When to know if it’s time to quit...

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
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zippus
Posts: 181
Joined: Thu Jun 13, 2019 3:19 pm

It’s great to read this forum. The success stories, advice, tips are really excellent. I was just wondering how many of you ‘successful’ traders ever felt like quitting.

Now I’m not a greedy man. But I realise my corporate life will come to an end one day and am looking for something to do that will provide a reasonable income from home in the future. However, I have to accept that I’m rubbish at this. I’m successful most days but then have a terrible day and it offsets all the good work. I’ve worked really hard analysing data, researching materials, testing strategies and developing automation. Yet I still get let down by stupid mistakes. Some of my key failings are:

- Impulsiveness.
- Poor stake management.
- Readiness to cut profits short and let losses run.
- Poor downside management.

I know these are things that I need to fix for myself. But has anyone here managed to find ways to address their weaknesses? I’m really finding this side tough.

I’ve given myself this year to try to address the above, so any thoughts would be welcome.
sphilipmyer
Posts: 40
Joined: Sun Oct 13, 2019 6:23 pm

Every time you foul up put a post it note reminder on the edge of your screen.
rik
Posts: 1583
Joined: Sat Jan 25, 2014 5:16 am
Location: London

Maybe check before any decision if its for the right reasons?

Say you select to double the stake. Good reasons would be "I think my edge to is significantly higher in this trade" or "turnover in the market is higher so I can get out of a trade easier".

When the answer is because im bored or want to recover of course your being a mug so its impossible to do it with a clear mind.
Anbell
Posts: 2004
Joined: Fri Apr 05, 2019 2:31 am

sphilipmyer wrote:
Mon Mar 29, 2021 12:24 am
Every time you foul up put a post it note reminder on the edge of your screen.
This is ridiculously good advice.
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Trader724
Posts: 559
Joined: Fri Dec 27, 2019 11:22 pm

Depends on what you have to lose if you keep trying? Maybe you can work a little on this chapter than think about giving up. You may not be doing things as efficiently as possible. If you are not a complete idiot you can try as long as you live without losing anything.
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Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

Never quit...

If you quit once you have learnt to quit.

Never learn to quit.

Learn to succeed.
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

I used to place post-it notes on the wall with all my mistakes

I also used to reward myself with a triangle of Toblerone every time I was tempted to fall into the same trap, but stayed strong.

It's true what they say - bad habits can be transformed into good habits
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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

Microsoft Sticky Notes can be a good alternative if you don't want notes flying away : https://www.microsoft.com/en-us/p/micro ... verviewtab
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Trader724
Posts: 559
Joined: Fri Dec 27, 2019 11:22 pm

I refuse to believe that some are so dumb that they need sticky notes and yet hope to succeed in trading. If you are serious about this job, you have to work like a swiss watch.
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Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

Trader724 wrote:
Mon Mar 29, 2021 10:18 am
I refuse to believe that some are so dumb that they need sticky notes and yet hope to succeed in trading. If you are serious about this job, you have to work like a swiss watch.
It is fact that if you wrote something down you will remember it more than just trying to remember it.

Crib cards are used in the military and have been for many many years.

Believe 😉
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Trader724
Posts: 559
Joined: Fri Dec 27, 2019 11:22 pm

Now I'm sad.
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

Trader724 wrote:
Mon Mar 29, 2021 10:18 am
I refuse to believe that some are so dumb that they need sticky notes and yet hope to succeed in trading. If you are serious about this job, you have to work like a swiss watch.
You say that, but in my experience discipline and emotion are the biggest reasons for failure in trading, not an inability to read graphs etc.

Early doors, I had an expensive trait of letting bad trades go IP. It nearly finished me before I had started

It took a huge effort to rewire my brain. I was willing to try anything
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Trader724
Posts: 559
Joined: Fri Dec 27, 2019 11:22 pm

You knew it was bad for you to go in-play, but you did it anyway. Did you really need to read somewhere that it's not good what you're doing? The problem was that you couldn't accept a loss.
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

Yes, it worked a treat for me. We are all different

I have rushes of blood, I always have.

I found that reminding myself of previous fuck ups, gave myself a vital split second to think about what I'm doing

The last time I went IP after a bad trade was New Years Day 2008......I lost £2000, just because I couldn't accept a £20 red

I printed the sheet out and put it on my wall, to remind myself of the consequences of going IP

I went self-employed 6 months later and kept it on my wall for a good 6/7 years

I'm an example of how bad habits can be eradicated
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Trader724
Posts: 559
Joined: Fri Dec 27, 2019 11:22 pm

Okay, on principle it's not stupid if it works. Nothing to add.
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