Kardec Trader breaks down why most traders fail: they lack a real edge. Back-test and forward-test a system with minimal capital first, then scale up. Psychology matters, but only after you have a strategy that actually works.
Having an edge and mastering your emotions is what will make you a successful trader. But the problem with traders is that they jump into emotions without ever having a proper edge Depending on where you are in your trading career number one make sure that you have a proper system that is back tested, that is proven and then that is forward tested with very minimal capital. And I say very minimal capital because if you do it minimal capital you won't be really mentally invested to allow your emotions to overtake but if you do with small capital it's easy to just gauge that strategy working or not and then once you scale up now you're like okay well now I know I'm going to have to deal with the emotion part. Don't get trapped into the same trap that I was in where we just keep blaming trading psychology, trading psychology, emotions, emotions, emotions and once again that's a fair statement. Only when you have developed an edge.
