If you do not have a proper trading plan that includes exact rules for entering and exiting a trade will most certainly guarantee failure in the long term. A lot of beginners usually suffer from the same common mistakes. They give up their trading plans purely on impulse because things are not going exactly as how they had imagined. Again and again they use unreliable methods which fail to create a profit. A lot of traders hold on to losing positions by telling themselves "the market price will change" because they can not suffer the thought of a losing position.
Why do they torture themselves? Why do not just identify what is going wrong and make a change? For some traders recognizing that a trade or a trading system is not working and making a change is easy but for others it can be very difficult. They have to look at their limitations admit that they have made a fault and that is hard because it hurts your ego. Psychologically it is risky because it is often easier to cheat ourselves.
You should always take a look at what has been happening, then try and identify the problem. When you look close enough you can see a pattern. So it is important to record every trade and get as much information about it as possible. You should break out of old patterns and see things in a new light.
You should have in mind that you will never be a successful trader when you continue to live in a state of denial. What can be done to return to reality? First of all you shoukd be sure that you are not trading under stress. If stressed out you will not see clearly, become rigid and unable to see alternative views. One of the easiest solutions is that you trade smaller. The smaller the trade the less the stress for you, especially when you are a beginner. When you are experienced and in a streak of bad luck you should reduce your contracts until your confidence returns. Some traders need to take a break as a whole. So you should get away from it all and take your mind off the trading.
The second thing you can do is to make sure that you have a real life. Trading can be addictive especially if you are winning. You should not put all your emotional eggs in the trading basket. You need to have other roles which give your life meaning and purpose. By defining your identity in a variety of ways, you will not place un-natural importance on trading events. Besides you will be able to accept losses and look at your trading more objectively.
After all radical acceptance is a key mental strategy for coping with market uncertainty. A lot of traders make the mistake of thinking that they can control the market. Nobody can control it! You have to learn to accept anything which comes your way and to trade accordingly. Adopt the attitude that trading is a journey and that all you can do is go where the market takes you.
To succeed on this journey you can not afford to lose too much. You should manage risk and just accept what you get and enjoy the ride. This way you will trade more freely and creatively.
You should accept your limitations, improve them and become a winning trader. Create your own trading plan with exact entry and exit points. Especially you should set your stops and mentally decide that you will not break them. You should test your trading system on paper and if you are confident test in real time with the minimum contract size. You will have losing trades, learn to accept them and go on to the next trade.