A Strong Trading Mind
- Thread starter amitrandive
- Start date
Time to Give Up
I get a lot of emails and PM's from people seeking advice. Usually they've been losing money and don't really know what to do next. But I received a particular letter recently that made me want to write this post.
What are some of the characteristics of people who are losing money:
- No plan
- No way to measure themselves (they just focus on net profit)
- No consistent method, jumping from one trading room or indicator to the other
- Unrealistic expectations
- Unwilling to do the work required
- Not in a position in their life to make trading a priority
There are many more.
For every good trader out there, there are 100 more who think they can just copy someone else's method and start making money or join some trading room or download some expensive set of indicators, and be profitable.
Most of these guys have completely unrealistic expectations. They expect to take $10,000 and turn it into $100,000 at the end of the year, for example, even though they have no track record of performance or gains.
These people have no plan. They constantly blame their computer, their trading platform, their broker, their wife, their kids for missing trades or mistakes during a trade. They have no idea what to focus on or where to start.
And worse, most of them are unwilling to do the work. Yes, there are people for which that does not apply who are truly trying their best. But they are few and far between. Most people that are struggling aren't even willing to maintain a journal. Most people aren't willing to set realistic expectations. Most people aren't willing to accept responsibility for their actions.
On top of that, most of these guys aren't in a position in their life to even give trading a chance. Examples would be that they just lost their job. That is the worse time to start trading. Other examples would be that they have a job but no real savings, no money to burn in trading education expenses (and I don't mean from a trading room or buying a product). Worse still, many of these guys have no support from their wife or girlfriend because as you can imagine, they are losing money and also spending a lot of "free time" with trading instead of with their loved ones or kids. This is an impossible situation to put yourself in and expect good results.
So the point of this thread is not to talk about really any of that but instead to talk about when it is time to give up, or simply to move on.
In fact, a lot of times my advice to these guys is to move on. Stop trading. Let's be real, if you are undercapitalized, unwilling to do the real work, and have no support from your family -- you aren't in a position to be a good trader.
But I also have to be honest, some times when I tell someone to stop trading, what I am really wanting them to do is come back and tell me NO, they will not stop, they are going to make it work. I mean if you really want this, then fight for it. But as I've said countless times before -- willpower alone is not enough to make you profitable.
We know that most people "give up" once they blow all or a significant portion of their initial deposit at a broker. This usually happens in less than 90 days according to brokers I've talked to. Most of these people aren't a part of any trading forum, and those that are, most of them are not participating, do not have a journal, have not taken time to ask questions or formulate a plan, etc. Again let's be honest: if anyone had taken the time to formulate a plan and prepare, they would not have allowed themselves to blow an account in 90 days.
For the rest, the ones that are members of BMT, I find that the overwhelming (close to 100%) of people that are struggling are the ones that have zero posts. I've come to look at this as an important metric. The ones that are uninvolved in the forum, for whatever reason, are going to be at a big disadvantage in my opinion. They lack a support network but also lack the benefit of accountability which is so critically important.
I've also found that these struggling traders are ones that haven't participated in any webinars. So that means they are unwilling to put in the time. They spend all their time, instead, on downloading indicators or searching for a new trading room to call trades.
OK so let me end by putting this out there... when is it the appropriate time to give up? Let's be honest, not everyone is cut out for trading. In fact, if we are honest, very few are. So it's cruel to string some of these guys along, it would be better for them to help them identify early on they don't have what it takes and they should move on.
Source : Internet (other forum)
Source from internet and some blog
It’s a story that Harsha Bhogle, India’s most loved cricket commentator, loves to tell, over and over again. Making his debut in Test cricket for Sri Lanka, Marvan scored a duck in his first innings. And again, in his second innings.
They dropped him. So he went back to the nets for more practice. More first-class cricket. More runs. Waiting for that elusive call. And after twenty-one months, he got a second chance.
This time, he tried harder. His scores: 0 in the first innings, 1 in the second Dropped again, he went back to the grind. And scored tonnes of runs in first-class cricket. Runs that seemed inadequate to erase the painful memories of the Test failures. Well, seventeen months later, opportunity knocked yet again. Marvan got to bat in both innings of the Test. His scores: 0 and 0. Phew!
Back to the grind. Would the selectors ever give him another chance? They said he lacked big-match temperament. His technique wasn’t good enough at the highest level. Undaunted, Marvan kept trying.
Three years later, he got another chance. This time, he made runs. He came good. And in an illustrious career thereafter, Marvan went on to score over 5000 runs for Sri Lanka. That included sixteen centuries and six double hundreds. And he went on to captain his country. All this despite taking over six years to score his second run in Test cricket. Wow! What a guy!
How many of us can handle failure as well as he did? Six years of trying, and failing. He must have been tempted to pursue another career. Change his sport perhaps. Play county cricket. Or, oh well, just give up. But he didn’t. And that made the difference.
We all hear stories of talented people who gave up before their potential was realized. People who changed jobs and careers when success seemed elusive.
The next time you are staring at possible failure or rejection, think of Marvan. And remember this: If you don’t give up, if you believe in yourself, if you stay the course, the run will eventually come. What more you could even become captain some day.
Never Give Up
Motivation Story for Traders :Marvan Atapatu (Srilankan Cricketer)
It’s a story that Harsha Bhogle, India’s most loved cricket commentator, loves to tell, over and over again. Making his debut in Test cricket for Sri Lanka, Marvan scored a duck in his first innings. And again, in his second innings.
They dropped him. So he went back to the nets for more practice. More first-class cricket. More runs. Waiting for that elusive call. And after twenty-one months, he got a second chance.
This time, he tried harder. His scores: 0 in the first innings, 1 in the second Dropped again, he went back to the grind. And scored tonnes of runs in first-class cricket. Runs that seemed inadequate to erase the painful memories of the Test failures. Well, seventeen months later, opportunity knocked yet again. Marvan got to bat in both innings of the Test. His scores: 0 and 0. Phew!
Back to the grind. Would the selectors ever give him another chance? They said he lacked big-match temperament. His technique wasn’t good enough at the highest level. Undaunted, Marvan kept trying.
Three years later, he got another chance. This time, he made runs. He came good. And in an illustrious career thereafter, Marvan went on to score over 5000 runs for Sri Lanka. That included sixteen centuries and six double hundreds. And he went on to captain his country. All this despite taking over six years to score his second run in Test cricket. Wow! What a guy!
How many of us can handle failure as well as he did? Six years of trying, and failing. He must have been tempted to pursue another career. Change his sport perhaps. Play county cricket. Or, oh well, just give up. But he didn’t. And that made the difference.
We all hear stories of talented people who gave up before their potential was realized. People who changed jobs and careers when success seemed elusive.
The next time you are staring at possible failure or rejection, think of Marvan. And remember this: If you don’t give up, if you believe in yourself, if you stay the course, the run will eventually come. What more you could even become captain some day.
Never Give Up
Learn to Appreciate
Once upon a time, there was a man who was very helpful, kindhearted, and generous. He was a man who will help someone without asking anything to pay him back. He will help someone because he wants to and he loves to. One day while walking into a dusty road, this man saw a purse, so he picked it up and noticed that the purse was empty. Suddenly a woman with a policeman shows up and gets him arrested.
The woman kept on asking where did he hide her money but the man replied, “It was empty when I found it, Mam.” The woman yelled at him, “Please give it back, It’s for my son’s school fees.” The man noticed that the woman really felt sad, so he handed all his money. He could say that the woman was a single mother. The man said, “Take these, sorry for the inconvenience.” The woman left and policeman held he man for further questioning.
The woman was very happy but when she counted her money later on, it was doubled, she was shocked. One day while woman was going to pay her son’s school fees towards the school, she noticed that some skinny man was walking behind her. She thought that he may rob her, so she approached a policeman standing nearby. He was the same policeman, who she took along to inquire about her purse. The woman told him about the man following her, but suddenly they saw that man collapsing. They ran at him, and saw that he was the same man whom they arrested few days back for stealing a purse.
He looked very weak and woman was confused. The policeman said to the woman, “He didn’t return your money, he gave you his money that day. He wasn’t the thief but hearing about you son’s school fees, he felt sad and gave you his money.” Later, they helped man stand up, and man told the woman, “Please go ahead and pay your son’s school fees, I saw you and followed you to be sure that no one steals your son’s school fees.” The woman was speechless.
Moral: Life gives you strange experiences, sometime it shocks you and sometimes it may surprise you. We end up making wrong judgments or mistakes in our anger, desperation and frustration. However, when you get a second chance, correct your mistakes and return the favor. Be Kind and Generous. Learn to Appreciate what you are given.
Once upon a time, there was a man who was very helpful, kindhearted, and generous. He was a man who will help someone without asking anything to pay him back. He will help someone because he wants to and he loves to. One day while walking into a dusty road, this man saw a purse, so he picked it up and noticed that the purse was empty. Suddenly a woman with a policeman shows up and gets him arrested.
The woman kept on asking where did he hide her money but the man replied, “It was empty when I found it, Mam.” The woman yelled at him, “Please give it back, It’s for my son’s school fees.” The man noticed that the woman really felt sad, so he handed all his money. He could say that the woman was a single mother. The man said, “Take these, sorry for the inconvenience.” The woman left and policeman held he man for further questioning.
The woman was very happy but when she counted her money later on, it was doubled, she was shocked. One day while woman was going to pay her son’s school fees towards the school, she noticed that some skinny man was walking behind her. She thought that he may rob her, so she approached a policeman standing nearby. He was the same policeman, who she took along to inquire about her purse. The woman told him about the man following her, but suddenly they saw that man collapsing. They ran at him, and saw that he was the same man whom they arrested few days back for stealing a purse.
He looked very weak and woman was confused. The policeman said to the woman, “He didn’t return your money, he gave you his money that day. He wasn’t the thief but hearing about you son’s school fees, he felt sad and gave you his money.” Later, they helped man stand up, and man told the woman, “Please go ahead and pay your son’s school fees, I saw you and followed you to be sure that no one steals your son’s school fees.” The woman was speechless.
Moral: Life gives you strange experiences, sometime it shocks you and sometimes it may surprise you. We end up making wrong judgments or mistakes in our anger, desperation and frustration. However, when you get a second chance, correct your mistakes and return the favor. Be Kind and Generous. Learn to Appreciate what you are given.
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