Mental health and trading: should I pack it in? | Forex Factory

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Mental health and trading: should I pack it in?

  • #1
  • First Post: Jun 11, 2012 11:11pm Jun 11, 2012 11:11pm
Hello, im 18 years old, and have put too much time into forex trading in the past 4 years. My conservative estimate is 5000 hours.

However I have been through mental hell during this, i've had panic attacks ,and in general just immense stress.

Only now do I realise what this has done.

I'm now seeing a therapist with depression and anxiety disorders.

To be fair, anxiety developed through other reasons...and the depression as the result of the anxiety. Trading was always a means of 'escaping' the hell I was in; so long as I mastered forex I could make money and i'd be 'safe' from the anxiety.

I suffer from a chronic lack of confidence and a disgusting lust for recognition. That's all I really want from trading anyway- recognition from others. I feel every time I go near trading, no matter how much I tell myself 'you can still part-time trade alongside a job' , It keeps bringing up these emotions of wanting recognition, which isn't healthy for me in my current state of mind.

Worse still, i'ev actually developed a great approach; I profit in any market condition (trust me , I've no reason to lie here ). As a result I feel giving trading up would be such a huge waste of time.

What should I do? I'm not sure whether continuing trading is good for my mental health, but giving it all up wouldn't be either.....
  • #2
  • Jun 12, 2012 12:28am Jun 12, 2012 12:28am
1. What is your leverage like?

2. Do you sit watching your trades? (maybe try set and forget)

3. Confidence comes from understanding, really understanding how the market works, fear of the unknown is a natural response.

Set and forget worked wonders for me, I still get funny if I'm watching trades and do silly things that aren't to my plan.
"Don't Panic..."
  • #3
  • Jun 12, 2012 12:42am Jun 12, 2012 12:42am
Quoting TGpop
Hello, im 18 years old, and have put too much time into forex trading in the past 4 years. My conservative estimate is 5000 hours.

However I have been through mental hell during this, i've had panic attacks ,and in general just immense stress.

Only now do I realise what this has done.

I'm now seeing a therapist with depression and anxiety disorders.

To be fair, anxiety developed through other reasons...and the depression as the result of the anxiety. Trading was always a means of 'escaping' the hell I was in; so long as I mastered forex I...
ask your therapist, not random guys on a forum.
  • #4
  • Jun 12, 2012 1:00am Jun 12, 2012 1:00am
What's stopping you chilling on the sidelines until you get your mind right?

Switch off for a while. You don't have to Stay or Chuck it. Find the middle ground.
Time hides Nothing
  • #5
  • Jun 12, 2012 2:55am Jun 12, 2012 2:55am
Quoting TGpop
I suffer from a chronic lack of confidence and a disgusting lust for recognition.
mate, stop running away from your problems. face it.
Sign for gym to gain some muscle and for martial sports - for example Thai Boxing, box, kickboxing, something with sparrings - it will really help you to gain confidence on every field, and maybe it will be your hobby, besides in places like that you meet many different people from different background. and trust me, nobody will want to hurt you delibertly there. just try not to be "too friendly" as it will annoy people.
Imagine yourself as a guy ex 180 cm 85kg with low fat, with good self defence skills - would you be still anxious? maybe, but not like you are now

also what you eat has influence on your mind
besides try taking Kaizen's L-Tyrosine, it is aminoacid that may (or may not but worth to try) help you, description here: http://www26.netrition.com/kaizen_tyrosine_page.html

as about trading try trading with small amounts on live account. Start from 25$ and see what will happen.
Maybe try to read M. Douglas "Trading in the Zone"
On my way to financial independence - if others can do it - I can do it
  • #6
  • Jun 12, 2012 5:41am Jun 12, 2012 5:41am
Isn't this a crazy world. All about the money. I wanted to find some background information on Myleene Klass and one of the first things about her in Wikipedia is, her net worth was estimated at £11 million in April 2012. Ridiculous. Just I'm not laughing.

I think you need to put money in the proper place in your young life. It won't make your fears go, you can't eat it, and it's not even gonna love you, ever. Ask someone wealthy, has money made them happy.

What's the word I'm looking for... Herbalife? Noo, get-a-life. Find a job. Can be volunteering or charity. An idle mind is the devil's workshop. Go out, find a girl, spend some time with friends, people who will make you happy.
Then, when you fought all those demons, you life is in balance, you can come back to trading. The markets will be there.
Quoting TGpop
Hello, im 18 years old, and have put too much time into forex trading in the past 4 years. My conservative estimate is 5000 hours.
...
What should I do? I'm not sure whether continuing trading is good for my mental health, but giving it all up wouldn't be either.....
forget about tomorrow, just steal away into the night
  • #7
  • Jun 12, 2012 6:55am Jun 12, 2012 6:55am
Listen to these people. Enjoy your life as a teenager. You don't have to give up trading. But you do need to get something else other than trading.

You have another 60 or so years to live. Find something worth living for. When you think you have your demons fought off, visit the markets again. It will still be here.

If you don't want to come back, it is also a fine decision. There is more to life than trading.
  • #8
  • Jun 12, 2012 7:05am Jun 12, 2012 7:05am
Anxiety can be terrible debilitating, and once it takes grip, it's very hard to shake. If your're currently suffering, I cannot recommend the books of Dr Claire Weekes highly enough. Get it caught and cured early - these books, by a world renowned expert, will show you how.

http://www.amazon.co.uk/Essential-He...ref=pd_sim_b_1
  • #9
  • Jun 12, 2012 8:51am Jun 12, 2012 8:51am
Hey TGpop

Trading is as much, if not more, about the psychology than the method or the money. Maybe you should look to yourself for recognition when you profit and (if you stick to your plan) lose.
Use your account balance as your measure of trading recognition, then it is a bit easier to recognise yourself.
Set yourself some cash targets and when you reach them, reward yourself by doing something fun that is not trading.
Most people who don't trade don't understand what it is to trade, so would never recognise your journey and achievements anyway.
Me today, 3% drawdown. Does not feel good, but I know my plan was OK, my timing was out. I have been a trader for 25 years, have had some great times with it, and some horror stories too. I am also a therapist, so understand the emotional roller coaster that trading can sometimes be.
Maybe you need to find a trading coach or mentor, in support of your therapy and trading journey.
Wish you the best.
  • #10
  • Jun 12, 2012 11:00am Jun 12, 2012 11:00am
There are different opinions but almost 95% of trader are losing money.
What does it mean?

There is one very important conclusion. Be a trader is very hard job. You are very young person. There is a lot of another jobs where you can make money and for sure is much easier than FOREX!.
This is Forex ...
  • #11
  • Jun 12, 2012 11:51am Jun 12, 2012 11:51am
Quoting TGpop

Worse still, i'ev actually developed a great approach; I profit in any market condition (trust me , I've no reason to lie here ).
If this is true(and since your post was so honest I'd like to believe it is) you have something extremely valuable. I would stick with it. One of the most important ingredients to being able to 'trade for a living' is just being in a life situation where you can actually do it. Living with and being supported by your parents is one of those situations, and you may never be in this position again. Yeah you can always come back to it, but under what circumstances? I know this sounds like bad advice for a young person, but its just how I see it.

As I said, IF you really have a longterm profitable method, AND you have the luxury to actually trade full time, there is no way I would walk away from that, but those are big IFs.
  • #12
  • Jun 12, 2012 12:19pm Jun 12, 2012 12:19pm
Quoting Spartan2008
There are different opinions but almost 95% of trader are losing money.
What does it mean?

There is one very important conclusion. Be a trader is very hard job. You are very young person. There is a lot of another jobs where you can make money and for sure is much easier than FOREX!.
80% lose.
  • #13
  • Jun 12, 2012 2:20pm Jun 12, 2012 2:20pm
Hi TGpop,

Sounds familiar..
Believe me, you're not the only one who's into that state. As for myself, being 23y/o, the past 5 years I've spend about the same amount of hours as you do. And unfortunately, not very successful.

I've also been hungry for recognition, and i wanted people to look up to me. That however, i learned to get over it.

By now, trading (or, learning to trade), is not about what other people think about me. Actually, i couldn't care less. It takes time, but u have to realize that you don't need the opinion of others. You really don't need other people to look up to you. What you do need, is realizing that you are great in whatever you do.

Don't let yourself down because of what other people think of you. There words/thought might hurt, but they can never kill you, or stop you from trying to reach a better life from yourself.

I know damn well what it's like to be in these markets as a young person. People always try to tell me that it's stupid. That it's not possible, that i should do this or should be doing that.

Well, you know what? It's not up to them, it's up to me. Or in this case, up to you!

Really, your whole post is a reflection of what I've went through, or still going through at some times.

As you might see in this message, English is not my own language. But i hope you get what i'm trying to say.

For some reason i cannot yet send PM's but if you like, i'd like to get in touch. Since we're both in the same thing.

Good luck,

And take care.

P.s. Once more, you don't have to prove yourself. You just need to be yourself.
Ever tried. Ever failed. No matter. Try again. Fail again. Fail better
  • #14
  • Jun 12, 2012 2:41pm Jun 12, 2012 2:41pm
Quoting Aldente
If this is true(and since your post was so honest I'd like to believe it is) you have something extremely valuable. I would stick with it. One of the most important ingredients to being able to 'trade for a living' is just being in a life situation where you can actually do it. Living with and being supported by your parents is one of those situations, and you may never be in this position again. Yeah you can always come back to it, but under what circumstances? I know this sounds like bad advice for a young person, but its just how I see it.

As...
It's true. However I wouldn't be able to trade full time - I lack the capital and plus I'm about to head to university.

I'm taking a 6 month-1 year break. However I will take an hour at the end of every month just to 'refresh' my ideas into my head.

I'm undergoing CBT therapy and it's helping my anxiety, but I mustn't do anything to jeopordise my progress.

The aim is to create a balanced lifestyle; lot letting a single thing ( like trading) define me. My plan for the next year ( and for the rest of my life) is:

1) Join toastmasters and eliminate fear, and do well, in public speaking.I've already booked my first appointment as a guest.
2) Get into dancing- street dance, popping,locking, something fun - I love dancing
3) Lose the 'obsession' with trading- I mean putting it second to other things in life.
4) Just to develop more relationships with people.
5) Go travel/volunteer a bit abroad (I always turned this down because I'd miss the trades due to timezone differences)

So long as I get a balance now, and just check the markets once a month ( there's only 4-5 setups a month anyway, but no trades) I want to return to trading when I get out of my rut, and get a balance in life.

Career-wise , I can go into a job I like, and trade part time; I can simply earn a really good side-income from forex trading.
  • #15
  • Jun 12, 2012 2:48pm Jun 12, 2012 2:48pm
You need to have strategy or at least rules , that you follow , without them it's impossible to make consistant profit
  • #16
  • Jun 12, 2012 2:58pm Jun 12, 2012 2:58pm
Trading is very addictive and very stress full take a long break like 6 months then start casually watching to you start to see patterns.

Until you beat your addiction you won't trade well, that's what you've got to beat.



There is only 1 thing more addictive than trading it will soon distract and annoy you way more than trading ever could. WOMAN!!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #17
  • Jun 12, 2012 4:08pm Jun 12, 2012 4:08pm
Quoting Custos
ask your therapist, not random guys on a forum.
agreed
  • #18
  • Jun 12, 2012 4:23pm Jun 12, 2012 4:23pm
Quoting TGpop
What should I do? I'm not sure whether continuing trading is good for my mental health, but giving it all up wouldn't be either.....
If you are good as u say you are - why do you want to give it up. Set it aside for a bit - everyone needs a vacation. Go to school - learn something of the world - get rid of your hangups or get others to replace them. Then come back to it.

Dopey posted this in another thread, some of the best i've read on FF in a long time:
There is another very good reason to trade. For you younger folks it's not as important mainly because you're not fully aware of it. The fact of the world is that there is so much bullshit everywhere you look. In all fields and professions, in all cultures and societies, the human race excels in creating, perpetuating, and believing in bullshit.

In trading, there is no bullshit. You either make money or you don't. End of fucking story.

There's gold in them words -

Good Luck Kid.
In trading, there is no bullshit. You either make money or you don't.
  • #19
  • Jun 12, 2012 5:08pm Jun 12, 2012 5:08pm
i dont understand you you said you are profitable in any market,yet you hold a job and probably still in school ???
If your not lying leave the job and just trade full time,making u 18 u still live with your parents so no much needed to sustain your everyday life.as now it seems your trying to work then come back home and back to work on forex,which is mentally exhausting as any sport there is.Thats why you have anxiety its trying to perform and be perfect in everything you do.so only choose one either forex,or daytime job with guaranteed income.
As if you would read my last thread {http://www.forexfactory.com/showthread.php?t=364583} i ran into the same wall,after two years finally the reality hit me,constant stress and loosing money while,having this idea that forex eventually will become source of my income and let me live the life style i want which is pure bull**it,what i would ask myself is what forex gave you in those 4 years besides learning few strategies and other data which is useless for the rest of the world who arent into trading.Otherwise lay everything back and start studying for becoming a broker or dealer for some bank,first be good at economics,then choose business studies then try to find direction which orients you towards the markets and if you manage to get there when you will show your resume that at age 14 you were already into the trading you shore will stand out from others and have only theoretical knowledge.At 18 years my only regret is that i spent my whole time staring at computer screen playing shitty games instead of banging girls and enjoying my youth while i still could.
  • #20
  • Jun 12, 2012 7:29pm Jun 12, 2012 7:29pm
Quoting TGpop
It's true. However I wouldn't be able to trade full time - I lack the capital and plus I'm about to head to university.

I'm taking a 6 month-1 year break. However I will take an hour at the end of every month just to 'refresh' my ideas into my head.

I'm undergoing CBT therapy and it's helping my anxiety, but I mustn't do anything to jeopordise my progress.

The aim is to create a balanced lifestyle; lot letting a single thing ( like trading) define me. My plan for the next year ( and for the rest of my life) is:

1) Join toastmasters and eliminate...
Those are really good plans. I suggest you go for it. Just remember that there is more to life than trading.

Don't ever think it is a waste to "give something up". Some people are driven by passion and maybe you jsut need to find the passion for the right thing. Micheal Jordan is really really good at basketball. But he really has a liking for golf. Which is why he plays a lot more golf now than he does basketball - and that is entirely ok.

Like a lot of us said, the markets will and forever be here (barring a zombie apocalypse). You can always come back when you get your life in order.
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