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I don't think so, you seem to have a strong understanding of your shortcomings, and with a good understanding comes a very good chance of being able to either overcome or circumvent the problem. Maybe you would be better suited for automated trading?
"If I agreed with you, we'd both be wrong."
The following 6 users say Thank You to addchild for this post:
Mike, fantastic topic for discussion. You bring up many good points for thought. I can only add that one must have an absolute passion for trading to have a chance. Once a trader realizes it is going to take actually work, and this isn't simply taking candy from a baby, they better be willing to put in a ton of work and persevere.
I think most go about it wrong but risking they're own capital while they are learning. I know I did. Traders need to be truly profitable on SIM, without cheating, bending the rules, and allowing for slippage. This is before they even think about trading a live account.
In fact, I would recommend new traders, struggling traders, and underfunded traders to go with a partner such as Topstep Trader. They will enforce discipline, and provide the capital to prove yourself. Given that option, not having capital is not a reason to quite trading, or to not even get started.
When should a trader quit. IMHO, only a trader can answer that. But given the what it takes to make it as a trader, I'm temped to say that if someone would quit, they wouldn't have made it anyway.
Here's a link that outlines the development of a trader. Since I'm not yet at the end, I can't say if it is entirely accurate, but it seems pretty good to me.
Great Discussion. I think many people come into trading assuming anyone can do it and it is a path to easy money. For us who have been down the path we know it is one of the hardest things to succeed at doing.
I think there is a time where a person has to get honest and determine of trading or any profession for that matter fits. Trading is not for everyone just like being an MD is not for everyone. Personally I love to trade which is what enabled me to go through the rigorous process of self reflection, devastation, exhilaration that accompanies the learning curve. You can acquire through time trading knowledge that can help you make money but if you don't wake up everyday and look forward to trading then find something you do.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
The following 9 users say Thank You to liquidcci for this post:
Well, as @Brewer20 said, I think only the trader (you) can answer that question.
But I can't say "yes" due to your obviously high and trained level of self reflection. Although having a disposition to addiction, or however to put it, might be a disadvantage, being able to overcome such an addiction might just as well count as an advantage, partially or fully offsetting the other...or maybe even outweighing it, again only you can answer that.
And by the way, my hat goes off to you!
What I rather meant with my original comment was specificly a person with a disposition for gambling, active addiction or not.
It is said that war brings out the worst in a person, I think trading does too, although in a vastly different way.
Vvhg
P.S. I don't think that selfishness and egoism are as such undesirable in respect to becoming a successful trader
When it comes to trading I am pretty selfish too.
Vvhg
Hic Rhodos, hic salta.
The following 3 users say Thank You to vvhg for this post:
I don't understand the logic here... Isn't that exactly the reason, why traders who should quit because they do not have a chance to succeed, keep on trying endlessly? Their (unconscious) logic being: "If I quit, I admit that I could not make it in this game, I'm a failure, etc. Hence, I continue."
The following user says Thank You to karoshiman for this post:
