Have you ever wondered why?
Most traders will tell you it was the system or method they were using. They'll also tell you they had a few bad trades they couldn't recover from. Or their dog chewed through the telephone cord just as their computer crashed, and they couldn't get out of a losing trade.
Everyone has a different reason, but when you hear enough of them, a pattern begins to develop. I believe most traders fail because they sabotage themselves.
The markets work differently from other investing opportunities. There is probably more freedom in the trading business than any other industry in the world.
You can do what you want, whenever you want to do it. You can trade 1 contract or 100. Buy the market or sell it; it's up to you. The only thing that holds you back is running out of capital.
Most people are not accustomed to that much freedom.
If you can’t control the market, the only thing you can control is yourself.
Trading is also very different than the things we do on a daily basis. In everyday life we exercise some control over our environment. If a room is too dark we turn the light on. If we want to go somewhere, we jump in the car and turn the key.
Embrace the uncertainty – plan for the best and worst cases
Remember: if you can't control the market, the only thing you can control is yourself.