At what point do I throw in the towel?

This topic has 9 replies, 1 voice, and was last updated 1 month ago by Christian Harris.

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June 3, 2024 at 14:06 #179358 Reply
Harry
I’ve been day trading for over a year now. Started off with about $10k, got it to 18k, then back to 10, then down to 8.5, then back to 9.8, then real bad, and I mean real bad, 3 months where I’m now hovering at about 1.2k.

I don’t want to give up because I’ve spent so much time and effort trying to figure it out, but am I an idiot? Should I call it a day and try something else?
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- June 3, 2024 at 15:29 #179409 Reply
  John
  Harry, day trading is not a piece of cake. No matter what people say and looks like you’ve learned that now. I’ve done it off and on for years now. I want to say it gets easier but there’s no magic bullet. She’s a non stop roller coaster.
  
  Keep your head up and no shame in throwing in the towel. At the very least why not take a break and see how you feel after? Done that myself.
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  - June 4, 2024 at 13:56 #179504 Reply
    Harry
    Thanks John. I reckon I’ll have to soon if something doesn’t give.
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  - September 30, 2024 at 06:55 #191472 Reply
    John
    @Harry how are you getting on my friend? Are you still trading or has the towel officially been thrown in?
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- June 4, 2024 at 09:41 #179476 Reply
  Alessio
  I can totally relate Harry, you’re not alone!
  
  Can I ask if you keep a trading journal? I find analysis of my trading decisions the best way to identify where I’m going wrong. Helps me keep a level head and take a step back.
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  - June 4, 2024 at 13:56 #179503 Reply
    Harry
    Cheers man.
    
    I did start off doing a journal but I must admit I sacked it off after a while. What one do you use?
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  - June 4, 2024 at 14:24 #179517 Reply
    Alessio
    I use Swift Journal because they link with my MT4. It was pretty easy to set up and not that expense (I pay about $15 a month). I haven’t looked around recently to see if any cheaper mind you.
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- June 4, 2024 at 14:23 #179518 Reply
  TradeZfordayZ
  NEVER throw in the towel! Adapt! Learn!
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- June 5, 2024 at 13:44 #179659 Reply
  Del
  A story as old as time lol. Swear I think about throwing in the towel at least once a week at the mo!
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- October 2, 2024 at 16:35 #192021 Reply
  Christian Harris
  Participant
  We’ve all been there, Harry.
  
  Making mistakes is part of the learning process. The fact that you haven’t blown your account yet is a great achievement for a beginner trader.
  
  The best thing you can do is walk away for a while (days or weeks) to reassess your strategy.
  
  When you decide to come back, try trading with less risk.
  
  Have you tried swing trading without leverage so you won’t have to worry about overnight fees? A few decent trades will help rebuild your confidence.
  
  Remember. Day trading is the most difficult way to trade, and very few people succeed.
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