One of the biggest, if not the biggest obstacle, for new traders is psychology. It can make or break your trading and you can only work on improving it through trading, trading and trading in a real account. Improving your trading psychology should at least be given the same consideration and effort as you put into creating your trading strategy.
Keeping a journal may be a great tool for you in order to write down and monitor your progress. Those who ignore the hard work required into making improvements to their psychology are missing out on the biggest factor which will influence your trading results.
Psychology or state of mind is one of my three laws of successful trading. The other two are strategies and money management.
While strategies and money management are crucial to successful trading, state of mind contributes to more than half of your trading success. This is because I think strategies and money management can be taught and are easy to follow. However, human thoughts and emotions are difficult to control. You are the only master of your mind.
In my two years of trading, I’ve learned that I just need a trading plan and keep a journal. It pays off so far.