Are you still in the beginning section, in the difficult stage of not knowing whethere you should quit or continue, or are you past all that and are now just optimizing?
Also, what do you think of this “map”? For those who have been trading for many years, did your trading journey look like this?
My trading journey started in April 2020 when a stay at home isolation from Covid caused me to seek a new hobby. As I had a financial background, I set my goal on FX trading as a challenge. I am fortunate not to rely on making money, although welcome, and I began a two year journey making every mistake under the sun and the moon.
What kept me in the game was a daily journal that I have written as a blog - a demo account for eight months and followed by a current live account from January 2021. This blog contains 37,000 words as at today.
For three months now, I am in the green zone, albeit on a small live account. I will leave one latest sentiment for near profitable traders on this site:
My no-cost mentor advised me to follow his mindset, as follows:
“When I see a good profit, I rarely think I better take my money and run. Rather, I think how can I make this profit even bigger? What do I need to do now to squeeze more money out of my position?”
we all had different experiences and very different what you call graphs ,all i can add after trading live a few years im more selective about choosing a trade. i did actually turn a few hundred into 10s of thousands during the pandemic but something im not proud of, as it was my naivety which led to the rewards, plus i lost after that peak.
Glad I continued! I feel like I’m close to success, but with my small account I only make around 100/200 € a day, most traders I talk to make anywhere from 600€ to 5000€ a day
Hmmmm. It’s really hard to say. Hahaha. At least I would like to think that I’m slowly but surely moving towards the breakeven/ optimisation sections? I’ve been trading for a couple of years but I still can’t say that I’m successful since I’m still not very consistent in opening trades and grabbing pips (since I mostly do it as a side hustle).
Profitability line ,i been go through alot to reach profitablity line,it tooks me more than 7 years.But,im really so happy i been overcome alot and able to find a good strategy that i want,able to create a system to help me to build consistent profit,and i able to to plan out the SOP of my trading plan.Most importantly i got huge improve in my self confident,and thats the best part that i love the most
Just seen this post. I have to say that’s an amazingly accurate graph and is pretty much the spitting image of my first 18m in trading. Happily I’m now at the profitablity end of it, but I very well remember the quit or continue point where I was nursing around £16K losses and was literally a day away from stopping trading forever. I now aim, over the long term, to make an average of about £200 per day with an account size of £50-£60K. As my account size increases, so should my profits.
At the moment I am past the phaze, ‘quit or continue’ but still below ‘break even’. All fear and anxiety has passed. Now I win or lose with no emotion whatsoever. I have engaged a coach and I pay him (money well spent). I wish I had found him earlier but there are a lot of scammers out there so it’s hard to find the ‘real deal’.
Even though my results are not even at breakeven I feel I am well into the optimisation/maturity phase.
Quitting has never even entered my mind because, like everything in life you can only get better if you keep at it. Great article thank you