Quit trading discussion thread

[Natalim]

I have never decided to quit trading because until now I still enjoy it and make some profitable income at times, so I think the fact that its still healthy for me, then there's no reason to quit and leave trading for good.

But if you are experiencing the opposite, you are longer enjoying trading because you are getting pressured instead, it gives you sleepless nights which is not healthy in the long run, and it creates a shift of behavior and life's decisions that put you at a higher risk, then definitely these are all the signs that you have to give up trading and find some hobbies that can still make you profitable without putting your body and health in danger.

[Asiska02]

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.

This feeling is relatable because trading requires a lot of time, you have to sacrifice most of your time for the market to study and understand what you’re trying to get at in the trading market. Due to other activities and works that requires you also do them, one end up not getting enough time to study the market and trade.

As traders, once you’ve placed a trade, unless you’re a big profitable trader, you’ll be prompted to watch your trade more often and by doing so, you’ll not have time to focus on other things that are important to you. Sacrificing one for one will not make you fit in well, so if you can’t balance them up, it is better to quit trading because you won’t see progress, you’ll either remain stagnant or be in your loss.

[Faisal2202]

@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.

I have been using Binance for some time now, but never heard about the cool off feature up until now, that's like forced lockout. Which can be great but I don't think we should let ourselves be controlled by these tools instead we should work on our will which is best because what will happen if we force lock us from trading for 1 week and a good opportunity appears I am sure there must be ways to remove such lockouts.

But if we can't undo them that's a problem, have you ever used them or what kind of benefits you think it provides us over the cons it has I think it will have more cons than the benefits!

[Russlenat]

Trading addiction can be incredibly risky and life endangering. You may not have noticed it but the more you fall into its addiction, the more you end up having an unpeaceful mind and unhealthy body.

And you cannot realize this until you have lost your mental peace and ruin your finances. This is the reason why trading should be taken calm and relax, and never go through pressures that will compromised your mental well-being.

If this is what you are currently going through with trading, I suggest quit trading immediately. No buts and ifs, just leave trading for good.

[Sanitough]

While quitting trading could be the best way to separate yourself from the pressures and stress you have experienced with trading, but for some reasons, you can just try to limit your trading exposure first and minimize trading in the market. Take a break if you want, but never quit trading for real. There are those who have learned their lessons the hard way, and after that they come back wiser and smarter, and start trading more calmly.

However, mine is just a suggestion. There are bigger earning opportunities with trading, but that's not mean that you have to seriously chase profits every now and then, just trade when you feel the market is favorable to trade and would likely to give you a profitable outcome, and never trade when you think it isn't the perfect timing to trade.

[Alphakilo]

Trading addiction can be incredibly risky and life endangering. You may not have noticed it but the more you fall into its addiction, the more you end up having an unpeaceful mind and unhealthy body.

And you cannot realize this until you have lost your mental peace and ruin your finances. This is the reason why trading should be taken calm and relax, and never go through pressures that will compromised your mental well-being.

If this is what you are currently going through with trading, I suggest quit trading immediately. No buts and ifs, just leave trading for good.

Discipline and risk management practices is the ultimate form of protection against trading or even gambling addiction, because they ensure you stick to the budget, you obey the timeline of rest and relaxation and this helps make better informed decisions, instead of eyes glued to the screen all day starting at candle sticks.

High leverage trading and impulsive gambling are same sides of a coin and some good ways I know to avoid this scenario is to whitelist your addresses with time locks, focus on more creative sources of income stream and of course using a cold storage hardware wallet that enables logic to kick in when waiting for the emotional impulse to trade.

[Japinat]

Trading can be good and advantageous, but the fact remains, it isn't for everyone. Lucky are those who made it up into trading until today, and did not fall into trading addiction because they are good and responsible enough in taking strict risk management and do not chase their losses in trading.

But for most of the traders, particularly newbies, have been trading with greed and confidence, and before they knew it, they have already fallen into trading addiction because of their non-stop trading and non-stop chasing of losses and even profits. So with these kind of traders, they should pave way to quit trading, not in abrupt but one step at a time until they find theirselves no longer stuck with trading.

[BitMaxz]

Trading can be good and advantageous, but the fact remains, it isn't for everyone. Lucky are those who made it up into trading until today, and did not fall into trading addiction because they are good and responsible enough in taking strict risk management and do not chase their losses in trading.

But for most of the traders, particularly newbies, have been trading with greed and confidence, and before they knew it, they have already fallen into trading addiction because of their non-stop trading and non-stop chasing of losses and even profits. So with these kind of traders, they should pave way to quit trading, not in abrupt but one step at a time until they find theirselves no longer stuck with trading.

No, that's not because of luck why they made it to be profitable; it is because of dedication to learning. Gaining knowledge in trading is very important, just like I said before. If you don't review all your trades or are not going to journal them, you miss the chance to find the reason why you lose in trading. It needs discipline and strictly following your rules; it is not luck, but they are learning about the market. The technical analysis is a must; if you have a lack of knowledge, you will end up losing.

People nowadays believe that trading is the same as gambling; if you don't have a working system, you're probably gambling.

[Rruchi man]

...but I think it can be helpful for trader that have been suffering from trading addiction.

If you are really addicted to trading and it has become a serious problem to you, trying to quit all of a sudden may be very difficult, especially if you always have access to funds. The best way to think of it sometimes is just to tell yourself that you are giving yourself some time off from trading to go on a break; that way, you can easily go on one, and after being on the break, you try to sit down and evaluate if you really want to continue with trading. You evaluate your mood now that you are not trading and the period you were trading, and then you make a decision if it is something you want to go back to. I think if you give trading a break for some time and reevaluate your reasons for really wanting to trade and if you see a really good potential in your success, you give yourself room to become a successful trader.

[Questat]

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.

I am not actually having this trading addiction, but I want to adapt this kind of approach too. This will make me more responsible into trading especially in times where I have to focused more on my own job and set aside trading for the mean time.

But in the long run, its discipline within yourself that matters the most. You can't be patient if you lack discipline, and self-control and emotional control would be so much struggle if you never instill self-discipline first.

[Joy- maker]

Generalize it that traders are not patient do not really sit well with me because, there are traders who are actually patient, all these things you mentioned do not drive them at all. There are traders that, even if they are profiting from their trades, you can never see them increasing leverage.

My advice to traders is to trade with an amount of they can afford to lose, there is not point going above your capacity. And if you discover that you have been trading for years and when you sit back to see that you have not made a decent amount of money from trading then you should quit, trading is not for you, go look for another thing to do, beside everybody must not be a trader.

[Hamza2424]

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.

Quitting trading is easier when we are not addicted, and I have never been addicted, so I did not know this fever was real. I have not even seen anyone in my real life who has been addicted.

I don't think it is wise to close our accounts because reopening them could take time, and we may have to give proper reasoning. Although there are some exchanges with such options included by default, you can use them, but I think we should set our minds right. That would be better.

But we can easily divert ourselves if we don't have enough capital remaining. I have seen people who would risk the little money they earn instead of making their lives better, and they are on the wrong path because trading is a slow process when it comes to changing your life. Once we understand that, we could make a good living, but until then we will suffer.

[Oshosondy]

@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.

I mentioned self-exclusion.

If that does not work, the best would be to close all your trading account or go for self-exclusion.

While quitting trading could be the best way to separate yourself from the pressures and stress you have experienced with trading, but for some reasons, you can just try to limit your trading exposure first and minimize trading in the market. Take a break if you want, but never quit trading for real. There are those who have learned their lessons the hard way, and after that they come back wiser and smarter, and start trading more calmly.

Yes, this is how trading should be. But I am referring to those that have been losing for many months or more than a year or 2 years. Such people are overridden by emotions which can later make them continue to lose. Although, they can begin with being patient until they are not.

Not everyone needs to trade.

Generalize it that traders are not patient do not really sit well with me because, there are traders who are actually patient, all these things you mentioned do not drive them at all. There are traders that, even if they are profiting from their trades, you can never see them increasing leverage.

This is the psychology part of trading, traders are not patient even if their brain is fooling them that they are patient. As long as they are thinking of making money daily, in is impatience, but which some traders are able to control. If you understand what I have posted, you will know that I give a strategy that can make a trader to be patient, but maybe you did not read everything that I posted about it.

[fighter2627]

It's not easy to trade, some beginners who enter the crypto space probably think that it's that easy to make money here, but in reality it's not really. Then in trading we must know
how to get used to putting Tp and Sl, because others only do Tp but never put Sl so the result is always losing in the end.

There are also others who always lose so they end up quitting trading, of course if we always lose in trading it just seems like we're just wasting money
or just throwing it away.

[michellee]

Instead allocating 10% to trade, it is better to allocating that money to invest especially if he doesn't have enough skills in trading. That will better for him because he doesn't have thinks about the price movement and only focus with his investment.

But people are greedy seeing trading can be the way to make much money as they see in social media, many people achieves their goals. But if they really want to quit trading, they should have strong minds to ends their trading and moves to Bitcoin investment.

Trading addiction is difficult to cure but that still possible and they should not open their account and moves all of their assets to their wallets. I quit trading before for some months because I lose much but I don't regret too much because I realize trading have its risk. I left all of my accounts in all exchanges that I used before and focus on the investment.

[Itz-prisigold]

Instead allocating 10% to trade, it is better to allocating that money to invest especially if he doesn't have enough skills in trading. That will better for him because he doesn't have thinks about the price movement and only focus with his investment.

But people are greedy seeing trading can be the way to make much money as they see in social media, many people achieves their goals. But if they really want to quit trading, they should have strong minds to ends their trading and moves to Bitcoin investment.

Trading addiction is difficult to cure but that still possible and they should not open their account and moves all of their assets to their wallets. I quit trading before for some months because I lose much but I don't regret too much because I realize trading have its risk. I left all of my accounts in all exchanges that I used before and focus on the investment.

You are correct, investing may be a more suitable option for those who are not skilled,  disciplined or emotionally controlled enough to trade, and I will also add this, many traders actually fail in trading because they underestimate the mental aspect of trading, not just because they don't understand charts. Learning how to deal with your emotions when losing is sometimes more difficult than it is to learn technical analysis.

Another thing I learn from your experience is that sometimes it is better to accept a loss and walk away,  that action might be a smarter decision rather than making further trades to recover what you have lost.  There are many people who fall into a vicious circle of revenge trading, and a break might give them time to reflect on goals and their attitude towards risk.

But regardless of their preference, whether someone actually choose trading or investing,  the most important thing is that they need a plan that will protect both their capital and their peace of mind. If you are stressed out by trading, experiencing sleepless nights or financial problems all the time,  then investing for the long term could be a healthier route to take.

[macson]

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.
-.-

I completely agree that if someone loses so much money and is completely devastated, they should quit trading and start fixing their life. Trading shouldn't ruin a person's life, because the goal of trading is to seek profit, not to seek suffering. So, if someone is at the stage where their trading is starting to ruin their life, they need to rethink their choices and start prioritizing their life. That's far better than constantly dreaming of profit.

[Hatchy]

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.

This Is completely true and accurate. Trading can eventually turn into addiction, when you don't trade with a plan. Most traders do this more often than normal and it not good. The problem is that this same addiction is not different anywhere it finds itself. When you as an individual don't seem to have archived anything reasonable from all your efforts in trading, the nest thing to do is to take a step back. Not every path should be meant for you. Some people spend years of their life, trying to figure out how to be profitable in trading, but they don't have a calling there so it just might not work. One has to make sure they understand how to approach things like this to avoid wasted efforts in life..

[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.

This feeling is relatable because trading requires a lot of time, you have to sacrifice most of your time for the market to study and understand what you’re trying to get at in the trading market. Due to other activities and works that requires you also do them, one end up not getting enough time to study the market and trade.

As traders, once you’ve placed a trade, unless you’re a big profitable trader, you’ll be prompted to watch your trade more often and by doing so, you’ll not have time to focus on other things that are important to you. Sacrificing one for one will not make you fit in well, so if you can’t balance them up, it is better to quit trading because you won’t see progress, you’ll either remain stagnant or be in your loss.

Sometimes we get carried away and make it seem like trading is bringing us more profit, when in fact it isn’t. That’s why it’s important to be disciplined and realize that we need to limit the time we spend trading. Now I only trade on Saturday nights, because the next day I don’t have to worry about being sleepy at work. since it’s a day off, I can sleep as much as I want.

However, keeping our money in our wallet is actually quite effective in this regard. Because if our money is still in the market, we usually end up idly checking the market, and since our money is there, we sometimes end up idly opening trading positions at times when we shouldn’t be trading in the first place. Whereas when our money is in our wallet, we won’t feel the urge to start trading because we have to transfer it to the exchange first, and sometimes we’re too lazy to do that. So it acts as a brake to stop our habit of wanting to keep trading.

[bangjoe]

I completely agree, when our trading activities become something very detrimental and we want to always do it with unrational actions in our trading, it is better to stop, addiction to trading is not something good and like we are gambling, chasing dopamine on very high profit fluctuations, I have been in this position, and the mind contains, ah regret not installing earlier, regret not using higher leverage, and other things that trigger our emotions in trading to get high profits, more precisely greed begins to build in us, even though it is a prohibition that should not be done.

Hi, I am reducing the amount of my trading, and focusing more on spot accumulation activities for the long term, this is much safer than forcing trading with results that are never profitable, maybe many people who should not be traders are instead giving alms in the market.