Most traders are not undone by their method or system, but rather they are undermined by an internal struggle. Problems arise when the adrenaline starts pumping and emotions come into play; this is the time when bad decisions are made. Pride, Fear, Greed, and Hope are the most dangerous internal indicators to overcome.
Pride screams, “Don’t stop your loss! Prove you are right! It will come back, just wait.”
Fear advises, “Go ahead and take your profit quickly! We can’t let our winners run. Let’s take the small profit now, because the profit could reverse and we will end up with a loss.”
Greed assures, “This trade can’t miss! I am sure it will be a huge winner. Bet your whole account! We will be rich!”
Hope whispers, “I am not sure what a good entry is here, so I am just going to buy this stock and hope for the best.”
As a Trader , if you cannot manage the above EMOTIONS , you can never manage your Money.