Here's the crux of an informative article on DailyFX dated...

Here's the crux of an informative article on DailyFX dated 4.1.14 - for your enjoyment:

The Truth about Trading That Can Calm Your Frustrations

The Bottom Line:
1. You need to have an objective way of identifying the edge but getting into the trade isn’t nearly as important as getting out of the trade at appropriate points.

2. There are many roads that lead to trading well but there is only one highway to trading poorly and that is letting the market trade past your conviction point for getting into a trade. Make sure you know at what price you should no longer have your capital at risk or else you’re just gambling.

Focus on Good Decisions More Than If You’re Right / Wrong:
It’s easy to close a profitable trade and think that you were right on your call or close out a losing trade and say you were wrong on the trade but that can be a harmful way of thinking. The harm comes from the fact that when you entered the trade, you may have an objective edge as we discussed earlier but you obviously didn’t know whether you’re trade would close at a profit or loss (or else, you’d never enter a losing trade again). What’s a more appropriate way to look at any trade is making sure that it’s based on good and methodical decisions because a decision is based on collecting the present data and putting the best foot (buy, sell, flat) forward, which is a fair definition of trading.

As you can imagine, in all of life, we’re always making decisions. When you’ve made a bad decision, in trading as in most of life, you’re best served in recognizing when the decision did not turn out as you hoped and changing your course of action as soon as possible. What can be harmful, is when you tied every decision you make to your ego so that you wait for the circumstances to hopefully turn so that you’re hopefully proven right and your ego is protected. This hope has cost many traders their career and I hope this article prevents anyone from repeating this mental error in 2014.

Closing Thoughts:
Adjust your thinking on trading so that you see loss control and objective decision making that protects your capital as the cornerstone of your trading while see an entry price in less esteem as you may have earlier in your career. That is the truth of trading.
---Written by Tyler Yell, Trading Instructor

(full text here http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2014/01/04/Trading_Truths.html)