Quit trading discussion thread

[Oshosondy]

Trading can be very good, but some people will use high amount of money to continue to trade leading to problem trading. The person will experience symptoms similar to gambling, but trading addiction can be very bad because affected traders will think about studying more about the technical analysis and trading indicators. Being a good analyst, but poor in making good trading decisions is very common to such people.

Trading may not really affect people if they prefer to use like 10% of their salary to trade if not going for stop-loss-thinking high leverage positions, but thinking more of trading funds and financial management and professionalism. If going for stop-loss-thinking high leverage positions, you can think of trading like gambling and use lower amount of money like 2% of your weekly income to trade.

Traders are not patient
This is easy to know from the fact that traders do not want to hold their bitcoin, they just want to trade. This will be aggravated by making profit in short period of time, making the reward center of your brain to be more stimulated, leading to increase leverage which will liquidate your trading account. We all traders have experienced this one or two times or even more that that before.

This is the reason of thinking of making stop loss useless, but using low amount of money to trade instead. You can save 10% of your weekly salary for trading, if you are patient enough, save it up to a year and not trade, you are becoming a patient traders. And if you start trading, using 0.2x or lower leverage is very good than thinking of stop loss.

This can also help you against revenge trading because you will be able to use the amount that you can afford to lose to trade.

When you should quit trading
If you can not do what I have explained or you know that it is not working and you are using high amount of money to trade and you continue to lose, it is better you quit trading. Anyone reason is when trading is affecting your sleep and which might affect your health and you continue to lose. Do not let trading affects your finances and wellbeing.


How to quit trading
Do not send money to your exchange account, this can be helpful a lot. If you receive money on your exchange account, send it to your noncustodial wallet. This was really helpful for me some years ago when I do not want to trade after losing money.

If that does not work, the best would be to close all your trading account or go for self-exclusion. I did not do this, but some trader that want to quit see it helpful.

This third one is very important also. You should fill your trading time with something creative like hobbies and also know that as trading can be a means of making money, it is more of a means to lose money which happened to you as a life example.

If all these does not work, do not be ashamed of letting your family know about it and let rehabilitation means be close to you as the next step to go for.

You can add more, I will be reading what good traders and those that have quit trading are posting. I know about this not because I want to quit trading now, but I think it can be helpful for trader that have been suffering from trading addiction.

[DPHOR]

Trading addiction is actually very hard to fight because you won't know when you would use money that is meant for something meaningful to trade. I will tell you one story of someone whom I happened to know very well and he is a trader, when he was trading then he was actually making profits from it but at sometimes he would lose money. When trading is excessively then you gradually becomes a victim of trading addition which are very hard to control as it is just as gambling and when they got addicted they found it very hard to get rid of it. Again, as a trader who are even coming up should not be that leaving their funds on exchange as it could get them attractive to either want to trade again but when it is withdrawn from exchange they wouldn't be that pushed to go deposit and start trading again.

[BitMaxz]

Trading addiction is actually very hard to fight because you won't know when you would use money that is meant for something meaningful to trade. I will tell you one story of someone whom I happened to know very well and he is a trader, when he was trading then he was actually making profits from it but at sometimes he would lose money. When trading is excessively then you gradually becomes a victim of trading addition which are very hard to control as it is just as gambling and when they got addicted they found it very hard to get rid of it. Again, as a trader who are even coming up should not be that leaving their funds on exchange as it could get them attractive to either want to trade again but when it is withdrawn from exchange they wouldn't be that pushed to go deposit and start trading again.

It depends on how he is addicted. Most of the traders who actually make profit are addicted, but they have discipline and strongly follow their rules and conditions.

If you are addicted because you keep doing overtrading and have no discipline, then that's a bad addiction, and that's a gamble. You don't have a system you follow, but you use your guts to predict, or maybe you use a bit of knowledge about trading like price action or something, and you think you are right when trading, but in the end you lose.

That addiction is bad; you better cool off first or stop and review all of your trades. Why are you losing instead of making profit?

I know OP is experiencing many bad trades nowadays because I think he does not have patience, if I am right? With the current condition of the market, I don't trade in the consolidation phase.

@OP, how about the cool-off feature? OKX and Binance have this option to let you rest for weeks or months; you can use this cool-off feature to stop trading.

[Ihedioral]

This thread should be for those who spend more in trading and continue  earning less of there investment
Not whom is addicted to trade and earning handsomely
For those who keeps losing I won't say quit  but change your trading partner, read more about it before involving your self in any kind of trade

[Jatiluhung]

How to quit trading
Do not send money to your exchange account, this can be helpful a lot. If you receive money on your exchange account, send it to your noncustodial wallet. This was really helpful for me some years ago when I do not want to trade after losing money.

This is the same approach I took back when I wanted to take a break from trading. The reason, I suppose, was that I couldn’t stay focused on my own work because I was trading too often at night. As a result, I’d be sleepy during the day, and even if I had open positions in the market, I couldn’t concentrate and felt the urge to check the market constantly.

That situation led me to decide to take a break, and I started moving everything to my cold wallet. This habit has continued. now, when I finish trading, I prefer to withdraw my funds immediately rather than leave them on the exchange.

[TastyChillySauce00]

One way to stop trading that I can think of for those who can't stop or want to stop is to create two account, one for investment and one for trading.
Let it play out for at least half a year and find out which performs better. I bet the trading account will go to 0 before even 1 month because statistically people are losing in trading.

The account specifically made for investment, would either drop a little or go up, but it will never go to zero if you pick good crypto to invest like bitcoin.

[Mpamaegbu]

... but trading addiction can be very bad because affected traders will think about studying more about the technical analysis and trading indicators. Being a good analyst, but poor in making good trading decisions is very common to such people.

As laughable as that's, it's true. Traders in that described situation often find reason(s) for every lost trade and how they would prevent such the next time. The same scenario plays out again, they realign their reason(s) again. It's a circle that keeps draining such traders and they keep losing their capital. Refunding and refunding accounts become the order of the day for them.

Traders are not patient

Well, I believe that's a fallacy of hasty generalization because we know there are traders who's strength lies in patience. I know a lady who trades SMC. She rather misses a setup by whiskers than manually trigger her trades ahead of time or out of FOMO.

[uchegod-21]

When you should quit trading
If you can not do what I have explained or you know that it is not working and you are using high amount of money to trade and you continue to lose, it is better you quit trading. Anyone reason is when trading is affecting your sleep and which might affect your health and you continue to lose. Do not let trading affects your finances and wellbeing.

Trading requires patience too, but the problem is that some traders don't know when to be patient and when they should realize that what they are doing and going through has nothing to do with proper trading standards.

I would advise that any trader who consistently finds himself going against his trading rules, i mean someone who has a trading plan but does not follow it, should quit. Most times, he does not do all of that deliberately, but because his emotions always get in the way. There is no way he will grow when he doesn't follow his plans and rules. Trading works with plans; anything aside from this is gambling.

[Karl_3000]

I will tell you one story of someone whom I happened to know very well and he is a trader, when he was trading then he was actually making profits from it but at sometimes he would lose money.

This is how trading is in a way you will think you are winning but after some days, the person will only noticed that he has been greedy and lose all, only few traders have good experience that they can use to minimize the loss during bad trading day. There is no better thing than to buy bitcoin and just hold it or trade with very small amount of money.

[Ayers]

This thread should be for those who spend more in trading and continue  earning less of there investment
Not whom is addicted to trade and earning handsomely
For those who keeps losing I won't say quit  but change your trading partner, read more about it before involving your self in any kind of trade

I do not know if anyone is addicted to trading and still makes money. Because most case of addiction lead to poor outcomes. Or even if they make a profit, being addicted means their life is being negatively affected in some way. They may be making money, but their health is deteriorating, their relationship are falling apart...they should stop too.

Those who keep losing do not necessarily have to quit, but if they have tried changing their approach, learning more and the result still do not improve. They need to stop before it is too late.

[EarnOnVictor]

That's a good piece you have there. Though it might not be as easy as you think, it is still good to, at least, follow/practice, as trading and all other things that are psychological are not easily approached with a certain blueprints.

We've seen some failing and devastated traders who later found their secret sauce, and we've seen many of them who would never find it, so I believe, above all things, as we are all finding the right system, we should, above all, work on limiting our risks and embrace adequate account management. Anyone limiting their risk while they try their luck in trading will have both good and bad days, but the bad days will not be as bad to warrant devastation to their finances.

[henmark]

This thread should be for those who spend more in trading and continue  earning less of there investment
Not whom is addicted to trade and earning handsomely

I don't see charts or real time strategies there though, which I think what they need more.

Also, addicts don't earn money at all, because even if they earn something at first, they will still continue because they are addicts up until they lost everything they had.

For those who keeps losing I won't say quit  but change your trading partner, read more about it before involving your self in any kind of trade

Trading partner? Just like in business? Where we can also have a trading partner. Oh well, trading is also like a business too because we are earning money on it . I can see this, as one person that also follows a trading influencer to help him for his trades. But yeah, they may be not fit for it, or much better we can now solo. There are plenty of benefits too for doing this. Although may be some just choose to have a partner at the first place because they are like lazy to read and learn. But if that was the case, then they don't deserve to earn.

[Dr.Bitcoin_Strange]

I have hear people saying that they flipped $100 to $10k in one day or two days, that can be true for some pro traders but we can tell that such trading pattern is basically a gambling kind of scalping which works under probability, it's possible that a pro trader can come across a coin that is trending very well and they use it to take multiple positions and then double their capital but that kind of luck does not show up every day. What am driving at here is that if any beginner trader is thinking that they can just flip $100 to $10k in 1 day the way their mentor told, then they should stop dreaming and just quit before they get addicted on the process of chasing goal that is based on luck.

[JeffBrad12]

I have hear people saying that they flipped $100 to $10k in one day or two days, that can be true for some pro traders but we can tell that such trading pattern is basically a gambling kind of scalping which works under probability, it's possible that a pro trader can come across a coin that is trending very well and they use it to take multiple positions and then double their capital but that kind of luck does not show up every day. What am driving at here is that if any beginner trader is thinking that they can just flip $100 to $10k in 1 day the way their mentor told, then they should stop dreaming and just quit before they get addicted on the process of chasing goal that is based on luck.

Flipping $100 to $10k is very common, the quiet truth that people never speak about is the guy who flipped probably have already experienced $10k to $100 in the past otherwise statistic wouldn't be majority of traders are losing.
It's cool sharing the big win, but I rarely see people share their big loss  .

Moving onto the advice of quitting trading, just trade $1-2 margin for whole month, enough to make your craving of trading become harmless.

[joniboini]

If that does not work, the best would be to close all your trading account or go for self-exclusion. I did not do this, but some trader that want to quit see it helpful.

I'm curious where do you find those stories. Do they share it on Reddit or a dedicated forum for traders? As far as my experience goes in Bitcointalk, I haven't heard someone being to "addicted" they need to close all their trading accounts and do self-exclusion to stop trading. Most of them stop after they got burned. It's very rare to see someone going all out of their way taking loans and whatnot to fund their trading activity.

Honestly, if you can't even obey basic rule like don't use money you can't afford to lose, I don't think high-risk financial activity is your thing.

[Awaklara]

I once decided to stop trading for quite a long time. At that time, I was going through financial problems, and I stopped my trading and gambling activities. My income was only enough to cover debts and necessities, I didn’t even have a little to save.
But I managed to get out of that situation and got back to my routine of allocating a small amount of money for trading. However, it seems my interest in trading has decreased, and I’m mostly putting it into buying Bitcoin now, though I still trade occasionally.

[Kelward]

In some trading discussion threads I've always observed the OP post regarding stop loss, he is always against it and within myself I've always countered his reservations about stop loss but I'm glad that he has thrown more light on it in his OP. As much as I still believe that stop loss is essential for newbies to limit their loses I've also gained some insights on his perspective on not recommending stop loss.

I think that it is a matter of strategy for every trader if stop loss works for you then it is fine you can stick with it or you can consider the OP strategy of using lower amount for trading. If you are using high leverage it can liquidate your account very fast and you would be needing stop lose to mitigate loses but with very small trading funds at a time you wouldn't be eager to rely on stop lose you will go all in. Let us remember that trading is not for everybody, if it's not working for you it is better to go into Bitcoin investment instead.

[Aanuoluwatofunmi]

Quitting trading is not a solution to the issue in trader may be facing, because if he eventually quits, he may also be addicted to other things are said trading and play unprofessional roles doing them, we understand that not everybody can maintain their emotion when it comes to activities like this and trading is not what you can just be doing without considering the risk that is attached and be well disciplined in other not to fall into trading mishap.

[Jatiluhung]

Quitting trading is not a solution to the issue in trader may be facing, because if he eventually quits, he may also be addicted to other things are said trading and play unprofessional roles doing them, we understand that not everybody can maintain their emotion when it comes to activities like this and trading is not what you can just be doing without considering the risk that is attached and be well disciplined in other not to fall into trading mishap.

Yeah.. Quitting completely is indeed a bad idea. That’s because it means the trader won’t learn from their mistakes and won’t try to figure out where they went wrong in their trading. It also means they lack the mental fortitude to persevere and are prone to giving up easily. And typically, in other areas, including any business. someone with that kind of mindset is likely to keep repeating the same mistakes.
However, taking a brief break or stepping back to study, observe, and re-evaluate is a better approach. Unless, of course, someone isn’t truly interested in trading, in which case it simply can’t be forced.

[justdimin]

Quitting trading is not a solution to the issue in trader may be facing, because if he eventually quits, he may also be addicted to other things are said trading and play unprofessional roles doing them, we understand that not everybody can maintain their emotion when it comes to activities like this and trading is not what you can just be doing without considering the risk that is attached and be well disciplined in other not to fall into trading mishap.

Could be a short term solution though. We are talking about something that would be beneficial and could help with a lot. I understand it may not be a perfect solution, but it is a good solution nevertheless for the time being. If you are facing trading issues, and you are not trading well, then the best thing to do would be just making sure that you give a long break, and meanwhile learn what mistakes you have done and why.

If you can do that then you are going to end up with a better situation and won't be dealing with anything bad. I personally do not feel that bad when I take a break, I look back on my mistakes and learn from them and do better thanks to that. If you do the same thing you are going end up with better results too.