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Attachments: When Should You Give Up On Trading?
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When Should You Give Up On Trading?

Quoting gepards
{quote} only +/- 5% succeed in any business or sports or anything. all the rest are in the wrong place and/or the wrong time.
day traders mostly gather here, the chances of success in 5 or 10 years are non-existent.
5% is unfathomable, 0.1% maybe.
Quoting Eelse16
Make certain that you are not trading live without first learning and mastering the trading strategy you are employing.

True a trading strategy is important; mindset is more important! We basically need to know the tricks, when we shouldn’t trade actually!
Quoting Breza
{quote} day traders mostly gather here, the chances of success in 5 or 10 years are non-existent. 5% is unfathomable, 0.1% maybe.
Currently, on Darwinex, there are ~900 active trading accounts that participate in the DarwinAI contests to get investments. As I personally have more than 5 accounts in Darwinex then actual traders might be let's say divide by 2.

Then we look at TOP accounts - each by an individual trader (having 1 or 3 more additional accounts - mostly in profits). Trading more than 1000 days, more than 500000$ investor capital, darwinex score >60. Here it is - we have TOP 10 traders here:

Attached Image (click to enlarge)
Click to Enlarge Name: good_darwins.png Size: 38 KB

Most of them trading for more than 5 years..

From about 450 traders it is ~2% successful traders in the longterm. Ok let it be 1%.. still, it is quite an ok score for such a risky business as forex trading.

Quote
Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more

Quote
According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years

In forex succeeds only 1% of traders in the long term and it is 5x to 10x worse than the "regular business" success rate. Maybe because in forex all mistakes happen much faster. And in forex traders operate with much smaller capital than any regular business starting.

I consider 1% success rate for forex is quite normal.
Never. There's tons of things to figure out what's wrong with your approach to the markets, securities, psychology or mechanics of trading. There's literally tons of sources to resort to and get help from. You have communities, gurus, mentors, videos, books, podcasts, people on social media that are proven to be good. Trading is hard and quitting is easy. You may have lost a lot of money, this means somewhere you have made a huge mistake. You can analyze and come up with reasons, lessons of that so that you do not repeat them. you can journal your processes so locate errors and mistakes. You can use better risk management to minimize the risk of losing a lot of money going forward. Long story short, I do not think it is ever useful or sane just to quit.
When faced with consistent losses or a lack of market understanding, it may be time to rethink one's trading strategy or consider quitting trading entirely.
Newbie traders give up on Forex just because they start trading too early before growing their skill. I also committed the same mistake and then did backtesting to catch my mistake. However, I rectified myself soon and now I am trading with small capital.
The majority of people state that you should never give up when it comes to trading, but I have a different standpoint in regard to this subject. Trading can be a hard and tedious task in the long run, thus it is crucial to retain a stable emotional condition all the time. However, some people are not able to control their emotions and feelings in the long run, as a result, they make wrong decisions based on anger, greed, and fear. I would suggest giving up on trading as soon as you are no longer capable of keeping your emotions under control.
Quoting Mightwing
Never. There's tons of things to figure out what's wrong with your approach to the markets, securities, psychology or mechanics of trading. There's literally tons of sources to resort to and get help from. You have communities, gurus, mentors, videos, books, podcasts, people on social media that are proven to be good. Trading is hard and quitting is easy. You may have lost a lot of money, this means somewhere you have made a huge mistake. You can analyze and come up with reasons, lessons of that so that you do not repeat them. you can journal your...
Yes, I agree to your statement. But majority of the traders lose from Forex just because they invest their money in Forex before learning about trading. So, when they suffer consistent losses, they start to think Forex is their enemy.
In my opinion, you should not give up on trading. It can be a lucrative career if you develop the necessary skills and knowledge.
You should give up on tradinbg when you discover yourself fully unable of making profit on the market. But you know many traders around the world are makingt profit from the market and if you fully mindfully, you will also be able to make profit from the market.
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