Thinking of throwing in the towel

Quote from RedTankEra:

Trading is a lousy profession, after more than a decade as a full time trader, I would have rather become a professional in some other field, a lawyer perhaps, a dentist, who knows.

Very few make it, and make it or not you will get wherever you get with plenty of scars.

Scars from losses, stress, bag in your eyes, and probably back pain and a bigger belly. In some cases, divorce, quarrels with your significant other, and what not.

Now, assuming you are wise enough not to pursue trading any longer.

Don't give up on investing.
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That is just depressing to read. :)

If you actually made it as a trader & accumulated some wealth you should be proud of what you did. It's just human nature to say I'd rather have become this or lived there or done that. So if you actually made it as a trader just accept it & be at peace with it. It's one hell of a tough battle to win, so be proud & happy !

Now if someone I liked asked me if they should try to become a trader I'd say no way unless there is absolutely nothing else whatsoever that they would be happy doing.

If someone I don't like asked me the same question I'd say of course you should do it. It's easy money. Just use trendlines & support/resistance. You can make $1,000 per day easy. :)
 
Quote from macattack:

That is just depressing to read. :)
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Agree, it is depressing, sometimes I feel like a parasite, I do no good to society except help with the money I make, when I share wealth with children hospitals and obviously when I pay taxes, not counting whatever is wasted by the gov.

This is why I like to provide trading help at no cost to complement the feel good aspect missing in the profession, a little contradictory, but since trying to make is addictive, might as well, try to help.

Just being honest, I'm sure is laughable to some.
 
Quote from RedTankEra:

Trading is a lousy profession, after more than a decade as a full time trader, I would have rather become a professional in some other field, a lawyer perhaps, a dentist, who knows.

Very few make it, and make it or not you will get wherever you get with plenty of scars.

Scars from losses, stress, bag in your eyes, and probably back pain and a bigger belly. In some cases, divorce, quarrels with your significant other, and what not.

Now, assuming you are wise enough not to pursue trading any longer.

Don't give up on investing.

I'll give you a few tips....

#1 Only buy reputable indices
ie SPY, it will never go bankrupt, don't try to think you are smarter than Standard and Poor, it has built in diversification, let them work out the members for you, you are not any smarter than them as a group.

#2 Only start to buy in bear markets
ie Yes, that's how you do it, it's a psychological game

#3 Dollar cost average it
ie Add to your losing position and only in lower lows to get maximum displacement. As you wait for the market cycle turn you will be accumulating and getting paid a dividend.

#4 Never overleverage
Don't disobey this rule, ever

#5 Distribute in bull markets
Distribute on higher highs when there is complacency

#6 Rinse and repeat
It's that simple
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Great points.

However, what kills newbie traders is that they want to eat the whole pie, today. They don't want to cut the pie into slices and nibble at that.

Rule #4 is what kills em.

A complete bull and bear cycle is about 5 years or so.

And, averaging down requires a fairly wide capital base. That is another killer for newbies.
 
It seems the big problem in trading is the isolation, which can easily lead to depression.

All the other downsides..... stress, bad back, big belly, etc can all be found in other jobs be it doctor, accountant, customer service, plumber, cubicle monkey...

The feelings of guilt.... I think those can also be found in corporate careers. If you're working 60+ hrs a week for a company that you have come to view as corrupt or uncaring or exploitative, those same feelings can emerge. I've known people who have felt that way about their job.

The difference is at a regular job you can get out of the house and socialize (or commiserate) with others, which allows for a psychological release. As a trader, home alone, you don't get that release.
 
Quote from dv4632:

It seems the big problem in trading is the isolation, which can easily lead to depression.

All the other downsides..... stress, bad back, big belly, etc can all be found in other jobs be it doctor, accountant, customer service, plumber, cubicle monkey...

The feelings of guilt.... I think those can also be found in corporate careers. If you're working 60+ hrs a week for a company that you have come to view as corrupt or uncaring or exploitative, those same feelings can emerge. I've known people who have felt that way about their job.

The difference is at a regular job you can get out of the house and socialize (or commiserate) with others, which allows for a psychological release. As a trader, home alone, you don't get that release.
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I would have to agree 100% with this comment. As a trader i think its definitely good to get away and breath a little bit. Take some time to yourself without looking at the charts, so you come back refreshed.
 
Being successful as a trader requires a very serious commitment of resources... time, effort, sacrifice, money.

All successful businesses built from scratch do.

Ask yourself if you have what it takes... do you have the resources available and are you willing to commit them?

Then decide what business makes sense for you.. for your personality, strengths, weaknesses and circumstances. Trading is one of many paths to success and personal fulfillment.
 
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