Consider the following scenarios:

* We decide to enter a position at a particular price level, it hits that level, and we create an excuse and fail to take advantage of an opportunity;

* We set a stop loss on a position, but rationalize staying in the position when that level is hit, creating a loss that wipes out many days of gains;

* We establish a process for researching markets and keeping ourselves in peak condition, but become distracted by life events and fail to follow our process;

* We take an unplanned trade after losing money and widen our losses.