Sometimes traders say "confidence" is important. I didn't get it, but starting to now. When you believe in your own abilities, you don't latch onto one stock/strategy/style. Cutting a loss or taking a profit is easy if you know there's always another good trade around the corner.

As opposed to when a trade is "the opportunity of a lifetime" or if it's "make or break." If everything comes down to this, you're emotionally invested and can't think clearly. Experience brings the perspective that new opportunities will appear and you'll be able to find them.

Confidence in you, the trader, instead of the trade. In fact, there are so many opportunities that you'll miss 99% of them, but you'll still do pretty well with the 1% you do manage to find. There's a fine line between learning from missed opportunities and agonizing over them.

You can't teach confidence. It can only be acquired by proving yourself over time, and you can easily lose it again. So there's a feedback loop between performance and confidence. Smarter to avoid going into a vicious cycle instead of having to extricate yourself from one.