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 Mental health and trading: should I pack it in?Hello, im 18 years old, and have put too much time into forex trading in the past 4 years. My conservative estimate is 5000 hours. However I have been through mental hell during this, i've had panic attacks ,and in general just immense stress. Only now do I realise what this has done. I'm now seeing a therapist with depression and anxiety disorders. To be fair, anxiety developed through other reasons...and the depression as the result of the anxiety. Trading was always a means of 'escaping' the hell I was in; so long as I mastered forex I could make money and i'd be 'safe' from the anxiety. I suffer from a chronic lack of confidence and a disgusting lust for recognition. That's all I really want from trading anyway- recognition from others. I feel every time I go near trading, no matter how much I tell myself 'you can still part-time trade alongside a job' , It keeps bringing up these emotions of wanting recognition, which isn't healthy for me in my current state of mind. Worse still, i'ev actually developed a great approach; I profit in any market condition (trust me , I've no reason to lie here ). As a result I feel giving trading up would be such a huge waste of time. What should I do? I'm not sure whether continuing trading is good for my mental health, but giving it all up wouldn't be either.....  |
#2  Jun 12, 2012 1:28am | ||||
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1. What is your leverage like? 2. Do you sit watching your trades? (maybe try set and forget) 3. Confidence comes from understanding, really understanding how the market works, fear of the unknown is a natural response. Set and forget worked wonders for me, I still get funny if I'm watching trades and do silly things that aren't to my plan. |
#3 Jun 12, 2012 1:42am | |||
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#4 Jun 12, 2012 2:00am | ||||
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What's stopping you chilling on the sidelines until you get your mind right? Switch off for a while. You don't have to Stay or Chuck it. Find the middle ground. |
#5 Jun 12, 2012 3:55am | ||||
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Sign for gym to gain some muscle and for martial sports - for example Thai Boxing, box, kickboxing, something with sparrings - it will really help you to gain confidence on every field, and maybe it will be your hobby, besides in places like that you meet many different people from different background. and trust me, nobody will want to hurt you delibertly there. just try not to be "too friendly" as it will annoy people. Imagine yourself as a guy ex 180 cm 85kg with low fat, with good self defence skills - would you be still anxious? maybe, but not like you are now also what you eat has influence on your mind besides try taking Kaizen's L-Tyrosine, it is aminoacid that may (or may not but worth to try) help you, description here: http://www26.netrition.com/kaizen_tyrosine_page.html as about trading try trading with small amounts on live account. Start from 25$ and see what will happen. Maybe try to read M. Douglas "Trading in the Zone" |
#6 Jun 12, 2012 6:41am | ||||
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Isn't this a crazy world. All about the money. I wanted to find some background information on Myleene Klass and one of the first things about her in Wikipedia is, her net worth was estimated at £11 million in April 2012. Ridiculous. Just I'm not laughing. I think you need to put money in the proper place in your young life. It won't make your fears go, you can't eat it, and it's not even gonna love you, ever. Ask someone wealthy, has money made them happy. What's the word I'm looking for... Herbalife? Noo, get-a-life. Find a job. Can be volunteering or charity. An idle mind is the devil's workshop. Go out, find a girl, spend some time with friends, people who will make you happy. Then, when you fought all those demons, you life is in balance, you can come back to trading. The markets will be there. Quote:
__________________ Just put one foot in front of the other ~ the battles are inside your mind |
#7 Jun 12, 2012 7:55am | |||
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Listen to these people. Enjoy your life as a teenager. You don't have to give up trading. But you do need to get something else other than trading. You have another 60 or so years to live. Find something worth living for. When you think you have your demons fought off, visit the markets again. It will still be here. If you don't want to come back, it is also a fine decision. There is more to life than trading. __________________ The market often rewards people for doing the wrong things. One day you will wake up a fool. You better hope it happens sooner than later. |
#8 Jun 12, 2012 8:05am | |||
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Anxiety can be terrible debilitating, and once it takes grip, it's very hard to shake. If your're currently suffering, I cannot recommend the books of Dr Claire Weekes highly enough. Get it caught and cured early - these books, by a world renowned expert, will show you how. http://www.amazon.co.uk/Essential-He...ref=pd_sim_b_1 |
#9 Jun 12, 2012 9:51am | |||
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 BreatheHey TGpop Trading is as much, if not more, about the psychology than the method or the money. Maybe you should look to yourself for recognition when you profit and (if you stick to your plan) lose. Use your account balance as your measure of trading recognition, then it is a bit easier to recognise yourself. Set yourself some cash targets and when you reach them, reward yourself by doing something fun that is not trading. Most people who don't trade don't understand what it is to trade, so would never recognise your journey and achievements anyway. Me today, 3% drawdown. Does not feel good, but I know my plan was OK, my timing was out. I have been a trader for 25 years, have had some great times with it, and some horror stories too. I am also a therapist, so understand the emotional roller coaster that trading can sometimes be. Maybe you need to find a trading coach or mentor, in support of your therapy and trading journey. Wish you the best. |
#10 Jun 12, 2012 12:00pm | ||||
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There are different opinions but almost 95% of trader are losing money. What does it mean? There is one very important conclusion. Be a trader is very hard job. You are very young person. There is a lot of another jobs where you can make money and for sure is much easier than FOREX!. __________________ This is Forex ... |
#11 Jun 12, 2012 12:51pm | ||||
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As I said, IF you really have a longterm profitable method, AND you have the luxury to actually trade full time, there is no way I would walk away from that, but those are big IFs. |
#12 Jun 12, 2012 1:19pm | |||
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#13 Jun 12, 2012 3:20pm | ||||
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 Hi TGpop, Sounds familiar.. Believe me, you're not the only one who's into that state. As for myself, being 23y/o, the past 5 years I've spend about the same amount of hours as you do. And unfortunately, not very successful. I've also been hungry for recognition, and i wanted people to look up to me. That however, i learned to get over it. By now, trading (or, learning to trade), is not about what other people think about me. Actually, i couldn't care less. It takes time, but u have to realize that you don't need the opinion of others. You really don't need other people to look up to you. What you do need, is realizing that you are great in whatever you do. Don't let yourself down because of what other people think of you. There words/thought might hurt, but they can never kill you, or stop you from trying to reach a better life from yourself. I know damn well what it's like to be in these markets as a young person. People always try to tell me that it's stupid. That it's not possible, that i should do this or should be doing that. Well, you know what? It's not up to them, it's up to me. Or in this case, up to you! Really, your whole post is a reflection of what I've went through, or still going through at some times. As you might see in this message, English is not my own language. But i hope you get what i'm trying to say. For some reason i cannot yet send PM's but if you like, i'd like to get in touch. Since we're both in the same thing. Good luck, And take care. P.s. Once more, you don't have to prove yourself. You just need to be yourself. |
#14 Jun 12, 2012 3:41pm | |||
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I'm taking a 6 month-1 year break. However I will take an hour at the end of every month just to 'refresh' my ideas into my head. I'm undergoing CBT therapy and it's helping my anxiety, but I mustn't do anything to jeopordise my progress. The aim is to create a balanced lifestyle; lot letting a single thing ( like trading) define me. My plan for the next year ( and for the rest of my life) is: 1) Join toastmasters and eliminate fear, and do well, in public speaking.I've already booked my first appointment as a guest. 2) Get into dancing- street dance, popping,locking, something fun - I love dancing 3) Lose the 'obsession' with trading- I mean putting it second to other things in life. 4) Just to develop more relationships with people. 5) Go travel/volunteer a bit abroad (I always turned this down because I'd miss the trades due to timezone differences) So long as I get a balance now, and just check the markets once a month ( there's only 4-5 setups a month anyway, but no trades) I want to return to trading when I get out of my rut, and get a balance in life. Career-wise , I can go into a job I like, and trade part time; I can simply earn a really good side-income from forex trading. |
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