What to do after you realize daytrading is not for you
I've been daytrading off and on for a while (4 years) but I feel now its time to hang it up. I had a strategy, on paper, when not trading It worked. As soon as I applied it, it didnt work. Daytrading, and everything that goes along with has been a part time job. I enjoyed it. Like I said, I feel its time to let it go. My question is, what should I do on my spare time? What have people been doing after they quit?
I have to say this, my strategy applied in forex works, but not in futures....
Platform: various, but currently using X-Trader with plugin Tradingedge
Favorite Futures: currently Euribor, Bund, Bobl and Shatz
Posts: 100 since Jul 2012
Thanks: 100 given,
I couldnt tell you what to do after you give up on something, but as you're saying it worked in FX so why not trade FX?
Also perhaps look at the reasons why it didn't work for you trading in a live environment. I know the biggest challenge in comparison to sim is the psychology part of it, at least for most of us. You also said that day trading didnt work, why not go for longer time frames, like position trading, swing trading etc.
I guess we all have to ask ourselves the question why we're doing something, if trading has always been just to have some fun, just to see if you could do it, and never had an urgency to make it happen, where stopping isn't really an option, perhaps then it doesn't really make a difference whether you quit or not, but if it was the latter I can only urge you to continue to pursue your dreams and not give up because you've not succeeded yet. Whenever I think of failure and dreams Abraham Lincoln comes to mind. Failing so many times before he reached his goal to become a US president. Best of luck either way!
Don't let money control you, control money!
The following user says Thank You to BenG for this post:
Futures I thought would be great bc its during the day, and there were moves mostly everyday. Forex operates mainly during London time. Hours were just brutal. I live on the east coast of the USA. Plus in FX there were continous months where markets were trading sideways.
I guess it all depends on the type of futures you trade, Euribor is a pretty sideways market but I rather trade that then let's say EUR/USD Fx pair. I think that if you still have a desire to be a trader you shouldn't give up. What works for you, might not work for me, but there are some things that we all need to do in order to be successful. Trading is a very different type of profession in comparison to most others, but it can be extremely rewarding. Even if you had to do London hours for a few days, like monday to thursday if it works for you then why not. Or just trade US opening hours, London afternoon, its still as vibrant most of the time.