I’ve been trying to trade for three years, but unfortunately, I haven’t been successful. During this time, I’ve faced many challenges, made numerous mistakes, and lost money.
I’ve tried many strategies like SMC, price action, but I couldn’t succeed
The idea of quitting trading now seems reasonable, but I wanted to share it here one last time. I’m waiting for your suggestions. Thank you.
If trading has been hard for you, why not search for mechanical trading strategies - rule-based strategies which rely on objective entry patterns or signals, in which you have very least personal input or decision-making.
Do you have any free resources you can recommend??
Recently I have found some good mechanical trading strategies with proven results in some videos on the following YouTube channels.
The Transparent Trader
And
Unger Academy USA
Best of luck!
Take a look at The Transparent Trader on Youtube. But Google will find many other hits.
The idea is that the rules of the strategy make the decisions, long before the trade ever forms. So all you have to do is look at the charts and either enter or set an entry order according to the rules. A strategy that might suit will have as few decisions as possible for the trader to make. Don’t worry that it’s not a strategy you invented, if it’s been well tested and written it will still work.
As a motivation, I can only tell you about my trading journey, which began in 2005, and I have brought many different Trading Systems and many indicators, all of which were unsuccessful.
I have blown at least 2,500 demo accounts and about 100 live accounts, and I was almost ready to give up until I set down and blocked out all of the noise about trading systems and started using various indicators in combination, even though I still blew accounts, it was the wins that kept me motivated, and I finally succeeded in 2015 after ten years of trying. It’s hard, but you have to figure it out.
You should win an award for persistence, @SmallPaul. I wouldn’t have been able to keep going, through all that.
I think copying something that’s sensible, that other people have also used profitably, where all the decisions are rule-driven and there’s almost no discretion, is a pretty good and safe way to gain experience.
Another vote here for Jarrod Goodwin (“TheTransparentTrader”).
so, do you think that rule-based strategies or algo trading is not a trading?
That’s true grit, right there!
Switch to a demo account immediately! It’s the real market, but no actual financial risk.
Oh wow. 
Not sure how you were able to keep it together! BUT such an inspiring story, SmallPaul! 
I’m glad you also had the support system you needed during those 10 years of trying. 
Maybe it’s also good idea to go back to the basics? I know you mentioned you’ve tried a lot of strategies, but how about starting with a simple indicator like moving averages on demo?
My role as an over-the-road trucker owner operator also contributed to my longevity until becoming successful. trading, testing, and building a system were as challenging as they could have been.
I supported myself, My experience has proven what doesn’t break you makes you stronger; you have to go through it to get there.
Hey there, hope you’re doing well! If you’re finding trading challenging, ever considered about copy trading? It is not that tricky and you don’t need to be a trading pro for it. Just check out platforms like zulutrade or pelican, where you can copy the trades of experts.
Instead of giving up, why not give this a shot?
@Eymen87377 - It would be interesting to hear how you have done from copy-trading, assuming you’re still doing it.
But going back to when you started - how long ago was that please? - how did you pick who was the best expert to copy from?
Understandable. It took me about 3 years before I finally became consistently profitable at it. It seems like it takes a while, after looking at all of the different trading styles and strategies to figure out which ones to settle on. I had to throw out a lot of the teaching I was receiving regarding stop losses and take profit zones. When it finally dawned on me that my stop loss getting hit was the only reason I lost trades, things started to make more sense.
The way I look at it, is - the trading is training the trader and it doesn’t work when the trader just thinks there are shortcuts where they can plug in certain win loss ratios and expect to be consistently profitable.
One has to learn to feel the market, not just learn the strategy. So few people are committed enough to follow the strategy perfectly every time. But they think they feel the market so they make foolish entries and exits. If they can survive making these mistakes for a couple of years then they will eventually really feel the market and suddenly the strategy begins working and the account balance begins to grow.
I wish I had started a few years earlier myself. I offer you my best wishes in whatever you decide. We all know that 90 to 95% of us will end up blowing it all and that the odds are heavily stacked against the majority of us.
Of course, just taking a break from it for as long as you need could be another great option.
My best advice will be to “Take a break”, find some peace.
Trading is hard & difficult, i can’t deny that fact. But the thing is, i become harder.
We’ve all blown account. I’ve been here since 2021 also.
I won’t advice you to keep trading to Blow more account, if you have other means why not go for it.
Inasmuch i want you to succeed, i can’t deny the fact that not everyone will succeed in trading as it deals more about our personality more than stategies, and as you will know we all have our differences, reason more the charts is the way it is zig-zag manner - depi cting the differences of man.
Above all, let’s start with this one question, in all honesty devoid of noise and pressure both outside and within, in one word what can you say “it is the problem” that makes trading not working for you?
There’s this popular saying, if you can figure out what the problem is, you can figure out what the solution is.
Facing challenges and enduring losses in trading over the past three years showcases your perseverance, yet it’s understandable why you’re contemplating quitting. Before making a final decision, consider taking a break to reassess your approach and mindset. Diving into educational resources, seeking mentorship, or joining a trading community could offer fresh perspectives and strategies. Remember, success in trading is not only about the right strategy but also understanding market psychology, risk management, and maintaining patience. Whether you decide to continue or choose a different path, what matters most is finding fulfillment and peace in your decision. Your journey has value, no matter the outcome.
This trading podcast episode might help you with your decision.
Analyze past trades, continuously learn about market psychology and risk management, refine your strategy with backtesting, chat up someone who’s been through it all for advice, focus on psychological resilience, and consider diversifying your portfolio to improve your trading outcomes before deciding to quit.