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There is a fifty-fifty chance that betting all your money on every single coin flip would ruin you with your first trade. Even if you are a lucky enough to win ten flips in a row, the 11 th flip would likely ruin you. If you tried the same strategy, you would fail. If you get lucky and win the flip, you would face the same odds again.

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Possibly the single most important aspect of trading is your own psychology. No matter how great your system is, how excellent your banker is, and how much work you put into trading, you will not succeed if you do not have a strong understanding of yourself, your emotions, and your motivations. This can be one of the biggest challenges of trading, but it can also be one of the most rewarding—financially and in general. You can be the weakest or strongest link in the trading chain of success. To do well trading, you have to be consistent, and that means you have to develop self discipline.

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