Avoid getting out of the market just because you have lost patience or getting into the market because you are bored. Avoid getting in or out of the market too often. The most profitable trading tool is simply following the trend. Take advantage of every loss to improve your knowledge of market action. The most difficult task in speculation is not prediction but self control.
Successful trading is difficult and frustrating.
You are the most important element in the success equation. The basic substance of price change is human emotion. Panic, fear, greed, insecurity, anxiety, stress, and uncertainty are the primary sources of short term price change. Avoid allowing a big winning trade to turn into a loser. Successful trading requires four things.