OK, I Quit. Trading is Too Tough for Me

[Drew07]

Quote from BSAM:

Good riddance. Now, if only a few more would leave, it would really benefit ET.

....Because posts like that are soooo productive and beneficial to everyone here. What a twat. It's people like you that need to leave.

My advice is to throw out this 5 years garbage. You admitted that you didn't follow your own plan. There's no point in having one if you aren't going to follow it. I'm a firm believer that the most important skill a trader can have is discipline. First and foremost you need rules and you need to follow them. At least then if you fail you can look back and clearly see what doesn't work. If you don't think you can make it work then by all means cut your losses and pursue something else. I'm in a somewhat similar boat but I think if you want it bad enough then you should keep trying. Good Luck.

 

[BSAM]

Quote from Drew07:

....Because posts like that are soooo productive and beneficial to everyone here. What a twat. It's people like you that need to leave......

You're obviously not familiar with the OP, junior. Wise up.

 

[timbo]

This thread is pathetic. OP, ask your mom for more colostrum.

 

[osorico]

Quote from Drew07:
...

My advice is to throw out this 5 years garbage. You admitted that you didn't follow your own plan. There's no point in having one if you aren't going to follow it. I'm a firm believer that the most important skill a trader can have is discipline. First and foremost you need rules and you need to follow them. At least then if you fail you can look back and clearly see what doesn't work. If you don't think you can make it work then by all means cut your losses and pursue something else.
...

Good Luck.

Osorico

 

[Pita]

4DTrader,

your plan is to quit? Quit! If you are discouraged after one year you dont have the spirit (yet) to become a trader. There are sure other things out there that suit you better and bear in mind that you can come back anytime. Everyone here suggesting to change something in your trading now and stay is not profitable by himself you can bet! Those are just more ambitious and still motivated (the first key to any kind of achievement)
Your motivation to post this here is because you want to hear "please stay and do this and do that blah blah blah .....; you listen and follow you will not develop responsibility (the second key) and have a cheap excuse for further losses.
Pretty sure you will lose your shirt as soon as you doubt in your abilities.

 

[Cutten]

Quote from 4DTrader:

People told me I needed a plan, so I made a trading plan.
But I changed my plan hundreds of times literally, because I changed it every day after a losing or winning day, and I have traded actively, part-time, for one year since May 2007.

People told me I needed to follow the plan, so I put the plan between the monitor and me, and I stared at the plan every minute.
But I just couldn't follow the plan. As soon as I entered a trade, I forgot the plan, ignored the plan, and started to do whatever I was led to do.

So I have decided that trading is not for me. I quit! I will not trade anymore! I don't want to spend several more years doing this (I heard it needs 5 years, too long for me).


Any comment is welcome.

Good decision. You obviously aren't suited to trading, so you'd be far better off finding out where your talents and passions lie, then pursuing a career in a field that matches your abilities and interests. Be glad that you realised this before wasting years of your life and huge sums of money. Good luck!

 

[Cutten]

Quote from bahdabing:

If you need to make a living then by all means do what you have to do in order to survive/take care of your family. Trade, trade, trade, a simulator as often as you can. Stare. stare, stare, at chart formations and how price moves around diff. levels at diff. times of the day etc.

Trading is the worst possible way to "make a living", let alone "take care of your family". The results are volatile and it's quite possible to work an entire year and be down 5, 6, or 7 figures (more if you are loaded).

If security is your concern, don't trade - take a steady, low risk job like being an accountant, lawyer, or doctor.

 

[asap]

there is no alternative to trading i am afraid.

even if you decide to get a (normal) job, you'll find yourself gambling your career, your paycheck and your family security each a every day and most of the time you'll have no control over your future. this is exactly like trading but with a huge cap on earnings. hence, you'll find yourself trading anyway.

life is a gigantic gamble for every human being. from birth to death we're constantly facing challenges which have dramatic impact in our future and there is way no avoid them, as they are part of our inevitable pathway.

saying that "trading is not for me" is like saying i am not into living or at least not into enjoying my life, because that's what life is about. trading is just one of these gambles that once we joined we should not abandon. it is like throwing the fucking towel before the combat.

just do what pleases you more (say work for someone else, etc.), but whatever you'd do, don't quit trading altogether. a loser in trading is very often a loser elsewhere. if you put up a fight in trading, you'll be boosting your self esteem which will dramatically improve your performance in every other aspect of your life.

 

[Diamond Geezer]

the ratio of those advising the OP to persevere versus those saying he should quit seems to be at least 2:1.

The word "quit" has a negative connotation in American culture in a way that convolutes the thought process about changing direction. A certain person I won't name until recently couldn't help but repeat over and over "stay the course" for example.

If the OP had say become a vet or a psychologist but found he wasn't good at in practice, he'd find people telling him to change career. But in trading?

The poster that pointed out that you need an edge is dead right. That takes skill to develop and it doesn't happen by staring at an execution platform. A trading plan should be written based on that edge. I've met traders who have developed their edge intuitively but they appear to me to be the exception, sort of like being a born top flight athlete.

Here's my hard cold conclusion. I recommend learning data analysis skills which involve a year or more studying stats and becoming super proficient in excel. Then you can throw tons of data in (price, volume, earnings, news etc.) and statistically validate your ideas. That way you can develop and edge. Then you move on to position sizing, money mangement etc. It's a real treck!

After you do this you may still find that you have no edge and are losing money. That's the difference between this and most other professions. In other jobs if you are even minimally competent you'll carve out a living. That's why quitting trading should be considered seriously. Ignore the "we're quitters" types. They've watched too many movies.

 

[Jaba122]

Quote from asap:

there is no alternative to trading i am afraid.

even if you decide to get a (normal) job, you'll find yourself gambling your career, your paycheck and your family security each a every day and most of the time you'll have no control over your future. this is exactly like trading but with a huge cap on earnings. hence, you'll find yourself trading anyway.

life is a gigantic gamble for every human being. from birth to death we're constantly facing challenges which have dramatic impact in our future and there is way no avoid them, as they are part of our inevitable pathway.

saying that "trading is not for me" is like saying i am not into living or at least not into enjoying my life, because that's what life is about. trading is just one of these gambles that once we joined we should not abandon. it is like throwing the fucking towel before the combat.

just do what pleases you more (say work for someone else, etc.), but whatever you'd do, don't quit trading altogether. a loser in trading is very often a loser elsewhere. if you put up a fight in trading, you'll be boosting your self esteem which will dramatically improve your performance in every other aspect of your life.

very interesting post