97% of traders fail because they won't cut losses and lack discipline around stop-losses. Successful traders treat each loss as a reset, practice mindfulness, and use Ray Dalio's technique of stepping outside yourself to observe your actions objectively.
97% of the traders, they blow up their accounts. Why? Because we're humans. We are not built to be traders. And that's why so many people lose. Some people are on the normal distribution, on that tail, that they are being so good. Most of the successful traders, they have something in common. They are very good risk managers. They know when the stop loss comes, that's it. Tomorrow's another day. And that's very sensible because you need your body to clean. So I do practice mindfulness. I like Ray Dalio when he says, I like to think myself outside my body and look what I'm doing. Yeah.
