I took an undisciplined trade the other day and proceeded to lose. It reinforced for me - one of the fundamental truths about why so many participants lose money when they trade. I once mentioned it on another thread but now I am convinced the markets are much much tougher than random for discretionary trades. Before I give my answer which I guarantee is one of the top answers anyone will ever read...I open up the forum. Answers must be concise and no one should post more than one answer. To give you a glimpse of what I will explain - I will let you know that it is tied in to this... my 2nd reason ( no one else may post two reasons) ... bad expectancy which usually means taking small winners and taking large losses.