Should I quit?

Quote from shootingiron:

Yes, another of those threads. And by a suspicious first-time poster who for all you know might be the sock-puppet of a well known poster on these very boards.

Studied trading and traded demo and small accounts for four years. Funded my account in January and went full time, with enough savings to live on for two years.

As of tonight, I'm down around 50%.

Do I give up now or slog it out until I'm looking at an even bigger drawdown?

The thing is, I feel I have a fairly good grasp of the market. I just do stupid things.

*revenge trading
*following the market - i.e. I see a sudden move and spontaneously put on a trade, right at the bottom of course.
*not letting my winners run.
*get married to a direction and keep fighting the market.

I don't do these things all the time. Just enough to have blowout days which lately have been getting more numerous.

It's all in my head right now. But realistically, how long do I keep on doing this for?

OK, let fly with the witticisms.
More...

Well, since this is "just another one of those threads", why not change things up a bit and post your system?

Maybe it is not the problems you listed, but a serious flaw in your rules to begin with.

This thread can go on and on with quotes from all the trading psychology you can find, but post some trades....unless you are really fearful of honest critiques......:cool:
 
YES, STOP NOW!!! BEFORE YOU HURT YOURSELF MORE AND THE NEXT COMMUNIQUE' YOU HAVE IS WITH A SUICIDE PREVENTION HOTLINE AND NOT A BOARD FOR "TRADERS"!!
 
If you have to ask this question, the answer is automatically yes. At least temporary instead of permanently. I guess you wanted temporary quit and then come back later with an edge, both strategically and mentally.
 
Update

I traded one more day and made another loss. Felt completely sick in the guts, but maybe that was the absolute bottom I had to reach. I am taking a break for a week and when I return will be on sim for at least a month, with aim to not go back to full position size for 3 months.

Thanks for the mostly helpful replies and PMs. I'm stopping while I still have some capital, even though I have thrown a lot away I know that the 50% remaining is a lot better than losing it all, and when I get my head together I will be back.
 
Quote from Trvlwanderer:

Well, since this is "just another one of those threads", why not change things up a bit and post your system?

Maybe it is not the problems you listed, but a serious flaw in your rules to begin with.

This thread can go on and on with quotes from all the trading psychology you can find, but post some trades....unless you are really fearful of honest critiques......:cool:
More...
 
Quote from shootingiron:

Yes, another of those threads. And by a suspicious first-time poster who for all you know might be the sock-puppet of a well known poster on these very boards.

Studied trading and traded demo and small accounts for four years. Funded my account in January and went full time, with enough savings to live on for two years.

As of tonight, I'm down around 50%.

Do I give up now or slog it out until I'm looking at an even bigger drawdown?

The thing is, I feel I have a fairly good grasp of the market. I just do stupid things.

*revenge trading
*following the market - i.e. I see a sudden move and spontaneously put on a trade, right at the bottom of course.
*not letting my winners run.
*get married to a direction and keep fighting the market.

I don't do these things all the time. Just enough to have blowout days which lately have been getting more numerous.

It's all in my head right now. But realistically, how long do I keep on doing this for?

OK, let fly with the witticisms.
More...

All the best traders I know became who they are by learning thru their losses. a true success comes from failures. everybody goes thru tough times.

you quoted you started full time trading in Jan 2008....well, i think you can blame some on the mkt condition(heck that's what institution funds are blaming). anyway, the best thing for you now is to sit back and learn more, or perhaps paper trade for a month or two. I went thru difficult periods several times, and my closest friends and family were rooting for me to quit. well, here I am now, not making millions, but a comfortable living.

from what u quoted, it sounds much like u need a serious dicipline. DICIPLINE, DICIPLINE, DICIPLINE. stick to your trading strategies. when u are down over 50%, u need to focus on ur risk management.... tighter losses and taking profits on winners. don't try to make everything back on 1 trade. that is stupid.

Give urself 1more shot....and make sure u stick to the rules. if u don't think u can, then u should quit. there's no future in trading w/o dicipline. relax and observe for a while.
 
Quote from Trvlwanderer:

More...

Fair enough and thanks for the offer of critique Trvlwanderer. To be frank I have other outlets for my learning process/strategy stuff, I kind of started this thread to vent and get some advice regarding the psychological side.
 
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