Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both.

When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything.

Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets.

Many traders ride an emotional roller coaster and miss the essential element of winning: the management of their emotions.

To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.

Remember, your goal is to trade well, not to trade often.

Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it.