Ego

Ego is one of the most destructive forces within a trader’s mindset when trading. One’s ego manifests itself in a way that everyone else is wrong and, given enough time, they will realize it. Egos will also lead traders to believe that events in the market that offer a negative response, whether in a wider than accepted loss or uncontrollable trade, are someone else’s fault. The lack of accountability by a trader because of their inflated egos eventually gets the better of them. The market will always find a way to crush someone’s ego either by  huge loss or by a string of losses when traders fail to admit they are wrong and take accountability for being wrong by cutting losses immediately.