In trading having a clear and focused state of mind makes a whole lot of difference between success or disaster. Trading is a very risky business and not being aware of the intricacies of the market is shooting yourself in the foot. This is why it is important that you have the right mindset if you intend to be successful in the market. The right trading mindset can get you ahead. The issue to consider is what exactly constitutes a right mindset.
One key guideline in trading is the ability to maintain your emotion such that it does not cloud your thinking or guide your decision making process. Trading is about facts and numbers so there is no place to run your emotions. Always base your decision on facts and projection calculated from the data. No more no less. No matter how much you hope a stock would rise or that a position would be a good one. Do not act on such hopes. Stick clearly with the plain facts.
There are a lot of arguments for the role of instincts in trading. While it may be true to some extent that instincts have a role to play, it is worth noting that the instinct referred to here is not just a raw instinct in guessing a position to take but an instinct that has been developed based on experience and time spent in the market. Never the less, relying on instinct alone to make you a successful trader is simply a pipe dream. If you have been having a string of "good luck" trades, it may be a great idea to slow down, organize yourself and develop a proper set of rules your trade should follow. There is the tendency that you become cocky, relying too much on your instinct and begin to trade on a higher leverage. This is a common mistake by most traders with regrettable consequences.
Develop your own success methodology. It is okay to learn from others but depending on them for your success is a big mistake. Agreed that you need some level of financial and sound educational foundation to be able to make a big mark, but your investment in this direction would help create that right mindset you need for success, making it ultimately a wise decision.
Trading pushes the trader to his limits and capabilities. Traders in spite of this must maintain their focus and this focus can only exist if the mindset is clear. A clear mindset in the turbulence of the market only comes by training.