Home Trading Strategies When Should You Quit Trading?

When Should You Quit Trading?

159
0
When Should You Quit Trading?

hey hey what’s up my friend so in today’s episode I want to talk about when should you quit trading okay there are times right there you know it’s better for you to quit treating not everyone is meant to be a traitor let’s face it not everyone is meant to be an entrepreneur not everyone is meant to be the precedent so I want to share with you a few things to consider right whether it’s right for you to quit trading or not number one this is something I feel strongly about if you can’t meet your daily lifestyle your daily day-to-day living or you’re in debt right you should quit trading immediately trading is not you know like a job that pays your fixed income there’s a fixed payout every month doesn’t work that way there might be months where you don’t even make money at all you might even lose right more than what you put into your trading account so if you can’t even survive for your day-to-day lifestyle if you are in depth quit trading immediately and don’t even think about it borrowing money to trade that is the worst thing that you can do that is financial suicide when you are borrowing money to train those our money then you can’t afford to lose the emotional toil on you is even worse you may even horrible trading decisions right that I don’t even want to talk about okay so don’t train if you’re in depth don’t treat if you have difficulty right putting food on the table number two quit trading right also if there is a poor ROI this is largely applicable to day traders short term traders so we don’t left their job and get involved in your day trading think about this right let’s say you know day trading you make like five dollars an hour let’s say hypothetically and your previous job is paying something like twenty twenty-five dollars an hour in terms of ROI it doesn’t make sense to be a day trader all right why not keep your previous job that pays you better and you can maybe trade off the higher your time frame you can still trade the markets but at least right you get a better ROI in terms of your time and money okay so this is something that again for you to think about for those of you value freedom much more than hey this might not be applicable to you but for most of you out there I who values time and money right think of it in terms of our ROI does it make sense to go down this path or is there another powerful I you know having a full time job and trading part-time trading a higher time frame that might be another avenue to consider number three you should also quit trading when you have no more mental capital left I don’t need to tell you this right when you have no more mental capital you will literally quit trading right we talked about this in the last episode where mental capital is the capacity to continue trading right to power through your losses to overcome the drawdown to overcome the losing streak but when you lose all your mental capital right maybe you have busted a few trading accounts maybe you’ve been you know trading for years but your resource is getting nowhere and you’re getting tired your mental capital is depleting right that is that’s time to quit treating it’s perfectly fine Don as I mentioned right trading is not for everyone maybe you’re telling right could be put to use elsewhere maybe you’re a mix Michelangelo maybe you’re the next to no mathematician maybe you’re the next I don’t know someone who can build fast cars or something like that all right there’s no shame walking away from trading and fourth thing you should also quit trading when the pain of losing money hurts you that’s you so much did you have difficulty sleeping so let me give you an example in my poly days I used to know of someone one of my classmates sorry I owe him money 10 cents to be exact I’m not sure how I am 10 cents right and that person is so agitated over there 10 cents you go to me right up to my t-shirt I put with you a rain where’s my 10 cent when you owe me 10 said keep in mind 10 jets now now what is good it’s only 10 cents man chill chill so this type of person clearly they are not meant to be a trader right if it’s not right of me to or money right but the point being is that if you have difficulty right letting go of money in the pain of losing money hurts you then clearly trading is not something that is for you maybe he’s putting more money in the bonds put your money you know fixed deposit whatsoever okay so again this is something about understanding yourself if the pain of losing money cost you a lot of sleepless night clearly this is something else for you as well and the fifth thing I want to talk about is that yes you might quit trading now but it doesn’t mean that you can’t come back to it at a later stage in life maybe when you’re more ready maybe you have more capital to trade with maybe when you’re more energized and returned trying your mental capital is back to its optimal level now maybe you know you strike it rich right you can you know spare a few thousand dollars there is small change to you to trade the markets by all means come back to this business you can always come back a king right so don’t think that you know just because a quit right no I can’t come back in a later date right no this business is always open for you unless you know someone in the wall says that hey you know trading see if you can do any more unlikely right so always right be the open to what’s out there you can quit right now and always come back again when you are ready so with that’s it I’ve come towards the end of today’s episode and I will talk to you soon you

LEAVE A REPLY

Please enter your comment!
Please enter your name here