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When Should You Give Up On Trading?

  • #121
  • Jan 7, 2023 2:35pm Jan 7, 2023 2:35pm
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.
  • #122
  • Jan 8, 2023 1:31am Jan 8, 2023 1:31am
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!
  • #123
  • Jan 8, 2023 7:29am Jan 8, 2023 7:29am
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:

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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.
  • #124
  • Jan 21, 2023 12:23pm Jan 21, 2023 12:23pm
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.
  • #125
  • Jan 28, 2023 6:24pm Jan 28, 2023 6:24pm
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.
  • #126
  • Jan 30, 2023 1:51am Jan 30, 2023 1:51am
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.
  • #127
  • Jan 30, 2023 11:51pm Jan 30, 2023 11:51pm
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.
  • #128
  • Feb 5, 2023 1:29am Feb 5, 2023 1:29am
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.
  • #129
  • Feb 27, 2023 2:50am Feb 27, 2023 2:50am
In my opinion, you should not give up on trading. It can be a lucrative career if you develop the necessary skills and knowledge.
  • #130
  • Feb 28, 2023 3:53am Feb 28, 2023 3:53am
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.
  • #131
  • Edited 7:59pm Nov 17, 2023 7:36pm | Edited 7:59pm
for a second thoughts tho, would you still give up trading when you dial it back as a hobby? It is one of the most rewarding hobbies out there isn’t it?

Will Smith once said the question you need to ask yourself isn’t can you handle the situation. The question you ask is can you handle your mind.

there are many reasons you give up on something. There is also many reasons for you to come back and visit these challenges and over comes it. Maybe not today, maybe not tomorrow, maybe next year. Right? Sometimes, on a bad day, it’s okay to step back and take a break in purpose of ONLY so you can swing harder on your next try.

Marathon is ran and trained over the years, not overnight, not over the weekend. People train their entire life just to complete one marathon. They don’t give up. They have fun pushing through the 5k mark, then the 10k, then the half marathon and the full one at the end.

nothing can be mastered without a good amount of failures. Every single one of them, they don’t give up. They don’t.

get over with it. Get on with it.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #132
  • Nov 17, 2023 8:41pm Nov 17, 2023 8:41pm
If you have no extra mobey to spend.
Trading is gambling. So gamble responsibly.
  • #133
  • Nov 22, 2023 1:51am Nov 22, 2023 1:51am
probably if you lose more than you can afford, it is a legit side to give up. But it's always too late...
  • #134
  • Nov 23, 2023 9:54pm Nov 23, 2023 9:54pm
Control your losses and there will be no time to give up when you start over.
  • #135
  • Nov 26, 2023 8:46pm Nov 26, 2023 8:46pm
Quoting FXSayWhat
for a second thoughts tho, would you still give up trading when you dial it back as a hobby? It is one of the most rewarding hobbies out there isn’t it? Will Smith once said the question you need to ask yourself isn’t can you handle the situation. The question you ask is can you handle your mind. there are many reasons you give up on something. There is also many reasons for you to come back and visit these challenges and over comes it. Maybe not today, maybe not tomorrow, maybe next year. Right? Sometimes, on a bad day, it’s okay to step back and...
One of the greatest traders; who knows the game while many are giving up on the game
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.7%
  • #136
  • Nov 27, 2023 4:32am Nov 27, 2023 4:32am
It never occurred to me that I should quit.

Capital markets are pretty much the only solution for funding a retirement. You either figure it out or you stay poor forever. Why would anyone consciously choose that outcome?

Truth be told, I really don't understand how people jump right in to this and expect to see results. I studied markets and trading for a good 10 years before I put on my first real money trade. But it does explain why so many seem to lose money and quit in frustration. Way too impatient.
  • #137
  • Edited 3:53pm Nov 29, 2023 3:17pm | Edited 3:53pm
Quoting 9jatrader
{quote} One of the greatest traders; who knows the game while many are giving up on the game
It's not easy to be good in this field of work. We eat what we kill. We (well, I speak for myself) must constantly remind ourselves that we are running on the edge of a very sharp blade. Every misstep would lead to a destructive blow while flirting with the idea that we are possibly or will be making the fastest money in the world.

I'll never quit this game.

Well... only had a few times of thinking oh shit man this is too much and too painful for me to handle, and let me take a break for a few days and I should be okay. Now I just know it would take about 72 hours for me to fully recover from a bad decision and then go AGAIN. The more time I spend wasting time feeling bad about myself, the more opportunities I will miss in the market.

I remember after the very last time I tried to talk myself out of giving up, I ran 10% a month for 12 months straight. back then running 10% a month for an entire year on FF was still a myth.
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and now let's look again at how far we have come.

One question kept coming up in my mind, what if I actually listened to all the no-sayers and gave up trading in June 2018? I wouldn't had my first official documented 1000% gain (and expanded to a thread I thought would be interesting to write). https://www.forexfactory.com/thread/...now-10000-next? That's for sure. And now trading has become a very open-ended adventure for me. How it will end isn't important. What it takes to get where you want to go is all that matters.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #138
  • Nov 29, 2023 8:54pm Nov 29, 2023 8:54pm
Quoting FXSayWhat
{quote} It's not easy to be good in this field of work. We eat what we kill. We (well, I speak for myself) must constantly remind ourselves that we are running on the edge of a very sharp blade. Every misstep would lead to a destructive blow while flirting with the idea that we are possibly or will be making the fastest money in the world. I'll never quit this game. Well... only had a few times of thinking oh shit man this is too much and too painful for me to handle, and let me take a break for a few days and I should be okay. Now I just know it...
Every word here so powerful. Someone like you can't quit this game anymore . You have learned much from the market
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.7%
  • #139
  • Nov 30, 2023 6:51am Nov 30, 2023 6:51am
Quoting 9jatrader
{quote} Every word here so powerful. Someone like you can't quit this game anymore . You have learned much from the market
Thank you, 9jatrader. Have a wonderful weekend!
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #140
  • Edited 7:44am Nov 30, 2023 7:21am | Edited 7:44am
Quoting FXSayWhat
{quote} It's not easy to be good in this field of work. We eat what we kill. We (well, I speak for myself) must constantly remind ourselves that we are running on the edge of a very sharp blade. Every misstep would lead to a destructive blow while flirting with the idea that we are possibly or will be making the fastest money in the world. I'll never quit this game. Well... only had a few times of thinking oh shit man this is too much and too painful for me to handle, and let me take a break for a few days and I should be okay. Now I just know it...
but having this number is total easy.
the question is , did you do this with a strategy without martingale or high risk so you can trust very big money bring in and did you bring big money in (in percentage what you have), or your true value of this is very low. thats all what is important. big percentages without big money in percent from own money will only produce extrem low percentage true win, and rest is fake virtuell wins because of the risk of the system and low trust. only real wins counts, the fake wins never can produce real good value. what helps when you have 1000% and earned with this less then any worker in any restaurant, with good chance many have even much less.
for example : if you only bring 1/10 of your whole money in this account, you earn even with 100% a year only 10% as your profit on whole money, what is nothing more then nasdaq investing in longterm without any work to do (ok this year is 50% , but thats not normal). when you only bring 1% in, then you earned 1% only. and so on. thats the real numbers that count to decide to give up or do trading more. dont judge per account, this is a starting place for wrong calculation and wrong base assumptions.

so this numbers are total meanless without the context. you could be big winner, even a very big loser when you use many accounts same time.
when you have very big amounts (i percentage of what you have ) inside it changes to a very good result, this then make a win worth it and show trust in ypur own system.
but only this numbers alone will not show anything someone can say anyting about.

same with your 1000% account, very easy to do with many accounts or very small amount in. but why to do when its worthless at all?
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