FF members with live TE greater than $100,
how many are there in total?
the last rows of the column are often with 3 or 4% profit, FF allows max 99 results, smart,
what would it look like in 2, 5 or 10 years? FF does not allow such insight, again cleverly.
Attached Image(s) (click to enlarge)
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  • #115
  • Jan 6, 2023 12:15am Jan 6, 2023 12:15am
Quoting Varkeer
Going over a year without a profitable month would be a key indicator that you really should stop trading. So this is blowing up your account 12 times in a row. Whatever you start the month with, you end up losing it all, over and over and over again, month after month. Dude, just stop.
I disagree. At least for me it was like... build trading methodology first. Build psychology second. Know your psychological limits. Third re-build and adjust trading methodology according to your limits. So I blew like 50 accounts - mostly 10 bucks, a few 100's... but I refuse to give up. Until you can still learn something from a failed account then it is not a failure. It is paying tuition to the market.
  • #116
  • Jan 6, 2023 12:26am Jan 6, 2023 12:26am
You should stop when you realize it's doing bad things to your mental health.

Trading is 90% a psychology game, not everyone can bare it
  • #117
  • Jan 6, 2023 5:55am Jan 6, 2023 5:55am
Margin calls still get me! I usually recover after a margin call but dips still frighten me. Maybe I am going too far for my mental health, but I’m not sure how I am supposed to manage risks if it doesn’t dip down.
  • #118
  • Jan 6, 2023 11:31am Jan 6, 2023 11:31am
NEVER GIVE UP

Inserted Video
  • #119
  • Jan 6, 2023 3:03pm Jan 6, 2023 3:03pm
Quoting Pat Chiko
So what makes it hard for traders to stick to forex trading anyway? They blew their trading account aka Margin Call. Forex trading is not what they expected. They’re discouraged by their losses. They can’t get back in the zone. Forex trading isn’t for them. To many times scammer took their money with empty promises Too many fake gurus and expert in Forex
Goodbye buddy!
  • #120
  • Jan 7, 2023 6:58am Jan 7, 2023 6:58am
Quoting Breza
During 2022, FF members with live TE greater than $100, how many are there in total? the last rows of the column are often with 3 or 4% profit, FF allows max 99 results, smart, what would it look like in 2, 5 or 10 years? FF does not allow such insight, again cleverly. {image} {image}
only +/- 5% succeed in any business or sports or anything. all the rest are in the wrong place and/or the wrong time.
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