"The speculator's deadly enemies are: Ignorance, Greed, Fear and Hope." -- Reminiscences of a Stock Operator I'd also add 'ego' to that list. I've always found it interesting that hope is in the equation.. usually it has positive connotations but in this case it is quite negative and can be even destructive. Interesting article that addresses the 'hope' aspect: http://www.fibtimer.com/subscribers_historical_reports/060521_fibtimer_commentary.asp From the article: "When we take a position in the market, whether bullish or bearish, we hope it will be successful. Hope can be such a powerful emotion, that when the same trading plan that told us to enter a position originally, reverses and tells us to exit immediately, our emotions may very well focus on the possibility that if we just hold on a bit longer, any loss may be erased." More in article.