Number 3 - Being right doesn't mean you'll make money

Being right or wrong is not the important thing in trading. Knowing what to do if you are right or wrong and having the discipline to do it is what makes traders successful. You cannot control the market or know for sure what it will do - all you can control is what you do in the market. Prices will go wherever they want, with or without you. Many trading failures are caused by unwillingness to accept that trading decisions are wrong. The more quickly you can accept that a trading position is wrong and take the loss, the better your trading skills will become. It’s your attitude towards losses, not profits, that distinguishes the successful trader from the dreamer who hopes that things will turn back in the right direction.