Why do you trade?

[NVP]

Same reason we all heard. Some schmuck advertising extra money could be made from trading. Then hearing stories about how a special few made millions while in reality 98% bust out. Cramer also said most people trade or invest because one's current job situation is often limited in income. Then you realize 99.98% of trading education advertizers are all cons and scams to varying degrees. And then you count yourself lucky if you were able to learn to breakeven in time, at least hoping someday it'll be more consistent and finally worth it.

agreed ...........the main issue with trading is the ease of access to setting up an account and depositing money ......then all they have to say is that trading is achievable and you can work from home ...and become a millionaire ......the gullability of the person in the street does the rest ......

I was watching a tv channel (ITV 2 or 3 or whatever) last night and 3 out of every 5 adverts were for online gambling ..............jesus its frightening ............cant wait for them to ban them like they did for alcohol and cigarettes

N

 

[J_C_Anderson]

For sure, modern gadgets create unique trading possibilities. If you are swing trader, you can monitor you positions from the any place. The traders of the past could not even dream about that.
Another point is that information becomes more affordable. Now you can just download app, subscribe to something like Briefing or WSJ and get reliable information about the financial markets.

Trading is something like intellectual challenge, creating new interesting tasks to solve.

 

[Ovitany]

I like your post. Our jouney help us grow up as a trader.We know what's we wrong.We can change there mistake and find out them with "why". Example why we entry position too ealry? Why we entry position too late? After you clear you mind and make a trading journal. You're better than yesterday.

 

[tokyojoe]

Basically, I'm just wondering what got everyone into trading, but most importantly, what keeps you from smashing your computer and moving on to literally anything else?

Me, I’m upset with where i am in life. I have grown stronger and stronger but financially I’m so weak. I find so much shame when it comes to my financial situation. At the same time i see day trading / investing as my only way to have real money, or at least the first step to acquire enough money that I can pursue options that would be right now, impossible to do. Basically, it could provide the freedom to attempt to be rich. At the same time, two years of working hard could provide me with a suitable nest egg, but theres no part of me that wants to spend any more time working construction. While 7 years may not seem long to some, I personally hate not having control over my schedule or actions.
I am truly experiencing tunnel vision. Trading, losing at trading specifically, has taken all my focus. This must be exactly what gamblers feel like. I am astounded how many negative and non-productive feelings I get as a result of trading. Some examples are, Ill show them, when i make it life will be better, YOU ****ING SUCK I HATE YOU is a pretty regular one, etc.
Perhaps i’ve just become addicted to the high of a winning trade, being a caffeine-aholic I could definitely see a connection in terms of dopamine and the brain. But truly, the reason I still put my heart and soul into this energy sapping venture is that I truly believe it is a viable source of income, and I do love a challenge. Perhaps there is no beating the market, its all just a matter of luck, but I refuse to believe that. It has taken alot of money from me, but on top of that so much time. Time that could be spent on anything. But I regret nothing, this is my ocean to brave, and all I can see is the freedom that success in this venture can, or if you believe in being positive, will bring.
This may be my final 5 days of trading. From a non emotional view, I dont see any value investing any more time or money into myself. I go home for a week to see my family either way the week after, with or without success in the market this week I will be glad to see them. Wish me luck.
Caesar

Hi Caesar, I don't know your age, but trust me on this, focus your efforts into learning a real trade, a trade or profession which pays well, one that will eventually enable you to branch out on your own...... Anybody on this or any other forum who tells you they are doing trading as a full time job......& more over making a fortune (or decent living wage) are talking out of their @rse. This goes for so called "well known forum members" who seem to live their daily life...... "online" shall we say.

I was & am in a very fortunate position financially, through trading ? no, it was through 20 years of hard work running a business which paid well, very well, I paid my mortgage off 10 years early on a detached house in an affluent area, seen the world & have never had financial worries.....through trading ? no.......One of the members said "not working for someone is only half as good as having a great job !"......sorry but what a load of sh1t, having a good job is still a job, you are still a number, a bod, a paye slave.

I started my journey with £2,000 to my name at the age of 17 & now in my forties. If I could go back to being 17 would I use that money to trade ? would I fu<k !

It's a hobby, nothing else.

 

[tomorton]

Hi Caesar, I don't know your age, but trust me on this, focus your efforts into learning a real trade, a trade or profession which pays well, one that will eventually enable you to branch out on your own...... Anybody on this or any other forum who tells you they are doing trading as a full time job......& more over making a fortune (or decent living wage) are talking out of their @rse. This goes for so called "well known forum members" who seem to live their daily life...... "online" shall we say.

I was & am in a very fortunate position financially, through trading ? no, it was through 20 years of hard work running a business which paid well, very well, I paid my mortgage off 10 years early on a detached house in an affluent area, seen the world & have never had financial worries.....through trading ? no.......One of the members said "not working for someone is only half as good as having a great job !"......sorry but what a load of sh1t, having a good job is still a job, you are still a number, a bod, a paye slave.

I started my journey with £2,000 to my name at the age of 17 & now in my forties. If I could go back to being 17 would I use that money to trade ? would I fu<k !

It's a hobby, nothing else.

"Not working for someone is only half as good as having a great job. But its twice as good as having a crap job."

I've had a couple of great jobs. Jobs which didn't take up all my hours, which provided me with plenty of money, future financial security also, plenty of leave time to enjoy travel and the good things in life, jobs which were mentally stimulating, jobs which I couldn't wait to get to the office for, jobs in which I met so many good people and had such a lot of fun.

If I still had a job like that, I wouldn't have bothered learning trading. Now that I trade, I will never never go back to working.

 

[tokyojoe]

"Not working for someone is only half as good as having a great job. But its twice as good as having a crap job."

I've had a couple of great jobs. Jobs which didn't take up all my hours, which provided me with plenty of money, future financial security also, plenty of leave time to enjoy travel and the good things in life, jobs which were mentally stimulating, jobs which I couldn't wait to get to the office for, jobs in which I met so many good people and had such a lot of fun.

If I still had a job like that, I wouldn't have bothered learning trading. Now that I trade, I will never never go back to working.

Horses for courses then ! A job is still a job, no matter how it's flowered up... you are a number, a cog, a paye bod until you are no longer needed.... a crap job isn't even worth quoting, so to say "not working for someone is twice as good as a crap job" is.......well, aload of crap..... "not working for someone" is an amazing freeing wonderful way of life..... twice as good as a crap job ! Give me a break, you've obviously quoted this a few times & have never been challenged on the ridiculousness of what you are quoting.

Ps "if you STILL had a job like that"... say no more. Good luck with your trading endeavours, you sound like you got it nailed Tom.

I am so glad I got into this game, not only did I realise what a vacuous boring vocation it really is, it made me realise how lucky I am to have blazed my own trail..... coz while the companies used & abused their paye bods.....I used the companies ! common sense really.

 

[tomorton]

Horses for courses then ! A job is still a job, no matter how it's flowered up... you are a number, a cog, a paye bod until you are no longer needed.... a crap job isn't even worth quoting, so to say "not working for someone is twice as good as a crap job" is.......well, aload of crap..... "not working for someone" is an amazing freeing wonderful way of life..... twice as good as a crap job ! Give me a break, you've obviously quoted this a few times & have never been challenged on the ridiculousness of what you are quoting.

Ps "if you STILL had a job like that"... say no more. Good luck with your trading endeavours, you sound like you got it nailed Tom.

I am so glad I got into this game, not only did I realise what a vacuous boring vocation it really is, it made me realise how lucky I am to have blazed my own trail..... coz while the companies used & abused their paye bods.....I used the companies ! common sense really.

My experience is not your experience. Yours is not mine.

 

[RachelFX]

What an honest and fresh post to read.
One, that at times I have been able to relate to.
As others have said, dont be so hard on yourself, maybe the break away with your family is what you need to refresh your mind and think rationally about your whole situation.

Trading for me, is about freedom to be there for my little girl, but to also have a financial security and not live on the breadline month to month.
I know the ups and downs of trading will continue even when your are more experienced. You cannot win every trade, so mastering the mindset is a key point that i work on all the time.

I see the potential in Forex, but it can consume every spare minute if you let it. Whilst you have to put the hours in and the hard work, this can also be the downfall. When we feel under pressure, especially financial pressure to make it work, it can make it harder and work against you. Having a balance in life is just as important if you want to be successful.

I hope you find this balance and the answers you need to be successful in your FX journey.

 

[flakeflava]

Don't know why everyone belief in avoiding day trading, fortunately, I've made more pips in day trading than any other time.

 

[awe]

Ok thanks

 

[Solas0077]

You trade to make money. It varies but in my opinion it takes a good 10 years to reach profitability if you are devoted to this.

 

[tomorton]

Don't know why everyone belief in avoiding day trading, fortunately, I've made more pips in day trading than any other time.

Up until Brexit put the dampeners on so many forex opportunities, I would have agreed with you. But I've been driven to try again at London opening range break-out trading. even that is suppressed right now but it certainly shows better potential now I am generally more experienced (I was rubbish at short-term stuff a few years back).

Who knows, it might even develop into a permanent activity.

What is your preferred style and would it be suitable for a new day-trader (but old trader!) to attempt?

 

[TradeKing305]

I trade to earn enough money to travel the world

 

[hatemypips]

What an honest and fresh post to read.
One, that at times I have been able to relate to.
As others have said, dont be so hard on yourself, maybe the break away with your family is what you need to refresh your mind and think rationally about your whole situation.

Trading for me, is about freedom to be there for my little girl, but to also have a financial security and not live on the breadline month to month.
I know the ups and downs of trading will continue even when your are more experienced. You cannot win every trade, so mastering the mindset is a key point that i work on all the time.

I see the potential in Forex, but it can consume every spare minute if you let it. Whilst you have to put the hours in and the hard work, this can also be the downfall. When we feel under pressure, especially financial pressure to make it work, it can make it harder and work against you. Having a balance in life is just as important if you want to be successful.

I hope you find this balance and the answers you need to be successful in your FX journey.

Trading is not a freelance to earn some extra $$ to your income. You can easily lose the breadline if leverage or volatility unexpectedly bites you. Don't make a dream from it because it's a hard job and clearly bears the risk.

 

[RachelFX]

Trading is not a freelance to earn some extra $$ to your income. You can easily lose the breadline if leverage or volatility unexpectedly bites you. Don't make a dream from it because it's a hard job and clearly bears the risk.

I have not claimed it is easy or without risk. But the end game is to make money whatever your motivating factors.

I have been trading successfully alongside my job so my aim to be able to do it full time is well and truly on track.
i am in no rush or under any illusion it will happen overnight. I have a clear trading plan and I am sticking to it, with very strict Risk management and RRR for every trade.

For some, with a large enough bank they can with withdraw profit as a supplement to their income should they wish. For me personally I am at a point where compounding my account is the main focus to achieve the longer term goals I have.

 

[hatemypips]

I have not claimed it is easy or without risk. But the end game is to make money whatever your motivating factors.

I have been trading successfully alongside my job so my aim to be able to do it full time is well and truly on track.
i am in no rush or under any illusion it will happen overnight. I have a clear trading plan and I am sticking to it, with very strict Risk management and RRR for every trade.

For some, with a large enough bank they can with withdraw profit as a supplement to their income should they wish. For me personally I am at a point where compounding my account is the main focus to achieve the longer term goals I have.

Good for you. Just heard so many times that people speak about freedom, success, unlimited self-made career to eventually find themselves in a pit with huge losses. It's easy to become reckless and get carried away when the occupation allows to set basically unlimited targets.

 

[RachelFX]

Good for you. Just heard so many times that people speak about freedom, success, unlimited self-made career to eventually find themselves in a pit with huge losses. It's easy to become reckless and get carried away when the occupation allows to set basically unlimited targets.

I certainly get that, a lot of people do come in to Forex under the illusion it will be quick and easy that's for sure.

When I first started it was not in the right way, and was surrounded by so much hype and the next 'best strategy' blah blah blah Luckily was able to see through this and met the right people who talked a lot of common sense, otherwise I would probably fallen into that big pit myself!

 

[CertainWay]

Rachel,
Very good answer. It's very important to stay positive and stick to your game plan regardless of what anyone says particularly here in a forum. But we also have to guard against excessive optimism that could lead to what Larry Williams says 'king-kong' feeling that comes with a winning trade or a series of wins.
More importantly always be alert to people who could install negative beliefs in you based on their own experiences. Every person perceives their experience in their own way and expresses it here or in real life the way THEY SEE IT OR EXPERIENCE IT and perceptions aren't always reflecting reality. One's persons perception could be anoether persons reality.
Thanks
CT

I have not claimed it is easy or without risk. But the end game is to make money whatever your motivating factors.

I have been trading successfully alongside my job so my aim to be able to do it full time is well and truly on track.
i am in no rush or under any illusion it will happen overnight. I have a clear trading plan and I am sticking to it, with very strict Risk management and RRR for every trade.

For some, with a large enough bank they can with withdraw profit as a supplement to their income should they wish. For me personally I am at a point where compounding my account is the main focus to achieve the longer term goals I have.

 

[RachelFX]

Rachel,
Very good answer. It's very important to stay positive and stick to your game plan regardless of what anyone says particularly here in a forum. But we also have to guard against excessive optimism that could lead to what Larry Williams says 'king-kong' feeling that comes with a winning trade or a series of wins.
More importantly always be alert to people who could install negative beliefs in you based on their own experiences. Every person perceives their experience in their own way and expresses it here or in real life the way THEY SEE IT OR EXPERIENCE IT and perceptions aren't always reflecting reality. One's persons perception could be anoether persons reality.
Thanks
CT

Thank you CertainWay, and you make a very valid point that everyone should remember when listening to advice and opinions.

Mindset and focus are key attributes to acquire and maintain to be successful.

 

[CertainWay]

Rachel
If there's one thing I have learnt related to trading is to have confidence and unshakeable belief in my convictions. After I used to be swayed away by opinions of 'more experienced' traders, I realized that each one is different and we have to have our own mindset, beliefs, methods, patterns whatever, those that suit our personality. Then stick with it with statistical analysis to see if they are working out or not. Usually like they say the proof is in the pudding and a well kept journal along with statistical log of actual trades versus those that have been back tested will tell us more about us than anyone else on this fourms. Once you have something that works for you then that becomes your goldmine.
I did study a few books on market psychology and self disciplines. AlsoI studied a few books on peak performance and adapted beliefs of successful athletes and traders. AT the end of the day just like sports or success in any other venture, this is a mental game where one valid, back tested pattern is enough to make a living. It's 80% psychological and about 20% mechanical. Let's keep working on our mindsets and we can keep on reaping the reward.
CT