Why Traders Fail

My thoughts on why traders fail, and each of the stumbling blocks that people find themselves against.

Cheers!

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I'd like to update this by saying that Tier 3: Sizing should also encompass the process of building a trading plan. I thought it was implied but I wanted to make it very clear. Individual trade discipline is not what Tier 4 is about -- after passing tier 3 you will likely have realized that you need a trading plan to direct executions, money management, sizing, etc. Write out a plan. Trading meme stocks and not having the discipline to "not chase" is too vague, for example, and it doesn't have any built in feedback mechanisms to help you understand where you went wrong. I strongly suggest writing out a trading plan before trading. That way you will at least know where you are stumbling.