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Why did YOU persist after years of unprofitable trading?

  • #21
  • Feb 3, 2012 2:02am Feb 3, 2012 2:02am
Because if you quit, you would have lost.

I have lost many battles but i fully intend to win the war.
  • #22
  • Feb 20, 2012 3:10am Feb 20, 2012 3:10am
Quoting jayjb
...
What made you persist and not give up forex despite being the 95%?
...because consistent success is inevitable if u stay the course.

btw, u cant keep walking towards the wall. walking towards it wont yield anything. u need to break it. only then can u move forward.
....so keep breaking walls
  • #23
  • Feb 20, 2012 3:20am Feb 20, 2012 3:20am
Quoting Noloqy
Addiction and intellectual pursuit
Yes! simple reason.

Those who still hit the wall and want to try another way to get over the wall,
can try p.m me.
  • #24
  • Feb 20, 2012 5:42pm Feb 20, 2012 5:42pm
Quoting supremeChaos
...because consistent success is inevitable if u stay the course.

btw, u cant keep walking towards the wall. walking towards it wont yield anything. u need to break it. only then can u move forward.
....so keep breaking walls
haha! tell me about it... i've had multiple bruises and noise bleeds from hitting the wall... I can finally see through the wall, going to fall right through it and move to the 5%

for me its passion, ambition, suits my personal characteristics and most importantly "dreams"... lots of dreaming
  • #25
  • Feb 21, 2012 2:44am Feb 21, 2012 2:44am
It takes a couple of years to figure it out then you have a eureka moment, and you go wow its all so simple why didn't I get it before. Mine came in the shower, yes I tell no lie. It's a productive hobby I was always interested in investing and learning random crap about the world.

I became consistently profitable after about three years. This is my fourth year.
  • #26
  • Feb 21, 2012 3:48am Feb 21, 2012 3:48am
Not sure where the 5% figure comes from. But a CEO from a spread betting firm was posting on another forum and to quote.

'Just under 80% are losers and the winners tend to stick to just a few instruments'
  • #27
  • Mar 7, 2012 1:54pm Mar 7, 2012 1:54pm
Quoting jayjb
I have heard stories of traders being unprofitable for years, how they have long a big chunk of money from $1,000 to $10,000 and beyond.

I have heard stories of traders who have been in the market for years yet unable to be consistently profitable.

Imagine you are walking and you suddenly hit a wall, do you keep walking towards the wall or change direction?

What made you persist and not give up forex despite being the 95%?

Hi all.

It takes time, patience and commitment to become proficient, consistent and to be at the top in you career. Trading is no different. You have to give yourself a reasonable chance to be successful. But don't bang your head against the wall. Find a way around or over it.

However you have to be realistic and give yourself a timeframe within which you should be successful. If that time passes and you are still not getting it, quit and find something better to do with your time. Trading is not for everyone.

Most importantly everyone cannot win. This is a negative sum game, it is a competition. If you are failing it does not mean that you are a horrible trader. It only means that there are traders out there who are better than you and they are the ones getting your money. And of course the friendly broker plus everyone else who is trying to sell you something.

Happy trading
The weak fall by the wayside.
  • #28
  • Mar 7, 2012 3:09pm Mar 7, 2012 3:09pm
Like the book Talent is Overrated says, deliberate practice is the key. If someone expects to be a pro in 2 weeks, it will never work. But persistence is probably most important.
  • #29
  • Mar 7, 2012 3:42pm Mar 7, 2012 3:42pm
Quoting Zeroh
It takes a couple of years to figure it out then you have a eureka moment, and you go wow its all so simple why didn't I get it before. Mine came in the shower, yes I tell no lie. It's a productive hobby I was always interested in investing and learning random crap about the world.

I became consistently profitable after about three years. This is my fourth year.
In the shower... wait.. what?

Myself I'm still trying to find the "eureka" moment but I'm sure I'm on the right track. Conditioning yourself in certain mental state that allows you to stay calm and objective under all conditions which in turn allows you to easily cherry-pick the best trades is the part that will most likely take the longest time to get under control.
  • #30
  • Mar 9, 2012 5:08am Mar 9, 2012 5:08am
There is some lose and win as well in forex trading. It is true that most of the traders are not making desirable profit in trading but they win as well. I think, forex trading is PASSION for traders who are doing forex trading for some years and continuing despite bearing too much lose in trading.
  • #31
  • Mar 9, 2012 5:25am Mar 9, 2012 5:25am
Although cliched it's very apt in retail trading..

Trading; "a birth by a thousand cuts.."

Quoting MackS10
Some are just born with the 'never give up' trait. When i was young i used to play video games till the very end in the highest difficulty setting, played sports against better opponents just so i could become better at it, practiced patience in suations most would not so i wound't show weakness.

In trading I just like to prove most wrong when they say "oh, it can't be done". I enjoy it actually.

S.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #32
  • Mar 9, 2012 5:29am Mar 9, 2012 5:29am
Quoting soyamilk
i've had multiple bruises and noise bleeds from hitting the wall...

for me its passion, ambition, suits my personal characteristics and most importantly "dreams"... lots of dreaming
those noise bleeds will stop if you cease trading noise...

*sorry, lame joke..
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #33
  • Mar 9, 2012 1:48pm Mar 9, 2012 1:48pm
Quoting henryduncan1
There is some lose and win as well in forex trading. It is true that most of the traders are not making desirable profit in trading but they win as well. I think, forex trading is PASSION for traders who are doing forex trading for some years and continuing despite bearing too much lose in trading.
well, is it really passion? I think it's actually a real addiction for many, like gambling. Why does somebody get addicted to gambling? Because you are rewarded "infrequently". You win some of the time and lose some of the time, you get endorphines while winning and even when losing, that is the perfect recipy to get an addiction and of course you need a weak mind to allow for that addiction.
The question is: if you are not in front of your charts, do you feel empty inside, do you wanna check what the markets are doing? You want the weekend to be over and start trading again?
I think even many successful and not successful traders have a real addiction towards trading, whether they want to admit it or not. A passion you can control, an addiction controls you.
  • #34
  • Mar 9, 2012 3:44pm Mar 9, 2012 3:44pm
my goal is to be a billionaire possibly the first trillionaire so I can die trying but WILL NEVER give up.

up to this point in my life everything i set my mind to i achieve so i dont see why trading should be different
AVT INVENIAM VIAM AVT FACIAM
  • #35
  • Mar 10, 2012 1:03am Mar 10, 2012 1:03am
Quoting Custos
I think even many successful and not successful traders have a real addiction towards trading, whether they want to admit it or not. A passion you can control, an addiction controls you.
Your are right on the above point. Now I also think, long time traders are addicted towards forex trading.
  • #36
  • Mar 10, 2012 1:16am Mar 10, 2012 1:16am
Quoting henryduncan1
Your are right on the above point. Now I also think, long time traders are addicted towards forex trading.
yep...Livermore admitted that this was the part of the game that beat him and so many pros...the human frailty of wanting to play every hand in poker or bridge.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #37
  • Mar 10, 2012 2:51am Mar 10, 2012 2:51am
Quoting the redlion
my goal is to be a billionaire possibly the first trillionaire so I can die trying but WILL NEVER give up.

up to this point in my life everything i set my mind to i achieve so i dont see why trading should be different
If you decided that you'll run in the final of the 100 metres at the Olympics, beating Bolt in the dip, to break the world record, do you think you'd achieve it?

A never say attitude is under-rated were retail trading is concerned but it's only part of the right mindset required. If it takes perhaps 3 years of full time effort to become proficient then you'd need to fund yourself through that evolution, perhaps the biggest barrier to success in retail trading is being able to fund your practical education.

As for gambling addiction vis a vis trading loss tolerance and aversion it differs between individuals. In a recent scientific report it was reported that there is a chemical in an area of the brain, norepinephrine, which if evident in larger quantities makes people less risk averse and as a consequence they feel less emotional pain when taking a loss. This is a world away from the concept of "addiction".
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #38
  • Mar 10, 2012 7:41am Mar 10, 2012 7:41am
the reason i continued this quest in trading,was one of fasination,the more i submerged myself in the price and its behavour the more fasanated it made me,the more i studied charts (actually i only study 2 ,cable and ftse100)the more i was amazed at the ideosecresies of the market,considering all the diferent particpents within it,and those price movments are were i found my edge,but i had to watch those charts for 5 years to be in a position to take advantage of them.and i its dosnt stop the more i watch prices the more i can see,so fasanating was the key for my persistence
  • #39
  • Mar 10, 2012 12:23pm Mar 10, 2012 12:23pm
Quoting Spreadbetter
If you decided that you'll run in the final of the 100 metres at the Olympics, beating Bolt in the dip, to break the world record, do you think you'd achieve it?

A never say attitude is under-rated were retail trading is concerned but it's only part of the right mindset required. If it takes perhaps 3 years of full time effort to become proficient then you'd need to fund yourself through that evolution, perhaps the biggest barrier to success in retail trading is being able to fund your practical education.

As for gambling addiction vis a vis...
true.....I am blessed to have a high paying job where i do nothing but sit on my ass all night trading. so yup i can fund this 10 yrs if i have to
AVT INVENIAM VIAM AVT FACIAM
  • #40
  • Mar 10, 2012 12:49pm Mar 10, 2012 12:49pm
Quoting Roofx
Hi Darren,

I trade on the M1 time frame and scalp 10 pips from short term reversals with a 9 pip stop. After commission the stop loses me 9.7 pips and the target gains me 9.3. You know what's really strange? My very first ever day of trading I was on a demo account. I had absolutely no idea about trading other than we coculd buy or sell. I hadn't even heard of a moving average. I thought it was simply about picking tops and bottoms and thaat anyone with a few weeks practice could make a living from it. I had a really profitable first day. Then...

Interesting method, Roofx. Most think a trader can't be successful on smaller times frames and that scalpers never win. I am among those that prefer to do it. I do swing trade also but I don't shy away from shorter term trades either. I like to get in and get out. Then I don't have to worry about overnight events going against me. And after I'm done for the day, I have peace of mind by being flat and the freedom to do whatever I want.
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