Have you ever reached a point where you questioned yourself if you should walk away from trading? What were the factors that made you think of quitting?
I mean the list is endless.
- Blown demo
- Blown real account
- Huge losses
- Losing streak in a day
- Losing streak for multiple days
- Thinking about the commitment to learn and lose and learn from winners and losers (its hard work!)
- It’s a long journey, that can easily make it seem like you’re not actually progressing.
3 Likes
I think I’ll get to this point when I’ve blown up a couple of accounts. Right now everything’s going well so far. I can’t say I’m super profitable but I’m getting a better understanding of trading and myself. I don’t force myself to trade when I don’t see a good setup.
1 Like
If it has taken too much time from you yet you still haven’t reaped any rewards. Too much time of course is subjective as someone’s 2 years can be a fairly short time for another person. Also another factor to consider is if you’re still enjoying trading.
1 Like
Yes, health and happiness are my key objectives. Trading is a hobby that I can leave alone - and do for days, weeks, and months.
2 Likes
Do not trade with real money if you are constantly blowing up your paper money account. Before considering trading with real money, consider changing your trading strategy and risk management rules. If you achieve consistent positive results with paper trading, you can try trading small amounts of real money.
If you constantly loose real money and eventually blow up your real money account, you may consider either changing your strategy and risk management and go back to paper money, or quit trading altogether.
A more advanced thing you can do is to back-test your strategies before trading them. If you get good back tests, trade with paper money and then real money. If not, change the strategy, etc.
1 Like
Everyone has experienced this, therefore these types of thoughts do cross our minds, but the crucial thing is to learn from your mistakes, keep going, and educate yourself even more.
Hi,
Yes, three times in the past 15 years, and I am back for more. There are a few lessons I have learned along the way:
1 You need more than one source of income in this life. Never quit the day job before you know that the second, third, fourth (etc) sources of income can generate cash flow positive, and ensure you do that for five years until you are sure.
2 It is very much worthwhile maintaining records of what you do in life, so that you can go back and brush up on skills instead of having to reinvent them all over again. I maintain job records that go back over 20 years. I reuse a lot of stuff
3 Risk management in trading has improved my other investment skills so well, it has made a significant positive impact on the eventual outcomes of all my endeavours
4 I would never have contempated entering the crypto market had it not been for my understanding of trading and investment at a reasonably competent level.
Conclusion. No pursuit should be followed separately from all other experiences in your life. Knowledge is knowledge, and is the most valuable thing you possess, and it costs so little to obtain, and only five minutes to throw it away when you forget you are running a business, not a gambling addiction.
Best of luck. Never say never.
4 Likes
Actually I am highly determined and prepared my mind like whatever happens, I won’t leave the market.
1 Like
You should walk away when you see you are in consistent losses and are fully unable to reap gain on the market.
2 Likes
I like this advice because it’s extra conservative. A lot of advice out there just recommends to have 6 months worth of savings but I’m just like… do ya’ll know how fast 6 months goes by? It’s REALLY quick and I’m not going to have just enough savings to last me two blinks of an eye.
Although I did want to clarify this part “ensure you do that for five years until you are sure.” Sure that you’re generating cash flow you mean?
Yes absolutely. I don’t know about the rest of the world, but it is a published fact in the UK that 80% of business startups go out of business within the first 12 months. Of those that survive, 80% of them go out of business within the next four years. So your chance of surviving in a business for longer than 5 years is 4%, or your chance of NOT succeeding is 96%. That is really food for thought - especially when you bear in mind that the really successful people go on to create tens, even hundreds, of companies within their working lives. That is why I persist in Forex education. You have almost as much chance of making enough money in Forex as you do in just about any other business. But as I said, it pays to not need to take income from it in the first place. 
2 Likes
In the US it’s the same! I bet it’s true for the rest of the world.
If only we were all born from generational wealth 
Hi,
I think someone should give up on trading or take a break from trading when their belief system is wrecked. I’ll give you an example.
- It’s IMPOSSIBLE to be profitable in trading
- It’s IMPOSSIBLE to beat the market.
- No matter what you show me, I know that you can’t be successful in the long run.
- All the successful traders must be lying or doing something else.
Once a person starts talking like that, there is very little any one, let alone that person, can do to improve their trading. They have lost the battle before they even entered a trade. This type of person should quit, or at the very least, take a few months to a few years off to detoxify.
1 Like
Now there is another good read. The Millionaire Next Door - one of my favourites. It is extremely rare that generational wealth survives three generations or more. Normally, those born into wealth ruin it for the future generation, and so the grandchildren or the great grandchildren become wage slaves just like the forefathers of the wealth creating generation. Not everyone can handle wealth, and not everyone understands it has little to do with the quantity of currency one controls. It is simply a mindset that if you can live a life where you continuously spend less than you earn, you are already wealthy.
When I mentor people the first thing I ask them to do is to make a budget. You will probably be amazed how few people do this, and how few people can change their simple habits of spending their life excessively spending when compared to their income. How many of your friends run a zero balance on their credit cards, and pay them off fully at the end of every month? Ask them. Ask yourself.
1 Like
Trading is really a rollercoaster ride. Blown demo and real accounts is like watching your dreams crumble right before your eyes. 
Great to hear that things are going well for you at the moment! Taking it slow and not rushing into trades is a smart move.
Agree, it’s not just about the money, but also about the passion and fulfillment it brings.
It’s so important to have a balanced perspective and not let trading consume every aspect of your life.
Man, you can so easily forget this. Get a winning streak and you think you’re a trading god and then the market puts you in your place real quick.