Quitting Trading

Discussion in 'Psychology' started by jasper6, May 3, 2008.

Thread Status:
Not open for further replies.
  1. Cheese

    Cheese

    Trading is an unsuitable choice for you as it is for most amateurs.

    You will experience freedom in letting it go. Let it go. Any alternative is not as bad as you currently see it. Life is abundant. Do not fear your future in any shape or form. And you will know these famous words: "There is nothing to fear but fear itself." President Franklin D. Roosevelt
     
    #11     May 3, 2008
  2. It took me 9 years and over 500k in losses to turn profitable. I make over 250k a year now trading equities. My advice, give it a few years. I did.
     
    #12     May 3, 2008
    War-Lord likes this.
  3. Jasper,

    There is no denying you're in a tough spot. However, there are people who have taken as long or longer before they started making money in the markets with reasonable consistency. That's neither encouragement nor discouragement. Just a fact to ponder. As for advice, there are people here who are far more qualified to dispense it than I am. However, I think it's fair to say that if you have a method that is presently not serving you well, then you should either modify it, test it on another market that may be more accommodating or drop it. Sometimes a fresh look from a different angle helps. Test it before you trade it. As you well know, just because it may test well does not mean it will necessarily trade well. But if it tests poorly, it would be a miracle if it makes any money. Most important, pay no attention to people who are ready to either dismiss you or otherwise define your fate at the drop of a hat. They may be right, and then again, they may be wrong -- just like a worthless indicator.
     
    #13     May 3, 2008
  4. Damn bro, way to stick it out.

    To the OP. I'd say take a break, clear your head... you're in no state of mind to make solid choices. Go find a job...anything. Meet new people, get a new perspective, regroup, and come back to the game slowly w/out pressure.
     
    #14     May 3, 2008
  5. Jasper,

    I would have never made it 8 years if I traded that way. If I've learned anything, it's the market loves a flexible mind. When a flexible mind sees the situation getting too complex, it will immediately try to reduce the complexity. Perhaps you should explore an alternative style of trading and simplify your methods.

    Good Luck,

    T
    http://actionpointsta.blogspot.com/
     
    #15     May 3, 2008
  6. nkhoi

    nkhoi

    Steven Jobs was away from Apple for 10 years, 86-96, then came back stronger and better than ever.
     
    #16     May 3, 2008
  7. Something to consider is you are 51, and have 8 years out of the job market. I would say you need to get a job ASAP, and possibly trade another market (DAX, Eurostox50, HSI, Nikkei) at night until you ARE profitable. You need to be realistic; everyone here is trying to encourage you, that is the American way, blah, blah, but just remember for every movie star who waited tables for 10 years before a big break, there are 1000 people still waiting tables.

    Most people can't make a living trading (I am also still struggling). You gave it a good shot, and you took a big risk and that in my book is commendable. Atl least you had the guts to live your dream.
     
    #17     May 3, 2008
  8. If you havent been able to learn from books or the internet then you need to find someone in person who can help you.

    Atleast join a prop firm with other traders rather than trade from home by yourself?
     
    #18     May 3, 2008
  9. Baywolf

    Baywolf

    First, I want to say that your discipline to stay with trading for 8 years is quite respectable. I can only hope to last that long.

    I would keep at it. I don't know how you are going to get back in the workforce after such a long break. I am watching my dad (late 50's) trying to get back in the workforce after a 10+ years hiatus and it is brutal. Hes been looking for at least two years I think now.

    Do you trade exclusively with range bars? They make me nervous because they hide a lot of the price/time info I am looking for. Too smooth.

    Im sure you have had a chance to try all the usual techniques, but I still find it AMAZING how well the 'psychological' price lines work.

    PrevOHLC, CurrentOHL, VWAP, channels. Tigheten you stops when the price gets close to one of these (if your broker is even making you use stops).
     
    #19     May 3, 2008
  10. This was my earlier point, at 51 you are still not too old to find a job. In 5 years, no one is going to want you being 55-56 and 12-13 years out of the job market. You have to eat my man.
     
    #20     May 3, 2008
Thread Status:
Not open for further replies.