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Message: <blockquote data-quote="N sriyantha" data-source="post: 20338535" data-attributes="member: 17937">Controlling one's emotions in trading is the biggest factor why new traders fail.1. set stops & limits based on your analysis of the trade, and walk away. NEVER adjust your stops & limits once you have initially set it. It is either you are right or your wrong, there is nothing in between. Bad habits leads to more bad habits and the snowball gets bigger and bigger. Time to start with good habits as it would lead to other good habits.2. Acceptance that you "WILL HAVE LOSING TRADES". Most new traders cannot accept this truth, which is another reason why they FAIL. This leads to revenge trader & over-trading. This is also why new traders focus almost all their time looking for the "Holy Grail" strategy, which clearly doesn't exist... They swap strategy between strategy once it produces a series of losers for them. I guarantee at least 90% of newer traders will abandon an system if it yields 10 losing trades in an row. 3. Setting "Daily Goals" is for sales people, not for trading. You don't know what will happen today, tomorrow, or the day after. Thinking you will for example, gain 1% everyday is unrealistic. You will have losing days, flat days, big up days. Your system and market conditions dictates that. Under-performing their daily goals leads to over-trading and over leveraging. One bad habit leading to another.</blockquote>

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