What do you do when you feel like giving up?

Right, I’ve studied Forex, strategies, money management, mentalities etc at least 2 hours a day for since last June and am just on the brink of giving up and going with the usual ‘rat race’ type job so after some motivation to carry on with Forex. So what do you turn to when you lose loads of trades in a row or just generally feel down with regards to Fx?

If you want to succeed in something, giving up should never be an option whether it’s forex, plumbing, or janitorial work

First, if the methods you are using don’t work, question why.

Do the trades you lose on eventually make money? Change your lot size to a smaller increment, and then increase your stop loss. Or better yet, change your entry point to get in later on a move.

What are your methods? Are they something you followed? OR are you blazing your own trail?

Please enlighten us as to your system, or triggers. That may help.

Keep a record of your trades. Keep track of what happened and why, but don’t let the losers bother you. Study the ones that pay off. Look for the common elements of the winners, and the losers, and note them.

Also, keep in mind, 2 to 4 hours a day since June is a drop in the bucket. The learning curve in this is steep, and costly both in time, and money if you do it wrong.

600+ hours isn’t even enough to complete an apprenticeship in any trade you might pursue as a career.

Keep the big picture alive;)

2 hours? I do this all day. imo, i really know how it feels.

but what i do after getting saturated with all those stuff.

i sleep
i hug my wife
i play with my sister’s dog
play a pc game

and the biggest motivation of all, which is why i’m still here, i keep coming back.
i want to be free. you know what i mean. :cool:

Also, keep in mind, 2 to 4 hours a day since June is a drop in the bucket. The learning curve in this is steep, and costly both in time, and money if you do it wrong.

600+ hours isn’t even enough to complete an apprenticeship in any trade you might pursue as a career.

Think about this and take a few weeks off. The market is not going anywhere.
I made a list of some goals and things I want. I read it often. Some things on the list don’t have anything to do with money or forex. I to am still learning and sometimes I make some mistakes and get discouraged. So I will work on something else for awhile soon my good positive attitude will be back and I can look at the charts with a clear head.

Stepping back and taking a break is not giving up. It can be good for you to take a look back at the charts and see you don’t have to be in the market all the time. It will go on with or without you that also means you can step in and out when ever you want or need to.

If your losses are costing you a lot of money drop your lot size down to 0.01 lots where you will only be risking a few cents in a trade. That will take the pressure off and let you experiment without the fear of losing a bunch of money.

Edit: Just seen master tang already said that, its good advice though.

Take a nap:)

Yep that is what I do. I drop my lot size down to 0.01. If I lose a trade it’s a bummer, but it doesn’t burn inside losing a few bucks on a trade.

Or try something simple? 301 Moved Permanently

dont give up on anything. life it self is not all smooth, there well be trials and errors. thats how u learn. when u trade u must basically cut your self off of many things and consecrate on what you are doing. especially if you are new. im new i got plenty of things going on around me… school, work, paying bills this and that. when i get a chance like now im at work, i focus on trading and when more then i loose, when i loose its because its my stragedy to gain :slight_smile: . but once again when im not focused i loose. and big time. demo by the way. like so many people have said now i see why. dont let ur emotions or greed get on your way. have a plan and bail out once u get what u wanted. dont ask for to much it well bite u. ~~~~ from a newbie

When I say 2 hours, thats a minimum, there’s been plenty of times when I’ve spent all day learning and reading but I guess this is just me feeling a bit down about it and needing to see things like I’ve seen in this thread :slight_smile:

It took me over 2 years, day in day out, and if I knew at the end of the 2 years at the start, it would have saved me 2 years!! It’s FOREX! :eek:

Now it’s about 7 hours a week.

I think it is great that all are trying to give Mike encouragement. Here is a reality check,
NOT EVERYONE CAN BE A SUCCESSFUL FX TRADER.

IMHO you should examine the reasons why you came to forex.
Was it to make lts of money quickly ?
Did you read some get rich quick scam ?
Did someone suggest this is an easy way ?
Do you like to gamble?
Look at your own character and skill set, are you fundamentaly suitable to trading?
Just because trading CAN be the most rewarding profession does not mean that everyone can do it. Being a professional footballer for example is a great profession and highly lucrative but if you have two left feet you better forget it. That does’nt mean that you have to give up playing, just set realistic expectations.
As with all professions, it takes time to learn the necessary skill. The hardest lesson to learn is when to call it a day. The market will be around for a long time and just maybe the time is not right for you, you can always come back.

I see what you’re getting at, but I don’t know about all these soul searching questions, but I do tend to simplify things generally, but then again I get proved right more often than not, I simply compare it to a 3 year degree course, would you consider giving up after 6 months? You’ve probably got as much guarantee of a successful career with either, probably more so with FOREX and even more financial security than a degree.

I am certainly not advocating giving up on a whim. If you embark on a degree course it would be because you had a connection to the subject and usually some experience to justify your choice. To embark on a degree course without suitable foundation would enhance the probability of not completing. If I took a degree course in for example in medicine, because being a doctor is a great proffession and thats what my parents wanted for me, but I hate biology and my skill set is based in economics, what are my expectations of completion? as much as I might want to complete the course there comes a time when I just don’t get it. Do I carry on ? or accept that it is not for me and switch to accountancy, where i have a foundation of knowledge

I’m not keen on FOREX, I find it utterly tedious and boring, but the trade off is priceless, working around 7 hours a week from your own PC in your own home, there’s quite a lot of things I would do if it were that profitable like:-
mmmm? I’ll get back to you on that…:smiley:

Just a little bit of emotions coming out of me I think, lots of losing trades but I’d rather post about it on here than start revenge trading :stuck_out_tongue:

Sure Mike, very sensible

You could try panic trading as opposed to revenge trading, it’s a lot more fun and you tend to loose a lot more money - see, we’ve all been there;)

Trading can also be quite lonely, try the chat room sometime

that is a disastrous “strategy” that will lead you to blowing your entire account! NEVER hesitate to take a little loss and close a position if things go the wrong way from what you intended. Clinging on to losing positions is folly and you will, I repeat WILL, blow your account that way.