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Well, the past week has been interesting. Something percolating in the background came to a full boil rather quickly. In short, I have decided to launch a small local business making and selling artisan style country loaves made from wild …
Can you help answer these questions from other members on NexusFi?
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.
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.
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.
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 ^_^
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.
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.
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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