'The speculator's deadly enemies are: Ignorance, Greed, Fear and Hope.' Reminiscences of a Stock Operator by Edwin Lefevre. Hope is basically an ego defense - we don-t want to admit that we are wrong on a trade. The ego wants to uphold an ideal version of self that allows for only successes and not failures. Many traders lose millions of dollars trying to protect the ego's version of reality. Your goal should be to trade without ego, without personal judgment of your self worth. In order to make money trading, your goal is to keep losses small while letting winners run. Make an assessment of your trades each day, and when you start to feel hope coming on, make a resolve to exit these situations and eradicate hope from your trading behaviors.