OK, I Quit. Trading is Too Tough for Me

Quote from Epiphany:

What else is there left to say?

You are a quitter, and a loser.

It is one thing to give up on trading because you realize it's not your passion. To each his own.

It is another thing to have trading as your passion, but then give up because you don't want to spend more time (up to 5 years) to hone your craft.
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Trading obviously isn't his passion. That comes through loud and clear on his posts.
 
Quote from illiquid:

50/50 (greater than, less than) is an illusion in the markets -- either you are right or you are wrong for any given trade. You can try to reduce any given opportunity into a game of probabilities, but most resort to that because they have nothing better. Sure, in retrospect you can say a good trader will have a greater "expectation" than a poor trader, but that has nothing to do with the probabilities of the next trade. I'm sure many will disagree. Take the reaction of crude oil after thursday's report -- where is the 50/50 in that? Buying the instant right after the report, or selling into the spike the followed: what entries, what targets, what pain thresholds constitute "greater than 50/50"?

The point is, learning about what does work and what doesn't in the markets really never boils down to probabilities at all, but instead revolves around sound concepts and flat-out experience. It's those who focus on the rear-view derivative (aka TA), as opposed to the impetus behind market movement, who deal in terms of probabilities in general, because they find nothing else to analyze except the results of their own trades.
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What would you consider impetus behind market movement? nice post but not sure I understand...

Hey 4D, no biggie... all of our accounts will go to zero at the END anyway. good trading.
 
Quote from Wrongside:

It sounds like you want to be talked into staying.
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haha, I don't think talking has any impact on me.:p

But I feel my talk may have some negative impact on those who
are in the same boat as me, so I've come to post some of my thoughts. I don't want them to be discouraged by my talk of quitting.

Trading success can be achieved, it's not rocket science fortunately. But it's unfortunate in the mean time that trading is unlike rocket science, because it involves human emotions. I cannot over-emphasize human emotions' role in trading. Every trading day is a fight with your emotions. Different people have different levels of intensity of emotions. It happens that I am an extremely competitive person. It's good for other things, but very bad for trading. Here is the logical sequence: competitiveness = ambition = greed. If you have traded a few months, you know greed is very detrimental to your trading. And greed is not the only emotion you need to deal with.
In one sentence, trading is not about the market, it's about yourself.
Next time, you see an only child attempting trading, tell him to stop. A child growing up in a family of at least 3 children may have a chance. An only child is just too damn controlling, competitive, greedy......

While I have your attention, what do you think of my losing $10,000 in one week by trading 10 contracts of NQ: $2000, $3000, $4000, $1000? Is it a big deal?
 
Don't give up yet. It took me 8 years just to find out what type of a trader I am. You have to give it more time. 1 year is nothing. You have to discover your personality first.

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).
:mad:

Any comment is welcome.
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Quote from 4DTrader:

haha, I don't think talking has any impact on me.:p

But I feel my talk may have some negative impact on those who
are in the same boat as me, so I've come to post some of my thoughts. I don't want them to be discouraged by my talk of quitting.

Trading success can be achieved, it's not rocket science fortunately. But it's unfortunate in the mean time that trading is unlike rocket science, because it involves human emotions. I cannot over-emphasize human emotions' role in trading. Every trading day is a fight with your emotions. Different people have different levels of intensity of emotions. It happens that I am an extremely competitive person. It's good for other things, but very bad for trading. Here is the logical sequence: competitiveness = ambition = greed. If you have traded a few months, you know greed is very detrimental to your trading. And greed is not the only emotion you need to deal with.
In one sentence, trading is not about the market, it's about yourself.
Next time, you see an only child attempting trading, tell him to stop. A child growing up in a family of at least 3 children may have a chance. An only child is just too damn controlling, competitive, greedy......

While I have your attention, what do you think of my losing $10,000 in one week by trading 10 contracts of NQ: $2000, $3000, $4000, $1000? Is it a big deal?
More...




Interesting " An only child is just too damn controlling, competitive, greedy......" Never heard this before.


As far as what you lost in the NQ that depends on your net worth. If you have 100k and lost 10 then not the end of the world. If you have under 50k and lost money like that then not a good thing. Best of luck in whatever career you choose.
 
Quote from 4DTrader:

It happens that I am an extremely competitive person. It's good for other things, but very bad for trading.
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Does anyone else here actually think that having a highly competitive personality is a <b>negative</b> trait for a trader to have?! :p
 
Quote from 4DTrader:

While I have your attention, what do you think of my losing $10,000 in one week by trading 10 contracts of NQ: $2000, $3000, $4000, $1000? Is it a big deal?
More...

Sounds like you're getting in and out at the right time, but simply taking the wrong side each time. :)
 
Kill this thread, 4D is done and so is this thread.

4D, next time trade small, an repeat 4 times, discipline, discipline, discipline, discipline. 4D

Over and out,,

EF
 
Quote from Rearden Metal:

Does anyone else here actually think that having a highly competitive personality is a <b>negative</b> trait for a trader to have?! :p
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I thought that was a strange observation as well. I cannot think of any worthwhile pursuit where a competitive personality is a disadvantage.
 
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