Striving for Perfection

You will never be a perfect trader. However, as traders we have a strong need to want complete control over the outcome of a trade. We want to believe that if we analyze the markets long enough, we'll have perfect knowledge and we can trade to perfection. But such desire leads to wrong assumptions that can do us more harm than good. Assuming we must have control restricts our actions and reactions, and the result can be unnecessary stress. When we reach a point of extreme stress, we have a strong desire to avoid dealing with problems, rather than facing them head on. We are human and subject to human failings. We are unable to be completely competent. We are unable to achieve everything we want to do. Think about it. If you could achieve every goal in life or even in trading, what would be left to strive for? The spice of life would be gone. If you could ever achieve perfection, what would you for excitement?

Thinking you have to be perfect produces fear and anxiety, which for traders often produces hesitation and self-doubt. Hesitation and self-doubt are the exact opposite of the character virtues you need to become a successful trader.