Yes! How do people quit penny stock trading?
Are you shocked by this question? I know you might be, but penny stock trading is not for everyone. It is time that you take action if you are not making profits.
I bet you’ve been reading from every website on the internet about how to trade penny stocks, but never once found a post on how to quit trading penny stocks.
Have you ever found a post that talks about quitting trading? Or should I ask have you ever looked up such a topic? Well, this one should do it for you if you are looking to quit.
You will find many websites teaching you how to introduce yourself to the trading market, which is good because you need lots of information and knowledge in order to succeed at trading penny stocks.
Occasionally, many traders just like you are looking for help to quit trading because it’s destroying them. Unfortunately, there are not enough information on the webs to help them with that.
Many day traders are having hard times most of the times, they are constantly losing. Nonetheless, they never try to accept the fact that this venture is not suited for them.
If you don’t educate yourself about this market, chances are you’re going to waste your money. Unfortunately, some people follow every instruction they can find, but yet they are still unable to convert their strategies into success.
That should tell them they have to move on and try something else because trading is clearly not for them. If you’re in this same situation, I’m going to give you a list of how you can manage to stop trading penny stocks, which would stop you from losing your hard earned money.
First thing first, close the account
This is the most helpful element to help you stop trading. Without an account you can’t trade, this should be a very important factor to your quest.
You have to remove your money from your account and close this trading account. Day trading could be addictive; you may have the desire to quit but the addictive effect won’t let you.
By closing the account you are less likely to reopen another one because you will have time to think about it. It’s not for no reason that many states in the US requires at least 3 days waiting before someone can receive a guy that he bought.
If this person was going to commit suicide or a homicide, he has plenty of time to think about the action and the consequences. This wait also decreases the high temper which inhibits this person’s plan.
This is almost the same way for someone who terminates his or her account. If you close your account you simply won’t be able to take action when you feel the urge to trade.
But if you don’t close it, when the pressure comes and you feel that you have to trade, then it won’t be too difficult for your to make a deposit and start trading again.
Stop following the stock market
It will get very tempting to still follow the stock market, especially if you have been trading for a long period of time. But in order to successfully quit you’ve got to stop reading the stock market news. Stop watching the market television shows.
Find a hobby that could keep you entertained, occupy your mind with this hobby. Try doing something new; for example, learn to play an instrument. This is just an example from the top of my head, it does not have to be that specific activity, but it could be an option if you do like music.
Avoid talking about stocks with your friends
This is just straight up common sense, you want to stop trading stock then you have to stop talking about it. I know when you’re a trader, most of your friends are usually traders as well.
That makes it difficult for you to interact with them without mentioning a day of trade. You can tell them what you don’t want to talk about, I guarantee you they will listen to you.
If they are really your friends, they would want to see you happy, they would want to see the best for you. Not mentioning stocks should not be a problem for them.
Read more about how to quit trading
I congratulate you for reading this post! It means that you’re doing your best to quit by researching the web. Don’t stop here, I don’t know if you will find many other posts on this topic but you should be able to find some other good quality ones, although it will be a small number of them.
Keep searching for more posts similar to this one. Pick the advises that can best suit you and start implementing them in your life.
Ask questions in stock communities; This forum has some people who are sharing their input on how to stop trading stock. It looks like the topic has been been updated, but you can always re-ask the question again and see what you will get in response.
Find an alternate way of investing
Your first thought of trading was to invest your money, to grow your money. However, you’ve learned from the hard way that this venture is not for you.
There are many other ways through which you can invest your money. Choosing an alternate will make you forget about penny stocks trading. Followed is a list of three alternative ways of investing.
- CD Account: This requires you to have a lot of money in order to see the profits in my opinion. How does it work? You register with a bank of your choice, but all banks have different rates which is good. You make profits on your deposit every year, some will give you %1 on your deposit, while others may give you even less than that.
- Open a small online business: The US Government gives a list of 10 steps one can use to start a small business. You may think this could be the hardest way to make money; however though, in reality it’s not. There are many online businesses that are making millions today that were built just as experiments. You just have to take the chance and find out yourself.
- Sell products on eBay, amazon, overstock, and much more: All those websites are well recognized, that makes them very easy to start selling products. From them, people are guaranteed they will receive what they have paid for.
Where to buy products to resell?
Many businesses that you are seeing around obtain their products from another country. From my knowledge China is the country the most engaged with USA businesses.
If you look that up you should be able to find many manufacturers in China that are ready to export their goods to you. I will write about some of them in another post, keep an eye on that.
But like any other online businesses, especially out of country companies, you have to be careful with whom you do business with.
Never pay for products until you communicate with the seller first. Many of those sellers are just working for the company, they are selling their own goods through the company’s website just like eBay or Amazon.
Ask for samples before you buy depend on the product you want to sell. You don’t want to buy one lot of a product and then find out it was not what you were expected. By seeing a sample you can actually make your decision with less difficulty.
Always pay with Paypal, it’s the best way to send money to companies that you don’t feel comfortable with. With Paypal you can open a claim to get your money back in case you don’t receive the product.
Penny stock trading is very efficient when it comes to making lots of money in very short period of time. Nonetheless, It can get your money as fast as you can blink your eyes.
If penny stock trading is not working for you it’s best that to stop trading as soon as you can because you may lose more in the long run.
You may be one of the traders who still believe that you can win your money back after constantly losing. But some times the best action is to quit.
From this post, you read about some alternative ways to make money, there are plenty more similar to them. You can still lose money from them because almost every business started by losing before they can see any profit.
But, there’s more guarantee in them of making your money back plus more.
Let us know about your trading experience in the comment section.
Have you been losing regularly?
How long have you been trading?
Are you quitting?
Also don’t forget to share this post with your friends if it was helpful to you.