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.

[Ojima-ojo]

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.

Trading with small amount of money for a start is very helpful, but another thing that guides against trading addiction just like every other addition is the ability of the trader not to depend so much on the profit side when taking their trades, because placing so much expectations on the trade could trigger trader greed and emotions when they incurred loses unexpectedly and that can force such trader to start chasing the loses.


Trading futures market is nothing different from gambling, so for that reason we have to treat trading outcome same way we treat trade, always expect to lose more than you profit mindset keeps you prepared for the uncertainty of outcome.

[henmark]

I won’t agree with you that said trading is more profitable. Both trading and investment are profitable, depending on how you venture into it, the amount of knowledge which you have before you start. Maybe because you are always making profits from trading frequently, and that’s why you think trading is more profitable than investment.

Whenever you are investing, you will have to wait for years before you will be able to make profits, but what you will make might be more than what a trader have made for years, and we all know how risky trading can be compared to bitcoin investment. Both trading and investment are profitable, just depending on the one which you decide to do.

In theory, trading can be more profitable than investing because you can make money in the short term and potentially make huge return through leverage. That's why many people, especially newbie are more attracted to trading than investing.

But in reality, it's the other way around. Most trader go through losses, and many keep losing for a long time. Only a small number of trader can consistently make money. That's also why when a newbie ask for advice, most experienced people in the market will tell them to focus on holding rather than trying to trade.

The reason why experienced people tell newbies to stick to investments and stay away from trading is because most newbies don't trade, they gamble, and the chances of you making anything out of this market when you are basically just using your gut feelings and gambling instead of knowing anything about the market itself, which is why it is better to just not do it if you can't do it properly. Newbies who initially focus on gaining knowledge instead of trying to make a lot of money are never advised to stay away from trading, because anyone who can manage the risks involved can trade and also stay profitable, but if you are using 20x leverage on every trade but have zero knowledge, then you shouldn't expect profits in the long run.

So, trading can undoubtedly be more profitable than investing, but only if it's done with care. Newbies who get easily attracted towards trading after seeing the profit percentages others are getting are actually delusional to think they can get the same results without any knowledge or spending any time observing and learning the market. Can you become a doctor without learning medical and completing the whole learning process and tests and everything? No, you can't. Similarly, you can't become a trader, or I should say, a good trader, unless you focus on equipping yourself with enough knowledge first.

[Olatundespo]

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.

Trading with small amount of money for a start is very helpful, but another thing that guides against trading addiction just like every other addition is the ability of the trader not to depend so much on the profit side when taking their trades, because placing so much expectations on the trade could trigger trader greed and emotions when they incurred loses unexpectedly and that can force such trader to start chasing the loses.


Trading futures market is nothing different from gambling, so for that reason we have to treat trading outcome same way we treat trade, always expect to lose more than you profit mindset keeps you prepared for the uncertainty of outcome.

I agree with you that trading futures markets is similar to gambling. Many people disagree with this but in my opinion it is riskier than gambling. When the market starts moving towards unexpected results, the traders' expectations will be dashed. In gambling, gamblers have two expectations: one is that they will either win or lose. Trading is more risky for gamblers because once the amount of money you start with starts to decrease in value, it will gradually start to decrease and you may have to add more funds to reduce the unit price and your losses will increase because the goal is to make a profit, not to hold on to it.

[PERtua]

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.

Trading with small amount of money for a start is very helpful, but another thing that guides against trading addiction just like every other addition is the ability of the trader not to depend so much on the profit side when taking their trades, because placing so much expectations on the trade could trigger trader greed and emotions when they incurred loses unexpectedly and that can force such trader to start chasing the loses.


Trading futures market is nothing different from gambling, so for that reason we have to treat trading outcome same way we treat trade, always expect to lose more than you profit mindset keeps you prepared for the uncertainty of outcome.

I agree with you that trading futures markets is similar to gambling. Many people disagree with this but in my opinion it is riskier than gambling. When the market starts moving towards unexpected results, the traders' expectations will be dashed. In gambling, gamblers have two expectations: one is that they will either win or lose. Trading is more risky for gamblers because once the amount of money you start with starts to decrease in value, it will gradually start to decrease and you may have to add more funds to reduce the unit price and your losses will increase because the goal is to make a profit, not to hold on to it.

The biggest risk in futures trading is the emotional trading cycle that can result from losses. When a person begins staking more money in order to make up for a past loss, the initial risk level is significantly increased. That's when it becomes a matter of executing a strategy, not a matter of just going after a result. That is why it is crucial to have a definite limit, or loss that you can afford to make. If trading is beginning to cause problems in your sleep, finances or peace of mind, a complete break may be a much better idea than trying to come through with all the money you can.