Quit trading discussion thread

[GeorgeJohn]

Actually the biggest problem with trading addiction is not the losses, but the attempt to recover quickly after a loss. 

That's the worst mistake someone can do, by pursuing it losses in trading..if you don't notice your flux that makes you to lose in trading, it will continue to happen repeatedly, because curiosity is what makes some of the traders to keep experiencing losses..but if you don't control your emotions after you have lost...you will continue to be losing in the trading...

If one trade goes badly it's easy to take on more leverage on the next trade, and from there it can become like gambling,

Actually trading have close similarities with gambling, but that doesn't mean that it's gambling...but if you don't understand trading procedures, you will mistakes it with gambling..trading have a skill and anyone who ventures into it without comprehending it's scenarios, it will lead the person to experience losses...

[Ashawowo(OS)]

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.

Great point, this was missing in the OP, I was sacked at a job because I was not doing well and then I was trading even during work hours. Got another one and it almost had a repeat of the former, so I knew instinctively is time to stop so I'm not totally destroyed by it. I had issues focusing on any other productive task once I've placed my trade, I'll keep monitoring it's performance and exit early enough when I'm in profit. I had so much peace stopping trading and my career improved. Trading was not just for me as I struggled to keep my emotions in check.

[batang_bitcoin]

Actually the biggest problem with trading addiction is not the losses, but the attempt to recover quickly after a loss.  If one trade goes badly it's easy to take on more leverage on the next trade, and from there it can become like gambling, So it's more important to decide how much you can lose before trading than how much you can profit. Like if you trade with a small fixed budget, even a few bad trades won't put a strain on your entire financial situation. And if trading starts to affect your sleep or peace of mind, I think it's wiser to stay away from it altogether for a while.

I guess that there's not that much difference about trying to chase the losses and as well as the actual losses. It made traders to attempt quick recovery because of the actual losses that they've got. And that's why they continue to do it and even me before, I 've felt that sensation and thought that I have to recover as soon as possible. But that approach is very wrong. Someone who lost a lot can accept those words for them that they have to quit already when they're still in progress of trying to recover all of the losses that they've made for specific periods they cover.

[ZAINmalik75]

Great point, this was missing in the OP, I was sacked at a job because I was not doing well and then I was trading even during work hours. Got another one and it almost had a repeat of the former, so I knew instinctively is time to stop so I'm not totally destroyed by it. I had issues focusing on any other productive task once I've placed my trade, I'll keep monitoring it's performance and exit early enough when I'm in profit. I had so much peace stopping trading and my career improved. Trading was not just for me as I struggled to keep my emotions in check.

Good thing that you acknowledged that it was your fault and that trading wasn't a good fit for you because you couldn't have a full control over your emotions, this is exactly what people need to understand; if you are a very emotional person and you know that you can't control your emotions, you shouldn't get into trading, because trading can disturb everything else that you do in your life because your mind won't be able to focus on other things that you are doing as long as you are trading.

Another mistake that made was to make trades during your work hours, which is not a good practice. When you already know that you have no control over your mind and emotions, you shouldn't do it during a time when you are doing something else which requires your focus. You should have been making your trades in your free time and not when you were working, mixing two things can always create problems, no matter how good you are at both.

[shawonngp]

Actually the biggest problem with trading addiction is not the losses, but the attempt to recover quickly after a loss.  If one trade goes badly it's easy to take on more leverage on the next trade, and from there it can become like gambling, So it's more important to decide how much you can lose before trading than how much you can profit. Like if you trade with a small fixed budget, even a few bad trades won't put a strain on your entire financial situation. And if trading starts to affect your sleep or peace of mind, I think it's wiser to stay away from it altogether for a while.

Yes, you are right, trading addiction is basically created in this way, like when we lose in the first trade, we spend double money in the next trade and try to recover the previous loss, it must be called gambling, because if someone has played crash and casino, then you must know, like first place 1$ bet and if there is a loss, then most of the gamblers try to recover the previous loss by placing 2$ bet, so those who follow these rules in trading. It is considered gambling.

If you try to recover losses quickly in trading, it is likely to lead to a wrong trade and result in more losses. So I think those who trade with proper market analysis and a fixed, affordable budget can benefit a lot from trading in the long term. Trading should never be done full-time; it can create trading addiction, and late-night trading is harmful to sleep. So I never trade when I have sleep problems.