A few quick caveats:
- There is no place for denial in successful investing.
- Don’t blame your losses on bad luck or outside manipulators. Accept the responsibility yourself.
- Don’t be dependent upon trading for all your fulfillment and happiness.
- Focus on opportunities, not on regrets.
- Proper risk control and discipline is non-negotiable for every trade everyday.
- Revenge trading – trying to make back a loss – carries with it far too much emotion and is always costly.
- Poor money management skills are the number one reason that novice traders wash out.
- Learn to recognize your impulsive state of mind and take action to stop it.
Even the best traders in the world book small losses on a regular basis. If you manage your emotions with consistency and if you strive for a disciplined trading mindset, then you should have no problem surviving a string of bad trades and showing profits at the end of the year.