Never give up in Life but it's good to give up in Trading..

Raj354u

Active Member
#1
Hi guys, finally I have decided to give up trading after continuous 12 years of trading experience without missing a single day of trading...tried every single damn thing in search of holygrail but in vain and concluding money cannot be made from trading consistently...
I am kind of a person with never give up attitude but this strength has become my weakness in trading...Had I done such hard work in any other business I would have been surely successful?... but in trading in the end no one is successful..dont believe in some success stories you see on TV..they might be trying to sell you something..So anyone who says makes consistent money from trading...run away from that person as fast as you can....either he is lying or he himself is not aware what the hell he is talking about...he might have had few lucky trades and thinks he has become professional(i have been through all this)...The only professionals in this industry is the market makers generating huge volume daily who earning from minor price differences by buying bids & selling offers which cannot be done by retailers and the other professional is the long term investors(Buy and hold type)...Nobody else makes any money...I have ruined my life looking for shortcut to riches so don't want others to go through the same process..This shortcut has really costed me a lot of time and money and the outcome is today I am in huge debt...Time to say goodbye and not waste my family members life...They are the ones who suffered a lot with my trading addiction...save your career & life of others around you...Thank you
 

Raj232

Well-Known Member
#2
Hi @Raj354u, Thanks for posting and accepting that trading was not the right thing for you. What you mentioned is only a perception, just as everyone feels that "one day" they will make big money.

Since it did not work out for you, maybe you could share what exactly didnt go right, others could learn from that and maybe you could start a trading blog or trading academy. After all you have over 12 years of trading experience. :)

.. and how much debt it is ? debt is temporary which can be paid off.. unless it becomes a burden !
Hoping to hear your story soon :)
 

newtrader101

Well-Known Member
#4
Increased frequency of trading reduces our objectivity, w/o which we can't see what's happening. Reducing the number of trades should reverse the losses.
Perhaps this is one benefit of using Astrology (still too early to say it works all the time). If you lose one, you wait for the next opportunity window.
 

suri112000

Well-Known Member
#5
The common pitfalls are
1. No particular strategy only gut feeling.
2. Increasing the lot sizes in order to recoup losses (Revenge Trading)
3. Pressure to make quick money.
4. Bigger betting sizes compared to one's capability to handle pressure.
5. Big losses and small profits.
6. Lack of adequate capital to trade.
7. Lack of Trading Education.
8. Believing in Tips providers.

How to overcome these.

1. Plan the trade one day in advance. Planning should be very elaborate.
2. Never risk more than 0.5% of your capital on any day. If your capital doesnot permit to trade in leveraged products, donot touch them.
3. Your stop loss should be atleast 2 ATRs and bigger the better. Forget about fancy slogans like small stop and big target etc.
4. Emotionally you should not feel depressed when your stop is taken out. (For example, I am comfortable with only Rs.100 loss per day and anything above that will put me under pressure).
5. Ideally your capital should be divided by 400 and that gives you daily loss permit. Eg. If your capital is Rs.1 lakh then your daily loss limit is Rs.250. Sometimes, it so happens that your loss jumps off and you could have lost Rs.500. Then you should skip one day trading.
6. Averaging a loosing trade is allowed only when your loss is capped.
7. Keep learning new things about trading.
 

Raj354u

Active Member
#6
Guys sorry for late reply ..just came from the office ....I used to give the same kind of advice in fact better advice on trading to others when I had 1 or 2 years experience in market..so all newbies and experienced traders your advice are welcome...I am repeating again I have never missed a single day of trading in last 12-13 years of trading so I took trading profession very seriously...
Once a very experienced trader gave me the same advice that money cannot be made from trading in the long run but his advice fell on deaf ears as I was fully confident I will make money by applying strict discipline,money management,risk management blah blah blah...All this confidence comes to a newcomer because you are full of excitement and start day dreaming of your bright future about becoming billionaire once they find the secret...
I used to provide tips and those tips used to work thus I had huge fan following on orkut then came facebook with 5000 friends n so many friend request pending ...but I myself never made any money consistently...one day profit two day losses,again 2 days profit 4 day losses and so on and after few months account blown off...but luckily I never traded with huge money as a newcomer I only traded with 20-30k my salary per month as I used to work in night shift...trading in morning n doing night shift job..I.continued this for almost my entire trading career..In total I must have lost more than 15 lakhs only from my job income...I have also taken loan 4 times of 5,10,12,15 lakhs as I thought maybe my trading capital is less so maybe big capital can help me earn money so I quit job multiple times and started trading full time but again after blowing off the account.back to work again so I was wrong......I must have lost 35-40 lakhs in the process..
I have tried every single strategy
Day trading,swing trading,positional trading and few long term investment and in the long run I only made money in long term...some people think positional trading can help them make money but it's wrong assumption because you are applying same geometry of intraday,swing trading in positional trading...
The reason you cannot make money from trading is because market has a memory...Trading is a zero sum game...One day you will make money other days you will be losing it in fact more because of charges..If you think in trading someone has to lose for somebody's gain...you are right...but if you win that day you will lose other days...you cannot fool the market every time..in fact market will fool you most of the time..
Market is designed to take away traders money and handover it to patient investors..The only winner in the long run is Buy & hold type investors and marketmakers and not to mention brokers, tips providers, technical analysis course sellers,websites like our beloved Traderji..They are all making money by selling retailers something retailers think is of value but in fact it's not...They are all sucking your money..
Wall street makes money on activity you make your money on inactivity - Warren Buffett
 
#7
We all have heard/read similar things. Many of us have gone through all those experiences.

Tell us one thing. You joined this forum just yesterday. If you have decided to give up trading, why are you here ? Why join here in the first place ?
 

Raj354u

Active Member
#8
I am an old member of Traderji..My account was blocked as used to post some advertisement as I was also a sub-broker in the past..maybe 3 or 4 years ago...
If you have read my first post,I mentioned I don't want others to spoil their life as I have done mine trading..Think investor not trader if one really wants to make money in market ...i am just sharing my experience..Anything wrong with that?
 
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pannet1

Well-Known Member
#9
We all have heard/read similar things. Many of us have gone through all those experiences.

Tell us one thing. You joined this forum just yesterday. If you have decided to give up trading, why are you here ? Why join here in the first place ?
Whatever may be the reason. I would say its a very Brave thing to accept. There is no leason to teach Raj. May be there are some lessons for us to learn.

I feel very lucky to have @madank a successful trader to talk to. Without which there are only pulp fiction writers and people who write their trading plan but not the true trading journal. There are also losers with tunnel vision that see only their winners.

Appreciate Raj because he may loose his FB followers once they come to know he had quit trading. Imagine 12 years of trading in the day and working in night shift.

If you are loosing trader you should be scared. If you are a trader who had just started to win, then you have to be VERY scared.
 

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