Two key challenges in stock investing

After trading stocks or investing stocks for few months, I conclude that there are two key challenges to overcome to be successful, ie.

1. Need to have patient to WAIT.

I have made mistakes that I have no patient to keep my original plan to stay out of the market until the major correction is over. I was to too eager to enter the trade two weeks ago after I saw the stocks under my watchlist meet my entry targets. Now, my money is stucked in those stocks while the market has started the correction these few days.

2. Control the emotion (basically Greed and Fear).

Sometimes the Greed and Fear overrule my rationale and take over my original trading plan. Some stocks were sold too soon due to fear and lesser profit made; some stocks were bought too early (worried that I may miss the uptrend) and my money got stucked as the stock price moved south or sideway.

I have to overcome these two challenges otherwise I will never be successful in making consistent money in the stock market regardless how good I am picking a good stock, doing a great analysis and developing a superb trading plan.

"Good plan is as good as none if I do not execute the plan with good discipline."