I have reflected on this for a long time but I think it became crystal clear to me as I was driving today: Whenever I have failed as a trader the root cause has been my human desire to deny unpleasant realities. For example: I enter a trade because I expect the market to do a certain thing. When the market fails to do what I expect the denial begins. I will say to myself "My timing was off but the market should still go up (or down). There is no sense in losing money for no reason, just because of bad timing, I should wait it out." Or I might say "I have already lost so much, It can't get any worse, I might as well hold" The list of excuses and denials goes on and on. Now if on the other hand I was filled with the desire to quickly dispose of positions that do not perform as expected I would be much further along right now. So my task to to try to reverse my psychology as best I can. I know that this applies to many other traders as well.