One very important lesson I learned after years of trading!
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Are you one of those traders that is trading for more than 5 years or more and yet you are still struggling to have the one good and solid strategy that provide you consistent profits? then you need to hear this. You test all available strategy you found in the net, test those EA's, subscribes to different signals you found online yet you still end up in the losing end. I believe that the best way to be consistently profitable in this market is to trade on your own, meaning you need to create your own strategy in such way you are in control of everything in your trading. But most traders give up this path because they tried it already so many times and they repeatedly fail, that is why majority of traders end up using overpriced and under performed EA's or subscribe to signals using high risk approaches. You read almost all trading ebooks and watch every trading video you found online yet nothing seems to work, well I was in this position also for so many years just until recently I realize that the reason I failed so many times in my trading is because I did not learn to accept losing trades subconsciously, I may say it but deep down in my sub conscious mind I hate to end up losing in any of my trades, and so I end losing more instead of minimizing my losses, in reality I have the tendency to hold to a losing trade in hope that it will recover soon, but most of the time that is not the case and so I end up having more losses and even bigger losses.
I believe that if a trader really want to succeed in this market on his own he need to start changing his mindset,most traders knows these but never really practice it,why? because almost every traders hates losing trades, so by avoiding it they only end up in a bigger loses, so my fellow traders if you really want to succeed in this market and protect your hard earned money, be logical in your trading decisions and most of all, learn and practice cutting your losses small in your trading and mean it and believe me your trading will improve, trading profitability is also about the skill of controlling risk and losses. But of course cutting your losses short is only the start, good strategy and the psychological aspect will complete the whole picture. If you have a bad strategy and keep making mental errors every now and then cutting losses wont help either but at least it prolong your account in getting wiped out too soon but at least you are in the right perspective.
Everything that I discussed above is in a general level, still it is up to the trader how he interpret it and what trading style and strategy he would like to adapt.
Good luck to all!