Good point. I don't like paper trading either...never did it much, but he shouldn't do any REAL trading until a worthy effort is put forward. Shouldn't risk real money until he knows more about this game...can't be lazy in the markets!
Frustrated learning and losing
- Thread starter Sure Chap
- Start date
He has been trading for years - he tried futures and found out what the wrong side of to much leverage does - lesson learned, he is focused on risk mgmt - a valuable lesson that may turn him into a profitable trader. Maybe take some time off than come back trading small. Losing money and making mistakes is a part of trading - at all levels - even for the all time best - it's o.k.. Nearly every top trader has blown up a few times, got hip to risk mgmt and went on to be great traders. They did not stop trading to paper trade. Futures trading without a large account and a successful history of equity trading is like trying to learn to surf at 40' pipeline.
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Very much agree. But there's no substitute for not studying the markets and not having a plan before risking equity. Sure, he could trade small until he gets it down, but what about studying his ass off after hours? He should have somewhat of a clue before he trades small. What about back testing ideas...then he could trade small? At least paper trading might force him to develop something decent. When people paper trade they get bored...good time to analyze/backtest or whatever. Don't get me wrong, I'm a big believer in real time exposure to the markets. That's the best way to learn price action dynamics. I just figured paper trading for him is punishment for being lazy. It's hard for me to even imaging laziness and trading...probably because I'm so obsessed about the markets.
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You need to join prop or something like that,to interract with the experience traders.You are at a zero ground despite the years you said you spent.Find a guide dog!
Seems you right, having long years experience in fact can't guarantee will able making good earning in trading, there are alot of trader even though already long years experienced but skill like as stagnant and can't growth
Today, is kinda a rough patch. Trading has been a long and painful journey I've evolved; I learned the hard way the need to manage risk. It irks me how I'm not making money even after all these years and after all the things I still need to learn. Just two months ago I thought I finally had it, but today it feels like I'm starting from the very beginning...
Need advice
It is hard to make a decion to quit , but it requires a brave decision to stop and have a 3 month break .Go on demo , although this does not test your phsyche , but it helps to see from outside the box.You always see light at end of tunnel . so you carry on , then at the end of the tunnel you see another of those demons within your phsyche.It is a road to further losses , so quit until you get it right on demo.
Market ranges 80 % of the time so finding trends is 20/80 odds.There are 100 phsychological reasons why traders fail to perform , in most cases these are areas of weakness, so until you know your weakness , you may keep on getting nowhere.
You are under a lot of stress , when you are losing , stress leads to stress responses (read phsychology of stress ) , your brain is making you behave differently under stress , this is dangerous in real trading with real money.
Frustration is an emotion , you are now gearing towards amyglada hijack (emotional hijack) , it is a dangerous lethal/losing mindset in trading .Emotions of desire for revenge on market , to recover losses and trade irrationally are going to take over , if you don't stop.Under emotional hijacking , traders can not trade rationally , because the rational brain ( frontal cortex) is hijacked.This is a problem all humans face.
Frustration is an emotion , you are now gearing towards amyglada hijack (emotional hijack) , it is a dangerous lethal/losing mindset in trading .Emotions of desire for revenge on market , to recover losses and trade irrationally are going to take over , if you don't stop.Under emotional hijacking , traders can not trade rationally , because the rational brain ( frontal cortex) is hijacked.This is a problem all humans face.