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Time to Give Up
Started:March 27th, 2013 (04:47 PM) by Big Mike Views / Replies:55,903 / 414
Last Reply:October 21st, 2016 (12:21 AM) Attachments:3

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Time to Give Up

Old April 30th, 2013, 06:18 PM   #71 (permalink)
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David_R View Post
I never really thought the day would come that I thought it would be time to give up, but it seems like that is where I am at.
..
David_R

if you find something better like cclsys did then giving up is not so bad https://futures.io/traders-hideout/1241-daily-charts-bar-patterns-22.html#post29009

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Old April 30th, 2013, 08:20 PM   #72 (permalink)
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so, lie, when is it time to give up?

when the dog don't bark,

when the porch don't creek...

and when the target turns negative and the stop loss becomes familiar....


long before you're broke...

or, simply catch a money manager and let them do for you....

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Old April 30th, 2013, 09:39 PM   #73 (permalink)
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liquidcci View Post
[B]@David_RGiving up allowed me to later come back to it with the correct mindset and some much needed wisdom.

Obviously you did not give up. To give up means to quit and never return. You took a break. I think that is an important distinction.

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Old May 1st, 2013, 01:49 AM   #74 (permalink)
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jimjones26 View Post
Obviously you did not give up. To give up means to quit and never return. You took a break. I think that is an important distinction.

I agree completely and many (most) people that are suffering from trading losses would be well served to take a couple weeks off with absolutely no trading, no charts, just to regroup and clear their head. I see too many examples on the forum in the journals of people just plowing ahead aimlessly because they believe that more work = better result, but sometimes you simply need to work smarter, which includes taking well needed breaks.

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Old May 1st, 2013, 04:19 AM   #75 (permalink)
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Big Mike View Post
I agree completely and many (most) people that are suffering from trading losses would be well served to take a couple weeks off with absolutely no trading, no charts, just to regroup and clear their head. I see too many examples on the forum in the journals of people just plowing ahead aimlessly because they believe that more work = better result, but sometimes you simply need to work smarter, which includes taking well needed breaks.

Mike

Very true. You can get in a lockdown mode mentally after a period of misfortune and remain there. I too myself took breaks several months long after hit the wall and it helped, as I returned with a clear mind and new ideas. This is how it has to be: if you have no idea hot to fix - take a long break, only return when you get a good idea and energy for another round.

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Old May 1st, 2013, 06:07 AM   #76 (permalink)
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Big Mike View Post
I agree completely and many (most) people that are suffering from trading losses would be well served to take a couple weeks off with absolutely no trading, no charts, just to regroup and clear their head. I see too many examples on the forum in the journals of people just plowing ahead aimlessly because they believe that more work = better result, but sometimes you simply need to work smarter, which includes taking well needed breaks.

Mike

Good point. It's all too easy to go too deep down the rabbit hole and be so consumed in what you're doing that you lose any and all perspective on the bigger picture.

You donít trade the markets; you only trade your beliefs about the markets.
- Van K Tharp
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Old May 1st, 2013, 06:31 AM   #77 (permalink)
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I'm really glad that I was able to come up with a plan after my first big loss. I cut down on trying to trade heavily as well and took a different approach. I didn't have the time back then to do proper research either but it worked out for me luckily. I still need to make a journal/blog but I think I'll go with an actual blog to keep track of things (and to play around with the layouts ).

Now that I've got a second wind, I'm going to follow the plan I made still but also do more research on the other stuff I eventually want to trade. I've learned a lot on my losses and while I don't think I'll ever truly give up on trading, I'll at least have better ideas of when to stop ^_^

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Old May 1st, 2013, 07:58 AM   #78 (permalink)
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Maybe I am missing an important point. Maybe I cannot get the complete message, because English is not my native language ...

Nevertheless I spent the time to read the complete thread and I guess the discussion is a very valueable one. But according to my way of thinking it seems simply not possible to give up trading completely. The only way seems to become a person without any capital.

But in case some money is still left, I am forced to take decisions. Even in case I hold only cash I have taken an decision that could be a wrong one. For example inflation can harm the value of my capital.

So are you pronouncing here the difference between investment and trading? From my point of view, both are similar (maybe within different time frames).

My point is to harmonise knowledge, money management, risk management and time frames. But we are all forced to stay in the game in some way.

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Old May 1st, 2013, 10:19 AM   #79 (permalink)
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Dogdancer View Post
So are you pronouncing here the difference between investment and trading? From my point of view, both are similar (maybe within different time frames).

My point is to harmonise knowledge, money management, risk management and time frames. But we are all forced to stay in the game in some way.

You give good reasons why we all should study and work hard in these areas, investment is simply long term trading - its just that most people will never know it.

It is also a general rule that most traders find it difficult to buy (they think the short side is more exciting) and most investors find it difficult to sell (they cannot bear to part with their decisions) - knowing both sides and also what is done to the general public in the name of 'financial advice' is important.

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Old May 4th, 2013, 08:49 PM   #80 (permalink)
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Big Mike View Post
But trying your hardest is a requirement. It is not an edge. While someone who doesn't try their hardest can have a good trade, a good day, a good week, or even a good year, the likelihood they will be a long term profitable trader is slim.

So if you are measuring yourself against long term trends, say a 10-20 year career at minimum, then I don't think "hard work" is an edge. It's a prerequisite.

All the floor traders I've talked to have had a terrible time transitioning to screen trading. On the floor there was an edge by simply being there, you could buy the bid and sell the ask and pocket the spread from my understanding. That particular edge does not exist for screen trading, but perhaps there are other edges that do. For example as an individual trader, professional or not, you are more nimble than an institutional trader which can give you an advantage.

Mike


Many floor traders cant make the transition to screen based traders simply because it is "different". Its like asking a 10 year veteran outfielder to make a transition to shortstop. Is it still baseball? Most definitely yes. Does it a totally different tool set to be successful? Again yes. Can some do it? Some, but not many. Trading is no different than any other "profession" that one needs to invest 1000's of hours into to succeed. Wish it were easier, but I dont know how it could be.

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