I feel like giving up!

Quote from Roark:

If all entries are random, then where is the edge? Telling someone to cut bait if wrong and sit tight if right may be simple advice, but it is not easy to put into practical effect. It's a bit like telling someone that it's easy to lose weight because you just need to control your diet and exercise.
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Well, it is. Control diet+exercise = lose weight.

Let me give you a template.
Define Trend.
Wait for pullback of Trend.
Enter when price returns to challenge next peak or trough of trend.
Exit quickly if wrong.
Wait for definite reason to exit and not before if right.

How hard is that? You are not practicing to trade really, you are practicing to learn to control your mind in the face of large gains and losses. Most traders cannot accept the loss quickly and then add insult to injury and when right scalp their gains.

Scalp that loss, and give back some of the gains. That is how you win this game.
 
Quote from RCG Trader:

Well, it is. Control diet+exercise = lose weight.

Let me give you a template.
Define Trend.
Wait for pullback of Trend.
Enter when price returns to challenge next peak or trough of trend.
Exit quickly if wrong.
Wait for definite reason to exit and not before if right.

How hard is that? You are not practicing to trade really, you are practicing to learn to control your mind in the face of large gains and losses. Most traders cannot accept the loss quickly and then add insult to injury and when right scalp their gains.

Scalp that loss, and give back some of the gains. That is how you win this game.
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I like your ideas. They do sound simple. However, I think you are confusing "what to do" with "how to do" and overlooking a few details. What to do is control diet and exercise. How to do is require fat people to take a few months off from work, attend a special camp where they live in dormitories and roused early out of bed each day by full-time fat coaches shouting at them like marine corp drill instructors to exercise, and scared out of their minds by dire reports from a doctor concerning their life expectancy. The what is simple, the how is damn hard, expensive, and labor intensive.

One major detail you are overlooking, is how to define the trend. Trends can change quite rapidly. Some days there may be no discernible trend. What about a pullback? Is it really a pullback or change in the trend? Exit quickly if wrong? How do you know if you're wrong? What if it's just some heat before the market turns your way for a large gain? Definite reason to exit and not before if right? How do you know you're right? Maybe you're really wrong and the market is going to turn what was once a winner into a loser?

My mind is completely uncontrollable, like a wild monkey. If someone tells me to not think about red, that's all my mind can think about.
 
How many business owners have gone out of business? How many went in wanting to make money, started to, and then went bankrupt, old and worthless? That's life. Big businesses have worked with government to make it even harder for a small business to compete, and big money works with government to make it even harder for a small trader to succeed.
 
Quote from Roark:

I like your ideas. They do sound simple. However, I think you are confusing "what to do" with "how to do" and overlooking a few details. What to do is control diet and exercise. How to do is require fat people to take a few months off from work, attend a special camp where they live in dormitories and roused early out of bed each day by full-time fat coaches shouting at them like marine corp drill instructors to exercise, and scared out of their minds by dire reports from a doctor concerning their life expectancy. The what is simple, the how is damn hard, expensive, and labor intensive.

One major detail you are overlooking, is how to define the trend. Trends can change quite rapidly. Some days there may be no discernible trend. What about a pullback? Is it really a pullback or change in the trend? Exit quickly if wrong? How do you know if you're wrong? What if it's just some heat before the market turns your way for a large gain? Definite reason to exit and not before if right? How do you know you're right? Maybe you're really wrong and the market is going to turn what was once a winner into a loser?

My mind is completely uncontrollable, like a wild monkey. If someone tells me to not think about red, that's all my mind can think about.
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The good news is, you are what you think about all day long.


The bad news is, you are what you think about all day long.
 
Quote from Unquestionably:

(If you want the big money, go into business).
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Most traditional business start ups fail because the wanna-be entrepreneurs are under-capitalized and go into their venture with unrealistic expectations. Just like many start-up traders.

In my own experience neither brick and mortar business nor trading is area easy ways to making millions. Both are equally tough and demand many similar attributes, such as discipline, patience and balance sheet/money management.

Giving up trading my be the right choice for some, but do not think running a traditional business is an easier path to riches.
 
way i see it requires a bit of luck, when the time comes and it clicks in your head, everything falls into place, its a bit like getting an education and getting educated, unless the individual gets the insight eventually they can read all the books and get all the personal training from others, it won't happen for the person, that is where i think no one can help the trader except him/herself, the journey can be agonizing mentally and financially, u must be prepared and there is no surety of results, thinking back if i had known what i had to go thru' i probably not do it
 
Quote from Butterball:

Most traditional business start ups fail because the wanna-be entrepreneurs are under-capitalized and go into their venture with unrealistic expectations. Just like many start-up traders.
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I've read statistics that say new businesses have a 50% success rate. Which is better than becoming a trader imo.
 
Unquestionably,

I'd suggest that trading just isn't your cup of tea. Given your rant, I'd say that you possess very few of the characteristics to becoming successful at it. Don't be ashamed. Building wealth through business is a much more honorable method and a more fulfilled life. Frankly, if we are talking about actual trading and not investing, it really is a boring and empty existence. If it isn't boring then you really don't have an edge, which means in time the odds are against profitability.

Trading provides more than I ever could have hoped, but if all I had to look forward to was a blinking computer screen all day, then I would go insane. There is no sense of contribution to society. There is no real sense of worth or accomplishment through trading. I literally rearrange numbers for hours each day while I wait for my computer to beep at me when it's time to make money. I don't do it because I enjoy it. I do it because I'm good at it, and if I don't capture the profits then someone else will. Consequently, I have to fill my time with other activities like building homes and woodworking.

Anyway, if you do stick around here to try to figure out trading, you should realize that 99% of the participants here have not and cannot consistently make money trading.
 
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