You have to recognize there is a flaws serve you well in life and in trading you simply need to understand that they are present and devise methods for incorporating them into your trading plan so they have a positive effect.
Here they are!!
1. Afraid of Failure
This is presetn in almost every traders life.Counter - read trading plan and mission statement before every trading session.
2. Lack of Discipline
I still find myself occasionally chasing trades.Counter - I maintain a detailed trading journal that reminds me of how effective I am when deciplined.
3. ImpulsiveMy arch enemy!
Counter - I find I am more impulsive when tired. If I do not have enough rest I do not trade.
4. CompetetiveThe old athlete in me.
In the past I have joined the herd.Counter - I trade live in a focus environment with CNBC off and ensure that I make all decisions based on my trading plan and what the market is willing to allow me to take.
5. GreedIt cannot be a true list without fear AND greed.
Counter - Ironically, I employ discipline to maintain a rigid pip goal in my compounding account. Another trait that usually raises it's ugly head when I did not get enough rest.Kowing what these negative trading traits are and when they are triggered will allow you too to manage your mind-set and turn these into positive currency trades!