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At What Point Do You Give Up On Forex

  • #41
  • Jun 16, 2012 11:20am Jun 16, 2012 11:20am
Quoting Hugh Briss
Yes because most people can rationalise (rational lies) their way round it. It was the brokers fault, etc.
correct, cant deny that truth
  • #42
  • Jun 16, 2012 11:21am Jun 16, 2012 11:21am
Quoting leyus
Would you give up on your dreams?

Let's be honest it is hard to achieve anything you want. If you give up on forex you can give up on other things too. Giving up is making you a quitter.


+10
  • #43
  • Jun 16, 2012 3:00pm Jun 16, 2012 3:00pm
Quoting leyus
Would you give up on your dreams?

Let's be honest it is hard to achieve anything you want. If you give up on forex you can give up on other things too. Giving up is making you a quitter.
sometime your dreams take money, let's say you have a family and bills needs to be paid, how much money are you willing to lose or how many times you gonna let a bill go so you can keep funding your forex account that keep losing money?
  • #44
  • Jun 16, 2012 3:17pm Jun 16, 2012 3:17pm
Quoting PoundTrader
sometime your dreams take money, let's say you have a family and bills needs to be paid, how much money are you willing to lose or how many times you gonna let a bill go so you can keep funding your forex account that keep losing money?
I guess if you keep losing money you should quit...

If your strategy is failing now it was probably failing before, you're probably lying to yourself and ignoring all the basic advice...

(not aimed at the op obviously... aimed at the person that keeps losing money)
tradewith60
  • #45
  • Jun 16, 2012 3:48pm Jun 16, 2012 3:48pm
Quoting PoundTrader
sometime your dreams take money, let's say you have a family and bills needs to be paid, how much money are you willing to lose or how many times you gonna let a bill go so you can keep funding your forex account that keep losing money?
The hardest and smartest thing to do in life is admitting to yourself that you are not cut out for something after an x period of time. Especially if it is your dream. (Life is not fare…) . How many people want to become stars, but yet few make it. Maybe life has something else better in mind for you in the future. Something you are totally not aware of at the moment. Best of luck to you, whatever you decide. But you do need to do some soul searching and think things threw for a while… Been there and it sucks.

My intention here is not to rain on your parade, but at some point…
Fuck Forex Factory.Wake up people.
  • #46
  • Jun 16, 2012 4:01pm Jun 16, 2012 4:01pm
Quoting ramy3
The hardest and smartest thing to do in life is admitting to yourself that you are not cut out for something after an x period of time. Especially if it is your dream. (Life is not fare…) . How many people want to become stars, but yet few make it. Maybe life has something else better in mind for you in the future. Something you are totally not aware of at the moment. Best of luck to you, whatever you decide. But you do need to do some soul searching and think things threw for a while… Been there and it sucks.

My intention here is not to rain...
  • #47
  • Jun 16, 2012 5:29pm Jun 16, 2012 5:29pm
boo
  • #48
  • Jun 16, 2012 10:06pm Jun 16, 2012 10:06pm
Quoting PoundTrader
boo
hoo
Come with me if you want to live....
  • #49
  • Jun 17, 2012 3:41am Jun 17, 2012 3:41am
I have an interesting story related to giving up forex trading.

in 1994 myself and my fiancee had rented out our house sold the car ,packed in our jobs and went to hongkong,we had 1200 pounds after our flights,we had a 3 week grace period to stay with her parents before they moved to singapore.my fiancee proceeded to spend our entire capital on clothes,claiming if we were to sucseed here we must look good,umm not sure on her logic here ,but that left us with almost no money,we needed jobs,she secured a job very quickly,she enjoyed proper jobs much more than i ever did.anyways back to the point.i found myself in a trading house,very dodgy places back then,i was informed i needed investers,so i found a family member who invested 10,000 quid in my new indevior,5 day crash coarse in forex trading and i was up and running.6 weeks later i was making that awful phone call,sorry ive lost your money.

the trading room was very diferent to todays techs,we had a line chart and a phone to place our trades,that basic,the winning guys guidence was the daily open and close prices,weekly and monthly,the hourly to trade from.

anyways i instantly packed up forex trading and didnt think about it until 2007,i was reading an article in money week and read about a trading system based on the ft100,it was 300 pounds.all those feelings and emotions came flooding back,the highs the imense lows .i purchased that system,burnt my account,then went on a system quest for 2 years,5 accounts later i got that moment,open and closes .scrapped ststems and went on to study price,the veteren winners had given me this advise 15 years earlier only i wasnt experienced to understand it.

getting back to the topic since i returned to trading in 2007 i have never concidered giving it up,i wasnt under any pressure ,it was my time and i would let it take as long as i needed.and to be honest it will always be a works in progress,but my persistence is paying off and im making some money,so my advice is stick with it,once you understand how dificult it can be,it is actually much simpler than you thought,
  • #50
  • Jun 17, 2012 4:13am Jun 17, 2012 4:13am
Quoting diceman555
I have an interesting story related to giving up forex trading.

in 1994 myself and my fiancee had rented out our house sold the car ,packed in our jobs and went to hongkong,we had 1200 pounds after our flights,we had a 3 week grace period to stay with her parents before they moved to singapore.my fiancee proceeded to spend our entire capital on clothes,claiming if we were to sucseed here we must look good,umm not sure on her logic here ,but that left us with almost no money,we needed jobs,she secured a job very quickly,she enjoyed proper jobs much...
Great post... I did some videos on plotting daily open and close s/r points and trading those lines off the H1 in a thread on FF... doubt anyone took any notice though...too simple, will never work....etc etc
tradewith60
  • #51
  • Jun 17, 2012 4:14am Jun 17, 2012 4:14am
Quoting 60minuteman
I guess if you keep losing money you should quit...

If your strategy is failing now it was probably failing before, you're probably lying to yourself and ignoring all the basic advice...

(not aimed at the op obviously... aimed at the person that keeps losing money)
thats what i was saying, sometime your dream becomes a fanasty
  • #52
  • Jun 17, 2012 4:18am Jun 17, 2012 4:18am
you better vote in this thread
  • #53
  • Jun 17, 2012 4:30am Jun 17, 2012 4:30am
Quoting PoundTrader
you better vote in this thread
I thought I had..
tradewith60
  • #54
  • Jun 17, 2012 4:43am Jun 17, 2012 4:43am
I think a logical time would be the point in which it becomes unhealthy to continue.

Sure as in any competitive profession only a select few make it to the elite level.

More so can make a career out of it but perhaps the majority will find themselves not able to get to those points for whatever reason.

I play golf, guitar, Soccer, Football, LIft weights but I don't aspire to be a Tiger woods, or a Kurt Cobain, or a Christiano Ronaldo or a Garry Ablett. or an Arnold Schwarzenegger. This is just because I'm realistic in these endeavors.

I still enjoy my hobbies though.

In trading I aspire to make a lot of money. But there may be times in this pursuit that life calls and I must put it on hold and let other more pressing issues take priority. Sometimes I let my obsession get the best of me.

The good thing about trading is that it can be done without those skill sets or qualifications required by most elite individuals in the areas I listed above. This DOES NOT make it any easier to rise to the top though. But it does mean it can be attempted by all age groups I guess at any point in ones life. I think the above things I listed are mo0re cut throat in terms of age.

Anyway... I think at the end of the day you should not necessarily give it up. But at least take a break from it when you;re just not enjoying it anymore.

If you can't do this then you should probably seek some professional advice on gambling or whatever. But you know what they say.

Winners never quit... Losers never win...
Time hides Nothing
  • #55
  • Jun 17, 2012 4:50am Jun 17, 2012 4:50am
once you in you in
  • #56
  • Jun 17, 2012 4:50am Jun 17, 2012 4:50am
You carry on with trading like anything and stop when the effort put in > the reward you get out.

And although money seems like the most obvious reward, it never actually is.
  • #57
  • Jun 17, 2012 4:51am Jun 17, 2012 4:51am
know your mistakes follow the plan n move on follow the plan follwo the plan
  • #58
  • Jun 17, 2012 4:56am Jun 17, 2012 4:56am
I´m one of the few that voted for:
"Depends On How Many Systems I Try"

Right now I'm sticking/specializing myself into certain methods. It seems to work for now and I have good hopes for the future.

IF I on the other hand was a nomad that keeps switching systems on a monthly, if not weekly base without searching the solution within himself that would be the primary reason for a quit. Simply because the mindset would not be correct in order to succeed. Not all people are made for this..
  • #59
  • Jun 17, 2012 5:07am Jun 17, 2012 5:07am
Diceman, did you pay back the 10000 you so casually lost for your relative?
Vandag is die dag.....
  • #60
  • Jun 17, 2012 5:46am Jun 17, 2012 5:46am
If it is something you love, never give up... just know when to take a step back if it starts effecting your finances/life adversely.

nolube
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