The truth of trading is “TRADING IS A LOSING GAME AND THE BEST LOSER IS THE BIG WINNER!” (Phantom, 1997)
Phantom’s quote encapsulates what is required to succeed. Most traders are bad losers. They hate taking losses, moving stops and looking for any excuse to keep a trade alive, finding all sorts of reasons to rationalize their actions. While they have money left in their accounts, poor traders will ignore a losing position until it become so large they can no longer ignore it and are forced to stop themselves out of a catastrophic loss. They hate to acknowledge they are wrong. Most people are only bad traders because they are bad losers.
Learn to take losses as an integral part of trading and you will have taken your first concrete step towards success. Successful long term trading will require you to be a good loser.