I Quit...!

[PKFFW]

Right, so somehow you appoint yourself as guardian of people's public morals? So you are now judge, jury and executioner? But then I'd expect this stance from someone who serves the public, and although it is commendable that we have people like you putting your life on the line when the circumstances call for it, there is no need for you to take your "superior" attitude here.

I do not appoint myself anything. I think it is everyones responsibility as a member of society to do all they can to ensure that society is a good as it can be. Accepting rude, disrespectful behaviour simply because it is directed at someone else is not right in my opinion and therefore I will not do that. Hence I take exception to your display of such behaviour.

And by the way, I am not taking a "superior" attitude. I am merely attempting to point out that your behaviour is obnoxious and unacceptable. That does not make me a "superior" person to you at all. I freely admit there have been times, both in life and here on this BB, where I have acted inapropriately. When pointed out I have the good grace to accept it and apologise for such behaviour.

You realise that I'm laughing at you, don't you?

Anyway, I'm off to sleep. There's plenty of group theory to do in the morning. (Mathematical group theory in case you infer otherwise).

Yes I do realise that. Once again that says much about you as a person.

Cheers,
PKFFW

 

[FXSCALPER2]

And yet you can not seem to fathom why someone would quit doing something that is making them money because they don't enjoy doing it.

Nothing wrong with having money as your number one priority in life. Each to their own.

My point to temptrader is not to go calling someone else a liar simply because their number one priority isn't money.

Cheers,
PKFFW

I can very easily understand someone quitting something that makes them lots of money. Stop making things up and listen for a second to what is being said. The vast majority of people who could make money trading do not quit. Our man here may be quitting because God knows knows why. How the fk do I know? However, I would bet it is because he is no good at it. Good traders trade, bad traders pontificate.

 

[firewalker99]

people don't quit stuff that is making good money, i just dont know this to be reality (ever), i wish it was..,,,

And yet you can not seem to fathom why someone would quit doing something that is making them money because they don't enjoy doing it.

Damian, successful traders never leave the arena, it just doesn't work that way. Once you know, you know for life. Good luck.

There's one thing that, strangely enough, no one seems to find acceptable. Perhaps the internal risk/reward, and I don't mean that in monetary terms, just wasn't worth it. I don't care about his reasons, but I do find it remarkable that so many people who don't really know this guy are out to "point the finger" at him. Perhaps the time and effort he spent trading or sitting in front of the screen, didn't warrant the returns he got from it. I'm not defending him, it's his decision and I don't know him, but it's not up to me to condemn him.

Aside from that, I would like to say something to all those here who generalize "you don't quit something you enjoy doing and make money from".

Two days ago, world's no 1 female tennis player Justine Henin (yes, from my country, ain't I proud ) quit. Would anyone say that successful athletes "never leave the arena"? Most of them try to quit at the top of their game. Perhaps because they made enough money. Perhaps because money wasn't an issue no more. I'm sure Michael Schumacher didn't drive for the money. Perhaps they quit because they didn't enjoy it as much as before. Or perhaps because their focus switched to something else.

Whatever the motive, I don't see anyone accusing these people that they couldn't tennis, or couldn't drive. I'm also sure that some of you have certain goals which, once reached, lead you to stop trading each day. Perhaps only a couple of hours in the week. I'm not saying Damian has, but it's not up to me to decide that. What if you won the big lottery? Some of us do it for the money alone, for some it's just another job (only potentially lot more profitable), and others actually enjoy watching the screen and the ticker, analyzing charts, and so on.

 

[Lee Shepherd]

This post is intended for money management purposes only (ie,not aimed at anyone in particular).

I've seen some great posts mentioned and some that really bring to the attention of money management.

First I'd like to state that to succeed(really excell) in anything one has to enjoy it, after all that is truely what life is about.

I've heard mention of a system that generates 50% returns, this is a good return and harnessed with money management can lead to many financial benefits.

If you knew you had a system that could be backed up with many years(even just a couple of years) that pulled in 50% consistantly then with money management in place (I'm talking personal money management as well as business) one could really enjoy the financial gains the markets have to offer.

Here's an example of how 50% returns can generate serious and steady wealth.

Starting off and to be ale to live on trading capital so a balance of 50k (GBP figures).

Yr1 = 25k earning - spend 20k balance = 55k
yr2 = 27.5k earning - spend 20k balance = 62.5k
yr3 = 31.250k earning - spend +5% pay rise = 21k balance = 72.750
yr4 = 36.375k earning - spend +5% pay rise = 22k balance = 87.125
yr5 = 43.562k earning - +5% pay rise = 23.100k balance = 107.587
yr6 = 53.793k earning - +10% payrise = 25.410k balance = 135.970
yr7 = 67.985k earning - +20% pay rise = 30.500k balance = 173.455

Typically when the money starts to come in we start to spend it on personal items immediately, some even spend before they get it (credit). With Good savings in practice and only spending a percentage lower than 100% of your capital can you ever grow your balance. Grow your balance, grow your wealth. Then the things in life which are more important than money, you can have....Time is the most precious thing we possess, whether it's time with our loved ones, friends, holidays or just lazing about on a sunny day. Money will allow you the freedom and comfort to do these things without threat of losing the house, not paying bills or putting the heating on. If money brings only one thing is that it certainly beats being poor, and also the option that if you dont enjoy it, give it to good causes.

Projected for
yr8 = 86.727k earning - +20% pay rise = 36.600k balance = 223.582
yr9 = 111.791 earning - +20 pay rise = 43.920k balance = 291.453
yr10 = 145.726 earning - +20% pay rise = 52.704k balance = 384.475
yr11 = 192.237 earning - +40% pay rise = 73.785k balance = 502.927 (half a million+pay)
yr12 = 251.463 earning - +40% pay rise = 103.299k balance = 651.091

A long journey to take to get to the riches but if one enjoys it then it make's the journey worth while and exciting. From here on in the money gets exciting but only if you enjoy the journey and the sky is truely NOT the limit.

Lee Shepherd.

 

[Mr. Charts]

Rather unfortunately the above scenario doesn't pan out as the tax man takes a bigger and bigger chunk.
Richard

 

[belflan]

ahh, feck it, 4th come back, sick of this crap, people don't quit stuff that is making good money, i just dont know this to be reality (ever), i wish it was..,,,

(Just a note, my comment was a general comment and not aimed at anyone in particular, (just on the subject of quitting in general))

I know little about tennis, but I do know the sport of boxing is littered with fighters taking that one big payday too many.

Some of these guys may have a love for the sport. but most comebacks are for the money. especially the guys at the top making the ‘good money’.

the guys making the ‘good money’ don’t quit easily. they continue to risk everything they have (health) to get that next big payday.

Winners don’t quit (in general if they're making 'good money')
Quitters don’t win (in general and were probably not making 'good money' in the first place)

all just in general, i find the subject of quitting a v interesting one

belflan

 

[new_trader]

This post is intended for money management purposes only (ie,not aimed at anyone in particular).

I've seen some great posts mentioned and some that really bring to the attention of money management.

First I'd like to state that to succeed(really excell) in anything one has to enjoy it, after all that is truely what life is about.

I've heard mention of a system that generates 50% returns, this is a good return and harnessed with money management can lead to many financial benefits.

If you knew you had a system that could be backed up with many years(even just a couple of years) that pulled in 50% consistantly then with money management in place (I'm talking personal money management as well as business) one could really enjoy the financial gains the markets have to offer.

Here's an example of how 50% returns can generate serious and steady wealth.

Starting off and to be ale to live on trading capital so a balance of 50k (GBP figures).

Yr1 = 25k earning - spend 20k balance = 55k
yr2 = 27.5k earning - spend 20k balance = 62.5k
yr3 = 31.250k earning - spend +5% pay rise = 21k balance = 72.750
yr4 = 36.375k earning - spend +5% pay rise = 22k balance = 87.125
yr5 = 43.562k earning - +5% pay rise = 23.100k balance = 107.587
yr6 = 53.793k earning - +10% payrise = 25.410k balance = 135.970
yr7 = 67.985k earning - +20% pay rise = 30.500k balance = 173.455

Typically when the money starts to come in we start to spend it on personal items immediately, some even spend before they get it (credit). With Good savings in practice and only spending a percentage lower than 100% of your capital can you ever grow your balance. Grow your balance, grow your wealth. Then the things in life which are more important than money, you can have....Time is the most precious thing we possess, whether it's time with our loved ones, friends, holidays or just lazing about on a sunny day. Money will allow you the freedom and comfort to do these things without threat of losing the house, not paying bills or putting the heating on. If money brings only one thing is that it certainly beats being poor, and also the option that if you dont enjoy it, give it to good causes.

Projected for
yr8 = 86.727k earning - +20% pay rise = 36.600k balance = 223.582
yr9 = 111.791 earning - +20 pay rise = 43.920k balance = 291.453
yr10 = 145.726 earning - +20% pay rise = 52.704k balance = 384.475
yr11 = 192.237 earning - +40% pay rise = 73.785k balance = 502.927 (half a million+pay)
yr12 = 251.463 earning - +40% pay rise = 103.299k balance = 651.091

A long journey to take to get to the riches but if one enjoys it then it make's the journey worth while and exciting. From here on in the money gets exciting but only if you enjoy the journey and the sky is truely NOT the limit.

Lee Shepherd.

yr13 = meet woman - earnings -750,000, balance -98909
yr13.2= "Big issue"..."Big Issue"...."Would you like fries with that?"...."Mop up, aisle 5"

 

[chump]

I do read some crap. No one walks away from making money..bolloks son. I've done it a handful of times in my working life already and gone on to to make the same financial rewards ,and better doing what I moved onto eventually.What actually holds many (not all) people to doing what they do is FEAR that they can't move on and give up the 'success' they think they already have.They get stuck between a comfort zone and the dissatisfaction of doing something they are not really interested in.You don't have to look far to find those people ,they're all around you. I clocked this when I was a teenager for some reason and determined never to build that kind of 'cage' for myself.

Luck to you Damion ,don't know what kind of trader you are/were ,not my business, just ignore the usual pillokcs..it works for me.

 

[laptop1]

Why would anyone want to give up trading "if you can do it." Why not up your lot size and trade every other week, or once a week. The market will always be there.

Trading is the best business in the world, you can trade when you want and anywhere in the world. how good is that.

This thread do make me

 

[temptrader]

yr13 = meet woman - earnings -750,000, balance -98909
yr13.2= "Big issue"..."Big Issue"...."Would you like fries with that?"...."Mop up, aisle 5"

is that mainly due to shopping or something else that I'm not aware of? Come on, you can't be that cynical?


I've said it and I'll say it again, if you KNOW you can it do you'd BEG, STEAL and BORROW.

Yes I do realise that. Once again that says much about you as a person.

here you go yet again . . . . . what's all this for, a character assassination? Do you get a high from it - or more importantly, how does/will it serves you on your road to consistent profitability?

 

[Trader333]

......people don't quit stuff that is making good money

Cat Stevens did.


Paul

 

[temptrader]

Cat Stevens did.


Paul

how shall I say this:

1) if you've never had success and made it to consistent profitability
2) but you keep hoping that you will . . .
3) and it steadily drags you down over the years . . .
4) and so eventually you call it a day and quit . . .

make sense?

Now, if you're one of the few who HAS made it, reached the top of the mountain and can enjoy the view (you know what I mean by that!!!), well that's a different matter entirely . . . . .

 

[Mr. Charts]

Cat Stevens did.


Paul

Yeah, but he got religion in a big way.
Richard

 

[firewalker99]

They get stuck between a comfort zone and the dissatisfaction of doing something they are not really interested in.You don't have to look far to find those people ,they're all around you.

Best thing I read in some time

 

[Mr. Charts]

I do read some crap. No one walks away from making money..bolloks son. I've done it a handful of times in my working life already and gone on to to make the same financial rewards ,and better doing what I moved onto eventually.What actually holds many (not all) people to doing what they do is FEAR that they can't move on and give up the 'success' they think they already have.They get stuck between a comfort zone and the dissatisfaction of doing something they are not really interested in.You don't have to look far to find those people ,they're all around you. I clocked this when I was a teenager for some reason and determined never to build that kind of 'cage' for myself.

Luck to you Damion ,don't know what kind of trader you are/were ,not my business, just ignore the usual pillokcs..it works for me.

Spot on.
I gave up my full time dental practice in 1999 to day trade US shares for a living.
Dentistry paid well enough and we had three children at or coming up to university age, so I prevaricated for too long. In the end I made the decision to trade for a living and have never regretted it.
I wouldn't give up trading for any other job - apart from putting this country to rights.
I don't know Damien, but any posts I have read of his have had the ring of truth.
In any case it doesn't matter, who cares, except to say respect to you Damien - go do what you want to do - you've only got the one life.
Richard

 

[belflan]

Spot on.
I gave up my full time dental practice in 1999

have a look at my picture in my profile. can you do anything for me.

 

[Trader333]

I wouldn't give up trading for any other job - apart from putting this country to rights.

There may well be an opportunity for this as the current leader of our country is unlikely to still be in the same position in two years time


Paul

 

[JTrader]

A quitter never wins, and a winner never quits.

Personally i think this saying is a load of bollo***.

I'll give you a few examples.....

Micheal Jordan - retired 1998 after leading the Chicago Bulls to a 6th NBA title.

Lennox Lewis - retired undisputed heavyweight champion of the world months after his last fight against Vitali Klitschko in June 2003.

Annika Sorenstam announced plans to quit golf this week. The Swedish superstar has amassed 88 career titles - 72 of them on the US LPGA Tour since 1994 - including 10 Major championships.

Justine Henin has announced her immediate retirement this week, having won 41 WTA career singles titles, including 7 Grand Slam titles.

These people are all winners in their chosen professions. However, their jobs were not their entire life. They could all have gone on for longer, and achieved more success & fortune, but decided they'd achieved everything they'd set out to achieve, and could now retire happy with their sporting career, and try their hands at other things.

Knowing when is the right time to quit, and quitting for the right reason/s are what i think mark out a winner from a loser.

 

[Mr. Charts]

Well, Shane,

"You're a bum
You're a punk
You're an old slut on junk
Lying there almost dead on a drip in that bed
You scumbag, you maggot
You cheap lousy faggot
Happy Christmas your *rse
I pray God it's our last"

is the best I could do for you


Note to mods: The above is not an insult to belflan and is not intended to cause distress to any other member, real or imagined.
No alkies or druggies were harmed or in any way exploited in the fabrication of the above post which is generic and not specific in nature.

 

[belflan]

unlikely to still be in the same position

what, bent over a table with Cherie standing behind, with a book and some lubricant