Psychological Capital is every bit as important as strategy and money management.

Traders mistakenly think they have to take every trade in their system. This is a myth. The real probabilities of any trade are the trade and market joined with the probability of a trader executing according to plan. When a trader's physical,mental or emotional energy is drained or aggravated, the probability of their execution decreases which changes the whole probability of the trade they have planned.

Learn to notice and label the emotional energy of a feeling .

This is the first practical step in managing psychological capital. If a trader is anxious or frustrated but doesn't know it, those feelings will compel unplanned trades. If they learn to notice the nuances of the feelings, then they have the opportunity to take action other than trading action that will protect their monetary and psychological capital.

Get in the habit of addressing any feelings before taking another trade.

If you don't ,you will act out, work out and expend the emotional energy of the feeling by taking the action of a trade entry or exit. A corollary to this is don't worry about positive thinking. If you allow yourself the "negative" and give yourself the time to process it, the positive will come. Trying to overcome strong negative feelings with positive thoughts does not work and can cause further distress. This is radical but true.

Keep qualitative records with Microsoft Note Flags to create a chart of your psychological game.

This is the best journal keeping program I have ever seen. The best part about it is the personalized flags you can create. This makes it easy to mark comments in your journal. On the weekend you can get summaries of the comments to see what psychological patterns you are playing out.

Decipher the core view of yourself that plays itself out in the moments of unplanned trade entries and exits.

I haven't met a trader yet who doesn't have a core idea of themselves that influences how they trade and where they take unplanned trades. Learning what this is, untangling it and ultimately detaching it from trade decisions is the very best thing a trader can do for their results. The most successful trader I have worked with did this and quadrupled his monthly results in one month. Trader after trader has told me the story of how this helps them understand what they need to do to trade their plan.