Hey all, want to talk about this interesting subject of Day Trading vs Long Term Investing. Hoping some of you can share similar experiences in this.
Basically I've been short term/day trading for years now and have busted every account I've ever had. I've never managed my money properly which is clearly the cause. But in the end, I'm just not a day trader. It doesn't fit my personality well. The funny thing is in the midst of losing HUNDREDS OF THOUSANDS of dollars (I'm not exaggerating, literally hundreds of thousands of dollars) day trading/ short term trading, I'd say 80%+ of long term investments I've liked have done really well. And I haven't participated in any of them because I was too busy losing my money day trading and going broke in the process.
It's a really crushing experience to go through. Losing the amounts of money I've lost day trading is honestly soul crushing. I don't think there's a worse feeling in the world. Like I said though, during this process most of my long term investment ideas have turned out to be very very profitable. So it's really obvious what I need to do. I clearly need to give up day trading/ short term trading and stick to long term investing.
I've been saying this for a while now, yet I continuously open up Metatrader and watch FX for hours on end, resulting in me making big losing trades and busting account after account. I'm really tired of it. Part of me does wonder if I'd be successful at short term trading if only I managed my money properly, I've literally never done it once, which is totally insane.
I'm a professional poker player, but I don't consider that gambling at all. Now, if I risked all or most of my capital on one hand or one session of poker in a day, then I would definitely consider it gambling. I avoid all casino games, sports betting, anything that I can't have an edge in. There's a degenerate inside of me for sure, but overall I usually know how to control it, know what to avoid, etc. But day trading is the one area where I've failed with that. And it's literally ruined my life. It's caused me to do bad things, hurt people, ruin relationships, essentially it has ruined my life.
I don't know if any of you can understand what I'm saying here. But this is no joke. The only way I can stop is probably to just force myself to not look at a chart at all, not watch the market at all. I'm going to try to stick with long term investing from here on out. Maybe look at the market for 30 minutes-1 hour a day maximum at the daily close or whatever. If i don't stop day trading now it'll be the end of me.
There's a ton of money to be made in long term investing, and it's time I do myself a favor and stick with my strength. Hope this helps someone out there. Going to try to stay away from forexfactory as well as I think it's a bad influence on me when trying to quit short term trading. Good luck guys. If I can say one last thing it's manage your money properly, nothing is more important. Peace.
Basically I've been short term/day trading for years now and have busted every account I've ever had. I've never managed my money properly which is clearly the cause. But in the end, I'm just not a day trader. It doesn't fit my personality well. The funny thing is in the midst of losing HUNDREDS OF THOUSANDS of dollars (I'm not exaggerating, literally hundreds of thousands of dollars) day trading/ short term trading, I'd say 80%+ of long term investments I've liked have done really well. And I haven't participated in any of them because I was too busy losing my money day trading and going broke in the process.
It's a really crushing experience to go through. Losing the amounts of money I've lost day trading is honestly soul crushing. I don't think there's a worse feeling in the world. Like I said though, during this process most of my long term investment ideas have turned out to be very very profitable. So it's really obvious what I need to do. I clearly need to give up day trading/ short term trading and stick to long term investing.
I've been saying this for a while now, yet I continuously open up Metatrader and watch FX for hours on end, resulting in me making big losing trades and busting account after account. I'm really tired of it. Part of me does wonder if I'd be successful at short term trading if only I managed my money properly, I've literally never done it once, which is totally insane.
I'm a professional poker player, but I don't consider that gambling at all. Now, if I risked all or most of my capital on one hand or one session of poker in a day, then I would definitely consider it gambling. I avoid all casino games, sports betting, anything that I can't have an edge in. There's a degenerate inside of me for sure, but overall I usually know how to control it, know what to avoid, etc. But day trading is the one area where I've failed with that. And it's literally ruined my life. It's caused me to do bad things, hurt people, ruin relationships, essentially it has ruined my life.
I don't know if any of you can understand what I'm saying here. But this is no joke. The only way I can stop is probably to just force myself to not look at a chart at all, not watch the market at all. I'm going to try to stick with long term investing from here on out. Maybe look at the market for 30 minutes-1 hour a day maximum at the daily close or whatever. If i don't stop day trading now it'll be the end of me.
There's a ton of money to be made in long term investing, and it's time I do myself a favor and stick with my strength. Hope this helps someone out there. Going to try to stay away from forexfactory as well as I think it's a bad influence on me when trying to quit short term trading. Good luck guys. If I can say one last thing it's manage your money properly, nothing is more important. Peace.