Controlling Emotions in Trading - How should I feel?

Yesterday I bought ENTR on the breakout only to be stopped out a few hours later for a loss of 17 cents per share plus commissions.

I was mentally prepared for a 50% chance I would be stopped out and I am indifferent as long as I follow my plan. Stops are part of how I trade. It's going to happen. The important thing is having a plan and sticking to it. 

Sure, that's easy to say, but it doesn't remove the possibility of having emotions.

I know that I have human emotions so I remind myself that every trade has one of four outcomes:

1. I follow my plan and the stock goes up. (I am a genius!)
2. I follow my plan and the stock goes down. (I am indifferent, but satisfied that I did my part)
3. I didn't follow the plan and the stock goes up. (I am dumb-lucky) 
4. I didn't follow the plan and the stock goes down. (I am an idiot)

Do I have any control over the stock price? No. I can try to find opportunities that favor upward price action, but there is still probably about a 50% chance the price will go down.

Can I control trading according to my exit plan? Yes! It's pretty much the only thing I can control.

How should I feel after a trade?

1. If I follow the plan - I will be satisfied, even happy, if the trade is a winner; and I will be indifferent if the trade is a loser and I sell as planned. 
2. If I don't follow the plan - I should feel stupid for making a big mistake. Even if the trade is profitable it is dumb luck.

Related Posts:

• Trade with Focus
• Why many Investors Lose Money
• Control Emotions when Trading
• Watchlists are useless without Action
• ENTR, Potential Darvas Breakout
• The Breakout