What separates successful traders from unsuccessful traders?
Two people can use the exact same strategy, one can lose $10m and the other make $10m, why? Control over your emotions and executing your plan sound so simple, but yet 95% of people are unable to do it consistently over time.
What do you do when you take 10 trades in a row and every single one loses? What do you do when you have a trade move against you and your emotions are saying to SELL, CUT THE LOSS, but your plan says to stay in the trade…what voice is going to win?? The common sense plan you created or your emotions?
That is why most traders are unsuccessful…they lose control of their emotions. Having emotions is totally normal, totally human. Traders get into trouble when they “outsource” their decision making to their emotions. When they let fear or greed make their decisions (vs following their common sense plan).
Emotions are like waves, you can’t pick which ones come in, but you get to choose which ones to surf.