there can be many such factors, and everyone will have their own, because everyone has their own work experience, their own problems and their own solutions to these problems
Unless you gain complete control over your emotions, you should never trade the market. If you keep breaking the rules, never think you can become a successful trader.
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Streaks always have an end, and we donât know when it will stop.
So taking your winnings, as we say, secure your profits.
Your losing could and most likely to affect your mindset, so stop and back away for a bit.
If you are feeling worried, get out, if you are comfortable stay in. But if you are being greed or stubborn, definitely get out before it goes horribly wrong.
Thatâs my thought
I would say, if you quit do it for just a little bit, if you took the time to really learn this skill, why throw it away.
You can stop trading for a good while but get back in, because down the road you will regret totally giving up
I am a beginner. My Rule is once I have two loses in a row I stop Trading for the day.
When should a trader quit trading?
3. When the predetermined daily Profit target has been reached.
So hereâs why I highlighted #3 on the list: After you actually have put in the time to study and learn the pair that you will be trading, you will also learn (in time) how to manipulate that particular pair. Iâve been trading for 5 years off and on. I am here to tell you right right now that despite a big winning streak, youâre better off taking your money and cashing OUT of the casino. Let me point something out other things that I have learned. You stated in your post:
1.During a winning streaks I feel any legitimate opportunity seen should still be taken as these opportunities donât come all the time. --------> This is FALSE. Opportunities come ALL the time IF you know WHERE to look and WHEN. Take your winnings and CASH OUT. Give your account room to breathe, as well as yourself. Then plan for the NEXT opportunity.
2.If I quit up after a losing streak who knows I the next opportunity will bring profit and cover up for my loses. ------>Losing a trade is INEVITABLE. It WILL happen. However, again- if you study and learn the pair you trade, you will begin seeing the possible opportunities that allow you to jump in, grab some pips, and leave. Here is where you will want to think about and adapt the strategy you use, whether its scalping or swing trading, etc.
3. I might keep losing money in an attempt to get to my desired profit. -------->Which is why you must have an entry plan AND an exit plan BEFORE you ever attempt to trade. Losing money is NOT fun, so planning for what to do before it happens can help you a lot.
Your role as a trader is to increase your account balance, and to do that- you have to do it smartly. Itâs no different than owning a business, if you want to make money, you write up a business plan and then you start taking steps according to the plan that will best help you make the amount of money that you are seeking. Winning is JUST as important as losing, so again- planning how to trade before you conduct one will ultimately improve your chances. After that, itâs up to you about whether you stay in or cash out.
Good luck with your trading journey!
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Quit is not an option! Epends on tour mindset, your effort,
Rather than quitting which basically mean you are giving up, best to take a break from trading and take some times off from trading to clear your mind before you can trade again. I would suggest taking time on hobby and find yourself balance between trading and spending time on hobby.
The topic iz nice true donât give up as discipline , consistency, and patience are the key
If everything is okay with the indicators in your trading activity, then why you should quit it? Maybe you can quit tradding only in case youâre annoyed by trading and you have earned enough money for starting some new activities. In these cases you can quit trading actually. To my mind, traders should stay in trading activity as much as they can, because itâa a very profitable field for those people who have never seen such amounts of money and there are lots of opportunities around there. If you are already full with these opportunities and have no need in money, then leave it, nobody restricts you.
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Totally agreed, if getting positive returns and sometime you get negative too then also you should not think about quitting. Be confident and trade wisely. Read the trend and find out the position to enter and then exit. SnR will help through it.
This thing is quite subjective and everyone should decide for themselves taking into account their personalities. I make a pause after experiencing some strong emotional distress.
You should quit trading when your psychological state is inadequate. That is why I always write my thoughts before making decision on opening a deal.
Do you also maintain a trading journal?
Not knowing when to exit can only happen when you have no plan before entering in the first place.
Plan before you enter. When you plan before you enter, whatever happens, you know exactly when to get out.
Quitting shouldnât be in the planning while trading.
I think that a trader should quit trading after some emotional peak. More often than not, there are some situations on the market which donât leave a trader indifferent or emotionally neutral. There can be two sorts of events: either too optimistic or too pessimistic. Both of them are harmul for the further trading because they cause such conditions as greed and fear. That is why I always use take profits along with stop losses so that the dealsâ outcomes would be predictable according to the pror trading plan. The deals shouldnât be spontaneous, I think. Everything must be planned and calculated, otherwise, emotional side of trading will be predominant and this will bring you huge losses and psychological distress.
I usually quit trading in two cases: low volatility or surge of emotions.
There are certain periods on the market when the volatility is extremely low. It usually happens on summer when the whole trade is quite lazy as many people prefer to take a rest during that time. It is absolutely useless and even harmful to trade within this period. The danger is in signals and your attitude to them. You can see some quite disputable and unclear signals which can be taken by you as serious ones because they stand out from the crowd. Such decisions lead to the losses most of the time, so youâd better avoid trading.
Emotions are really harmful for trading, but everybody knows about it. However, I am talking not only about those emotions which are connected to the trading, but any kind of emotions be it positive or negative. Even if there is something outside trading happens and I am not indifferent to it, I take a break and try to get rid of these emotions before continue trading. Sometimes these emotions are so strong that I need to take time to calm down and be unbiased.
Should never quit unless you donât want to do it, if things are going wrong you just need to teach yourself more and take a step back
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If you ever feel resentment when your trading or it becomes soul destroying so to speak then I would consider leaving it