The most successful traders I know always follow these 4 reflective steps, maybe not in the exact manner I've laid it out but they are perpetually reflecting on how these 4 factors are affecting their profitability. I promise you when you do too, your trading will largely improve.
MARKET
I see a lot of people that come to me for help, struggle with the first step, they trade a market that does not fit their method of trading. So this basically means they will be scalpers but the market they are trading's volatility does not match their trading style, this causes them to not catch fast or big enough moves and in turn they get frustrated and start throwing risk management out of the window just to make a buck.
METHOD
Another common mistake people make is not backtesting their strategy in the market they applying it to, they picked it up from their mentor, assumed it must work because it is making money for the mentor, not realizing that the method they were taught may not work as well in the market they are currently trading. It is therefore important to assess the feasibility of that method regularly, more especially when your profitability is starting to drop.
MONEY
I found that many of the unprofitable traders just don't have the correct account size for the method or market they are trading. You'll find a 100$ account trader on high-pip value market using standard or half-standard lots, you will not survive. Capital preservation over profit. No equity, no trade. In most cases accounts aren't blowed out because of a strategy that's not working, it blows before the strategy can even prove it's profitability because people neglect risk management. PRESERVE YOUR CAPITAL.
MYSELF
I never believed it, never even took it serious until I applied it. Meditate, workout, recite your trading principles and/ goals before every trading session, get yourself in the correct state of mind so that when you do look at the market, you look at it for what is, not because you lost 1000$ last week and need to make 2000$ this week. Get rid of all that junk and avoid inner-conflict and your trading will largely improve.
FROM ME TO YOU.
I wish you all the success you deserve.
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