Trader Psychology

Trading requires that you keep a cool head. The best traders succeed because they are able to control their emotions and because they think before they act. Greed, impatience and the lack of emotional control will inevitably lead a trader to lose.

Discipline: Set up a trading strategy before you trade, and set some goals in order to not make hasty decisions. Follow the signals that your plan, and use them even when you're losing. If your system has proven itself effective in demo mode, then you should trust it.  

Humbleness: When you're confronted with the markets, you have to accept the trends you see and the fact that you won't always be right. Look back on your mistakes with an analytical eye.

Keeping cool: You must always keep a cool head keep trading separate from the rest of your life. You have to evacuate any pressure you may feel and stay objective regarding the markets. Don't let trading take over your private life, don't be a victim of your ego. Sooner or later you'll have to close off a losing position; don't try to get your revenge on the market by immediately opening up another position.