Guys, I originally posted this as a reply to someone saying to another poster that his reluctance to go live with his new system is really his subconscious telling him his system isnt that great. But me, after 10 years of fundamental analysis based stock trading for my mothers retirement account and doing fairly well, I got hooked on day and swing trading for my own new career switch, and now after staying out of work 3 years to "make sure" I learn how to trade professionally, I dont even care about trading anymore. The first problem is none of my friends or family give a damn about it and dont even ask me how its going.(no support at all!) So here is what i wrote.do I quit or push on? What a great answer about reluctance to trade a system is really your subconscious telling you the system isnt that great. I always believed one's guy should be respected. George Soros even said that when he wakes up with a back ache, he knows to take that day off from trading. So maybe you can help me too......I started trading to build my moms retirement account and was a "fundamental" position trader mostly,all with her money and did well. But the allure of swing and day trading always had me distracted, and I began studying technical analysis day and night. I held a job and always wound up in somebodys trade/chat room any day I had off. I loved being in a prop firms chat room trading equities with 400 guys from around the world all taking many of the same plays, and always getting flat by end of day. Problem is the firm went belly up, taking a good chunk of my "disposable income" with it and I started frantically learning on my own. I started studying fibonacci clusters and found 1 guy had a trade room in which he called out trades on the ES and Bonds along with a couple of currencies and definitely he made a profit. I paper traded with him but wanted to get back into mequities and left the room. Now I feel burnt out. The desire and the belief that I can day trade or even swing trade the markets for a living is for the first time, not that appealing anymore.(I also lost my confidence that despite being sharper now than ever before, that I can really succeed at swing and day trading enough to make iot worth leaving the job world for.) I dont like to wake up early to trade anymore and now I just trade a micro account in Forex as I can set it and forget it. Im up 10% in my account papertrading last 2 weeks but if this system doesnt work, I feel Im ready to give up. But LITTLE VOICE in my head is screaming" Are you crazy? Youve been studying for too many years not to make a living trading!" Now... I just dont care. I took a long rest of 6 months before I found this forex system and still, I have just a small amout of enthusiasm left. Im sure if my account skyrocketed Id be feeling very different but I never ever have been lucky in trading. Ive always been the guy that when he thought he was flat a position in gold futures, im the guy who woke up the next morning and saw 30% of my acct was gone, never the other way around. I got into apple at 33 and sold it because it went to 31. Id have been rich from that alone and I just forgot to keep my eye on it and re-enter when it broke 36 as planed. Went to over 700 as you know. So Iv e been beat up pretty bad. Should I quit? Is this apathy my subconscious telling me this is not the profession for me? I used to stay up till 4am studying charts and reading articles. Now..................out of the clear blue sky I have this urge to get into law enforcement to be around people. WTH!!!??? Yeah, Im burned out from being alone in my apt all day and night weekdays. But if I give up trading id regret it the rest of my life. what do I do? Any comments from anyone would be appreciated. ps-I also see the short term pip range and daily volatility in many markets has dried up. We are all chasing the same nickel now it seems. I bet more pro traders went back to their "real" job this year than any other since the naz meltdown of 2001. Who...after all is making money anymore.? Why do you think we see sooooo many trading systems being sold today. Those are the once profitable guys that are now stuck with a system that cant pay the bills. Any ideas?
The term "social need strength" (SNS) refers to the need to interact with others on the job. It sounds like your SNS is higher than what you get from trading. Either that or your system/approach/style is not as good as it needs to be. There is nothing like losing or even breaking even to sap one's enthusiasm. You might try becoming a securities broker or a trainer of traders. You could maybe trade on the side.
Take a hard look in the mirror..... Years of work and still papertrading.... It isn't happening... Losing money in the markets, and losing more to a scammer... Your mind is in the gutter.... time for a life change. Don't lie to yourself any longer... You took your chance and it didn't happen. No shame in that. Time to move on and leave the losers and dreamers club. Either that or continue further to the dark side and become a "teacher"....
Your problem is simple. You don't treat trading like a business. In order to excel in any profession you must have a passion for it! If you lack the passion you will not be able to push forward and succeed. If you decide that you still have some desire to trade and have retained some of that passion you will have to stop treating this like some sort of hobby. This is a business dude...it is made to eat people like you alive. Don't get it twisted, you have to work your ass off and have a solid process to navigate the market!
Your last paragraph smells of defeat. Once you adopt that attitude you are done! Trading is a business that is cyclical like any other. If you want something that is consistent go into law enforcement. There will always be crime. In all seriousness...take some time off and clear your head. You will need to regain some emotional capital to charge forward on your path. Emotional capital is the most important capital in this business. Sounds like yours is running low...take a break!
Why not just go into law enforcement and then trade some on the side? Then you would get all the satisfaction from being around people and everything on a regular basis and then you can just trade when you feel like it. If you work nights you really will be good to go on trading when you feel like it. I am young but have debated on going into law enforcement or being a firefighter and then just trading in spare time. I'm in school right now for a degree in finance but honestly I can't see myself working for some big firm or anything. I'd be just as happy running a construction crew or being a cop or something. Don't make trading your job, make it hobby that makes you money. That is my two cents at least.
Having a system with positive expectancy will definitely get you out of bed in the morning. Guessing is gambling.
You need "the fire in the belly" thing to do trading.Don't have it? Do something else and save your money.