However, permit me to break the main reasons why traders fail in trading into parts, which are;
1. The lack of knowledge or proper knowledge.
2. Poor/improper training on what the trader knows to achieve a trading system.
If a trader starts a trading journey without learning, without knowledge, without training, that trader is actually a degen gambler, not a true trader.
3. Lack of proper money and risk management.
4. Lack of coordination of what the trader knows and trains about to form a viable plan with them. And finally,
5. Poor trading psychology.
In my long years of trading experience and teaching/tutoring, I discovered that the main problems of traders dangle between 3, 4 & 5, especially the 5th one. If traders can take care of the three and are disciplined/determined towards them, I am certain that success is closer for such traders.
They usually have two first bad contributors too.
Some did learn, got knowledge, experienced training but they failed to do proper trading with other three bad contributors, 3 to 5.
Psychology is important in trading and a trader must know about general psychology of market cycles and of the Bitcoin market cycle too. Understanding about it well will increase chance to control his own emotion, psychology during this trading time in the market. It's not guarantee for success but can increase chance to succeed a lot.