MY 7 COMMON WEAKNESSES AS A TRADER... LATEST...

1. I always have this feeling that if I don't take the trade now, I would probably be left behind by the market. Most of the time, these results in taking bad trade rather than good one.

2. I always have this feeling that the market would behave accordingly to my expectation... but most of the time, it doesn't.

3. I do love to take 'stupid trades' (i.e. I don't want to use the "g" word) once in a while, playing along with my profits gained during early weeks. You see, when I follow my system & rules, I do make money 80% of the time. Consequently when discipline is taken for granted, "shit happens" and I gave back my profit to the market at the end of the week. Reason being : Playing around = Not serious = Punished by the market = The market isn't my friend = Hazardous = Don't play around.

4. I do not time my entry accordingly to 15 minutes, or 1 hour intervals as planned. At times, I do love to speculate the news as well. Though bad for trading, the reward is awesome if I get it right. Still this is a bad habit to retain as a trader. Need to unlearn this immediately.

5. I do ride my losses once in a while. When you are stucked somewhere in between -10 to -50 pips, it is not easy to make decision whether to stay or pull out... Why? When you pull out, the market come back, when you stay, it goes even deeper into the red zones. So what to do? Can someone tell?

6. Mostly, I trade what I see. When market swing against my original plan, the tendency to change my plan is high. At times, I get it right. Most of the time, it's better to stick with the original plan.

7. Sometimes, I am simply unfit to trade but due to "love of the game" spirit within me, I still force myself to have at least one position in a day, though the setup is hardly good or trad-able.

You see, the summary to these weaknesses are all about self-control, and it takes lifetime to correct them if we fail to identify them accordingly.

To me, these are my most common weaknesses that I am still working on to unlearn. We humans can never run away from weaknesses but it is our job to identify them and rectify them one by one. Otherwise, I would never reach the top 3% that I always dream of, making tons of money with unconscious competency within me...

What about you? Are they the same or is it just my problems?