The lack of a proper trading plan which includes precise rules for entering and exiting a trade will most certainly guarantee failure over the long term. Beginners usually suffer from the same common ailments. They abandon trading plans purely on impulse because things are not going exactly as how they had envisioned. Repeatedly they use unreliable methods that fail to produce a profit. Many traders hold on to losing positions telling themselves it is going to turn when every indicator says otherwise because they cannot bear the thought of a loss.
Why do they torture themselves? Why dont they just identify whats going wrong and make a change? For some people recognizing that a trade or even a trading method is not working and making a change is easy, but for others its very difficult. They have to look at their limitations admit that they have made a mistake and thats hard because it hurts our ego. Psychologically its risky, its often easier to fool ourselves. Just keep going, living in a state of denial until your account is depleted. If you recognize any of these traits in yourself you must stop trading immediately.
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