In my experience there are three components of trading that have to be managed correctly for the trader to be successful. There is risk management, system management, and mental management.
I believe that the majority of traders that do not succeed fail not because of their system or risk management but because of their own mind. There are countless profitable systems out there and risk management should just be math, so it comes down to discipline, self control, and perseverance to eventually make it as a trader, yet so many fail.
A trader can be mentally ruined by stress, ego, arrogance, stubbornness, fear, greed, and emotional instability. These factors cause the bad decisions that inflict so much emotional and mental pain that it leads to just giving up.
I believe that the majority of traders that do not succeed fail not because of their system or risk management but because of their own mind. There are countless profitable systems out there and risk management should just be math, so it comes down to discipline, self control, and perseverance to eventually make it as a trader, yet so many fail.
A trader can be mentally ruined by stress, ego, arrogance, stubbornness, fear, greed, and emotional instability. These factors cause the bad decisions that inflict so much emotional and mental pain that it leads to just giving up.