Wait...most? Pretty sure one or more of those three is the reason everyone fails at everything. But I think number 3 is the only one that's not able to be fixed by trying harder.
Psychology is the "culprit" due to the fact that psychology is the study of the human mind. So, ultimately, we make poor and inconsistent decisions against logic regarding trades, stocks, ect. Psychology is there set it place to make sense of why our brain(mind) did the good, and bad and the ugly. Regardless, until we can tell the future(which I hope we never can because it will eliminate trading altogether), we will continue to drive ourselves to make poor decisions while pursuing the ultimate goal of obtaining more of whatever it is we want.
If I go into a live market without a clear cut plan in advance I will behave like I am in a casino - having a few big winners, and a lot of losers making me net negative over the long run. I will selectively boast about my winners and supress the losers - thinking I am doing well - until I go bust. It will make me feel crazy invoking a lot of emotions. All the meditation, therapies, mentors, positive visualizations, bio-metrics, spa time, drugs, etc will not ever make that type of trading turn into a sustainable source of income. Making trading a business by having a detailed plan with a strong risk mgmt strategy and a detailed schedule of the trading processes evolved me from the casino mentality. A compulsive gambler, or a trader in casino mode has a psychology problem which can be resolved - but not from changing their psychology.
I couldn't imagine anyone trading WITHOUT a clear cut plan in advance...I'm sure some exist. Are you sure you would have a "few big winners" without such a plan? Even that would be difficult...in my opinion.
I need to print his words and paste them on my monitor. CMag knows whats up. I suspect he's one of the best players here.
It's a well known fact that very novice traders have a written trading plan. Every published study of day traders shows they make the same types of mistakes as the causal trader/investor does and the vast majority lacked having any sort of trading plan let alone understand risk mgmt, expectancy, risk mgmt, the road to ruin, etc. Most make a plan after having blown up at least once or more. Of course you can make some big gains when just shooting from the hip, I sure have. I don't know why you find that hard to believe. I have known many non-traders that have made some big gains in a short time frame - the hard part is keeping it.
ET is lucky to have you here. For real. This ain't no ass kissin. This is what it is. Gotta put politics aside and see the forest thru the trees. This dude has been there and done that. I'll shut up now. And only listen.